Singapore-based fintech firm Jupiter Chain and Deloitte have partnered up in a bid to implement a data exchange in Southeast Asia which provides consumers with a “fully transparent avenue”. This includes monetising the data by connecting with businesses on the blockchain.
The partnership aims to leverage Jupiter Chain’s blockchain solutions along with the breadth and depth of Deloitte’s technology and regulatory risk management services. The data exchange platform, developed by Jupiter Chain, will allow exchanges to happen securely while protecting the privacy of the individual’s personal information. In addition, data owners will also have greater control over their data, gain better access to tailored services and be rewarded directly for their data contributions.
Deloitte will advise on relevant regulations such as data laws and potential GDPR considerations for the data exchange model envisioned by Jupiter Chain, and on the technical front, Deloitte will review Jupiter Chain’s blockchain architecture, design and processes. This relationship also has a research and technical collaboration component that will see Deloitte become one of the validating nodes on Jupiter Chain’s network; the first of its kind between Deloitte in Southeast Asia and a blockchain company.
“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,” Eden Spivakovsky, Deloitte Singapore risk advisory director, who leads this relationship for Deloitte in Southeast Asia said.
“We are excited to team with Jupiter Chain and together build blockchain capabilities and deliver quality solutions to clients in Southeast Asia. Our combined expertise will allow us to drive innovation through the use of blockchain technologies and solve complex business problems for companies in the region,” he added.