Tuple, a new GDPR-compliant decentralised marketplace for trading data assets and value-added data, has formed a strategic partnership with GXChain, a data-centric public blockchain that supports over 140,000 data transactions per day.
Tuple is a blockchain based peer-to-peer marketplace that will allow both corporations and individuals to exchange their data - effectively disintermediating centralised data siloes such as (GAFA) Google, Apple, Facebook and Amazon. The firm’s first product to market, Data Trading Services, is due to launch in Q1 2019 and will utilise the same underlying technology as GXChain, a highly scalable data-centric blockchain that allows corporations to buy and sell data through a service orientated architecture. The company recently released the third edition of its white paper.
The use cases of such a platform include the exchange of anonymised historical patient data to inform pharma research, permissioned medical data that enables insurance providers to more accurately quote cover, or even credit checking ahead of financial transactions.
Central to Tuple are the following features: full decentralization, opening-up data trading to all; direct control by the data owner; full transparency which promotes fair pricing; and improved privacy and security. Participants in Tuple can play different roles including Data Providers (those selling data - individuals, organisations or consumers); Data Consumers, (those buying data -generally organisations,) and Data Owners (those owning and managing data).
The volume of data produced is growing exponentially. By 2020 the new information generated per second for every human being will approximately amount to 1.7MB. Moreover, according to European Commission, by the same year, the value of personalised data will be 1 trillion euros, almost 8% of the EU’s GDP.
Tuple was founded by Azar Rauf, Head of Strategy & Technology, who previously worked on a number of European Commission projects where he was responsible for designing and implementing data platform technologies and engaging with EU stakeholders. Vivian Li is the CEO and Co-founder, she has held senior positions at SWIFT and Bank of China.
Azar Rauf, Founder, Head of Strategy, Technology and Founder comments: “Today’s data economy is dominated by a small number of monopolistic players. Global technology brands such as (GAFA) Google, Apple, Facebook and Amazon preside over huge centralised 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.
Vivian Li, CEO and Co-Founder comments: “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. Tuple’s alliance with GXChain, the leading decentralised data exchange, provides us with a significant head start on the product development side. The idea of a decentralised 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.”
MQ Huang, Founder at GXChain comments: “Our strategic partnership with Tuple will support the growth of the peer-to-peer data economy beyond China, specifically into the U.K market. The team bring deep sector experience in the data and blockchain industry and we are working closely together to launch Data Trading Services in 2019 - a solution with a number of exciting use-cases from the pharmaceutical sector and healthcare, to credit checking and digital identity.”
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