Jupiter Chain, a decentralized, consentable data exchange providing valuable and tradeable data assets, launched yesterday.
Described as a smart, consentable data exchange, Jupiter Chain’s technology ensures the flow of permissioned digital information while ensuring the anonymity and security of personal data. This is achieved through the use of smart contracts, used to preserve privacy by returning assessment results and big data collection without revealing personal data. Identity data can be verified and stored on a secure system with data access requested and permissioned directly from the data owner via a rights management engine.
Ernie Teo, CTO of Jupiter Chain, says: “We are proud to be building what we call a federated blockchain, meaning local partners such as financial institutions, agencies, analytics companies and other service providers each make up a node in an overall ecosystem. Jupiter Chain provides the infrastructure to connect local ecosystems and will ultimately scale the exchange of data over a marketplace.”
Jupiter Chain combines the latest advancements in blockchain and data analytics to create a data exchange platform that is accessible to everyone, and that many other use cases can be built upon. Because participants can share data on Jupiter Chain anonymously, transactional and relationship data can be efficiently captured, analyzed and utilized. Institutions, both large and small, can benefit by tailoring wealth management and investment products precisely to suit an individual. New ‘tech for good’ solutions can use psychometric and lifestyle data to provide new products and services that strive to promote a better quality of life. Supply chain internets, previously invisible, can also be evaluated and studied for the first time.
To validate and test Jupiter’s value proposition, ‘inclusive finance’ has been chosen as a first use case. Access to finance is considered a major pain point for large excluded populations, especially in developing countries. Jupiter believes it can make a significant difference and impact in this area by providing a data exchange that is accessible to everyone.
Daphne Ng, CEO of Jupiter Chain, says: “Our mission is for Jupiter Chain’s decentralized provision of financial and data services to enable inclusive finance for the masses and channel equal opportunities to the underserved. We believe blockchain holds the key to democratizing power and resources with trust, fairness and accountability. It has the ability to bring power to the masses over their own data.”