Tuple, GXChain Partner On Blockchain P2P Data Exchange Marketplacebr>
Blockchain startup Tuple has partnered with GXChain to build a blockchain based peer-to-peer marketplace that will allow both corporations and individuals to exchange their data and control their digital identity.
Tuple is developing a decentralized platform to create a secure environment for businesses and individuals to exchange data, peer to peer. The company’s platform, called Data Trading Services (DTS), is due to launch in the first quarter 2019 and will utilize the same underlying technology as GXChain, a high performance data centric blockchain capable of supporting over 10,000 transactions per second. GXChain, which launched in June 2017, has inbuilt support for smart contracts for managing transactions, payments, and trade settlement workflows.
The DTS platform aims to accelerate the expansion of data economy and ensure that users directly benefit from their data and remain in full control. Some of the use cases of the platform include the exchange of anonymized historical patient data to inform pharma research, permissioned medical data that enables insurance providers to more accurately quote cover, and credit checking ahead of financial transactions.
“Today’s data economy is dominated by a small number of monopolistic players,” said Azar Rauf, Founder, Head of Strategy, Technology and Founder of Tuple. “Global technology brands such as (GAFA) Google, Apple, Facebook and Amazon preside over huge centralized information siloes which inhibit the growth of the peer-to-peer data economy. Yet, data is now integral to our lives – a valuable resource and a tradable commodity. We set up Tuple with the aim of expanding the reach of the data economy and to reduce friction.”
According to Tuple, DTS participant will be able to play different roles including Data Providers (those selling data – individuals, organizations or consumers); Data Consumers, (those buying data -generally organisations,) and Data Owners (those owning and managing data).
“Our vision is a peer-to-peer data economy that empowers individuals and companies to gain control of their data and put it to better use,” said Vivian Li, CEO and Co-Founder of Tuple. “Tuple’s alliance with GXChain provides us with a significant head start on the product development side. The idea of a decentralized data marketplace has been gaining broader traction of late, as individuals and companies look to new models to control and exchange their data. We look forward to bringing Data Trading Services to market early next year.”