Singapore-based fintech company Jupiter Chain has announced a strategic collaboration with Deloitte to provide a secure blockchain-powered data exchange platform for the Southeast Asian market.
The partnership will aim to leverage Jupiter Chain's blockchain services and Deloitte's technology and risk management services to offer a transparent solution for Southeast Asian businesses to monetize their data and help them connect with other businesses through blockchain technology.
Of the announcement, Jupiter Chain commented, "This style of exchange is seen as the next wave of data mining, in the wake of recent scandals involving unauthorized use of data and stricter regulations around the ownership and portability of data."
According to Jupiter Chain, the platform will offer secure exchanges while protecting the individual's personal information. Additionally, the platform will give data owners control of their data, improved access to tailored services and the opportunity to reap benefits from their data contributions.
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Under the partnership, Deloitte will offer advice on regulations such as data laws, taking GDPR regulation into consideration and will review Jupiter Chains technical aspects such as blockchain architecture, design and processes.
Jupiter Chain further stated: "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 Singapore risk advisory director, Eden Spivakovsky, 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.
"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.