Deloitte Are Developing A System To Allow Users To Profit From Their Personal Data
Professional services firm Deloitte have announced a new partnership with Jupiter Chain, a partnership that is set to see the development and roll out of a new blockchain based data exchange in Southeast Asia. The system is to be designed to allow users in the area to monetise and profit from their own personal data - a solution to many personal data woes that exist in contemporary society.
The partnership will see both Jupiter Chain and Deloitte working within their own areas of expertise to come together to produce a product that can be used by many different types of person and organization. Jupiter Chain will focus on the blockchain technology and the working product, whilst Deloitte will host a team that will be responsible for risk management solutions and other operational tasks.
What is Jupiter Chain?
Jupiter Chain already exists as a smart data exchange, one that facilitates the storage and monetisation of personal data. Within Jupiter Chain, users are rewarded for sharing their data within the network. Trusted service providers are then granted access to this data in order to fuel their own analyses and research. Transactions are then validated through consensus and users are rewarded.
The whole system is managed by the Jovian Foundation, a group of people set out to establish overall governance. Within the Deloitte partnership specifically, we expect that Deloitte will take a similar role within their version of Jupiter Chain.
According to Cryptovest, Daphne Ng the CEO of Jupiter Chain has said:
âWe 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.â
Eden Spivakovsky, the Risk Advisory Director at Deloitte Singapore has said:
âDeloitte 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.â
This aims to totally transform the way Deloitte clients and people in Southeast Asia handle their own data. It allows people and firms who need the data to access it in a fair and reasonable manner, whilst giving those who are happy to donate data the opportunity to make a little bit of money from it. Selling your data to firms via blockchain isnât going to bring in enough money to replace your full time job, however, it could be quite a profitable little entity in the long run. That is until the big firms find new ways to harvest data from the blockchain, undetected once more.