Jupiter Chain and Deloitte have joined forces to develop a blockchain-based data exchange in Southeast Asia that will allow users to monetize their personal data.
Singapore-based Jupiter Chain announced on Tuesday a strategic partnership with professional services firm Deloitte to develop and promote a data exchange system in Southeast Asia. The platform will allow users to monetize data by connecting with companies through blockchain, a type of the distributed ledger technologies (DLT).
Under the agreement, Jupiter Chain will provide its proprietary blockchain solutions while Deloitte will contribute with its risk management solutions and technology. The data exchange comes at the right time, especially amid more rigorous regulations touching upon the ownership and management of personal data. The London-based company will be one of the validating nodes on Jupiter Chain’s system.
Jupiter Chain CEO Daphne Ng commented:
“We look forward to work with a globally renowned and respected brand such as Deloitte to elevate our platform solution. I strongly believe that this strategic relationship will fuel the development of not only Jupiter Chain but the adoption of blockchain technology on a wider scale.”
Deloitte is one of the ‘Big Four’ accounting firms, along with PwC, EY, and KPMG. The company has been an active promoter of DLT, auditing several blockchain firms and conducting relevant studies. One of its recent surveys showed that 74% of large companies are showing interest in DLT.
The data exchange developed by Jupiter Chain aims to transform the way we manage, share, and monetize data. The platform will let users better control their data while enjoying greater privacy. Deloitte will consult the Singapore-based firm on regulatory issues and GDPR aspects. Besides, Deloitte will check the network’s blockchain structure and processes.
Eden Spivakovsky, risk advisory director at Deloitte Singapore, said:
“Deloitte is at the forefront of technological innovation for business growth and we view blockchain as an important enabler with potential to exponentially change the way markets operate.”
The companies didn’t provide any details related to the deadline of the product launch.