Deloitte has entered into a partnership with Singapore-based blockchain specialist Jupiter Chain in an effort to implement a Southeast Asian data exchange based on blockchain technology.
The planned exchange aims to monetise data in a transparent way by connecting with businesses on the blockchain.
Seen as the next wave of data mining, the exchange will advance the conversation around data ownership and data portability.
“We look forward to working with a globally renowned and respected brand such as Deloitte to elevate our platform solution,” said Daphne Ng, CEO of Jupiter Chain.
“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.”
The partnership with Deloitte will enable Jupiter Chain to leverage the breadth and depth of its technology and regulatory risk management services.
Deloitte will act as an advisor to Jupiter Chain, on applicable laws and regulations around data storage and management as well as review the company’s technology around blockchain architecture, design and processes.
“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,” said Eden Spivakovsky, risk advisory director at Deloitte Singapore, who leads this relationship in Southeast Asia.
"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."
Furthermore, Deloitte is also set to be one of the validating nodes on Jupiter Chain’s network; a first of its kind between Deloitte in Southeast Asia and a blockchain company.
Deloitte recently merged its business operations in Australia, New Zealand, China, Japan and Southeast Asia to form Deloitte Asia Pacific, in an effort to allow for greater investment and focus on Deloitte's customers across the region, with plans to invest an additional US$321 million over the next three years.
The move became effective 1 September 2018 with the combined entity having almost 44,500 partners and people, with the potential to create a US$10 billion business by 2022.