Singapore-based Jupiter Chain has formed a strategic collaboration with Deloitte to build a blockchain-based data exchanges for the Southeast Asian market.
This partnership will utilise Jupiter Chain’s blockchain technology and employ Deloitte’s own technology and risk management services. Together they will implement a data exchange in Southeast Asia which will offer consumers a fully transparent avenue for monetising data by connecting with businesses through the blockchain solution.
Jupiter Chain is hoping to change the way data is handled by providing a secure location to hold personal information. Owners of the data will have control over their information and will be rewarded when they share data with businesses.
Deloitte will provide advice on regulations surrounding data laws and potential GDPR considerations surrounding the platform. Alongside this, it will also evaluate the blockchain architecture, design and processes.
Through this partnership, Deloitte will also become a validating node in Jupiter Chain’s network.
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 the potential to exponentially change the way markets operate.”
Last year, Deloitte invested into blockchain-based banking startup Humaniq. The firm also partnered with the unbanked-focused banking company to offer it audit, consulting, tax, and advisory support.
Sinapore’s FinTech sector is on track to reach a new record level, according to data by FinTech Global. The country has witnessed $838m deployed to 34 FinTech companies in the first half of 2018, this is just $145m less than that which was raised in the whole of 2017.