Jupiter Chain is described as a Smart Consentable Data Exchange. Can you tell us more?
Jupiter Chain aims to create a privacy-preserving federated blockchain which enables the use of analytics. Our infrastructure allows for the decentralized provision of financial and data services, such as machine learning and AI, to connect local ecosystems and ultimately scale the exchange of data over a marketplace.
The first use cases of Jupiter Chain will be in inclusive finance such as microlending and micro supply chain financing. Data owners control their data and provide access to receive tailored financial services.
What was the inspiration behind Jupiter Chain?
Our company, JEDTrade is engaged in several digitization projects in the ASEAN region for inclusive finance such as micro-financing. We found that data in these localities are fragmented, informal and non-digitized; the underserved can gain better access to financial services by growing their credentials on a digital platform. As we consider how to build this platform, we came to the realization that privacy and consent is key to creating a new paradigm for data sharing. And blockchain’s decentralized nature is perfect for creating the trust and transparency this platform needs. Thus, the design and proposition of Jupiter Chain were conceptualized.
In your 2015 paper, you wrote about the LASIC principles and how they attribute to the success of fintech firms. How does LASIC also apply in the design of Jupiter Chain?
Jupiter Chain aims to allow for easy onboarding of merchants and ecosystems through an easy-to-use development kit and deployment model. This is achieved by building a federated blockchain platform which also enhances scalability by segregating local ecosystems with their own specific use cases and connecting them via the Jupiter Chain mainnet. This creates a federation of data economies.
With stricter data privacy laws being enacted globally, the platform is naturally compliance easy via its privacy preserving model of data sharing and analytics. With this platform infrastructure, the Jupiter Chain model is Low margin/Asset light, Scalable, Innovative and Compliance easy – i.e. the LASIC principles.
You mentioned a federated blockchain model as architecture for the smart consentable exchange. How does it work?
There are two layers to our platform. The first layer is the blockchain infrastructure. To facilitate our use cases which revolve around local ecosystems, we plan to build local blockchains for these. The number of nodes will be generally small and trusted, thus a permissioned framework will be used to achieve scalability and security in the local blockchains. The Jupiter Chain mainnet will be a public chain connecting the local blockchains. All nodes on the local blockchains will also operate as nodes on the mainnet. Token holders can participate as nodes on the mainnet and provide validation for the network through proof-of-stake. This forms the foundation for the exchange of data and value across the Jupiter Chain with its federated blockchain design.
The second layer is the Smart Consentable Data layer. To achieve consentable data, we plan to persistently encrypt data as it gets recorded on the blockchain. Only data owners can grant consent to access their data. The “Smart” component refers to analytics. Combining “Smart” and ” Consentable “, we hope to achieve true Privacy Preserving Analytics through the use of decentralized smart contracts. This will be an important research area for Jupiter Chain and one of the key usage of the research and development funds.
There are two key use cases for this. First, we can deploy smart contracts as a Data Assessor. Take for example, if you require a loan. The lender can deploy a Data Assessor smart contract, the contract will request access to the borrower’s data directly and returns a credit score to the lender. The lender only sees the credit score and not the granular data. This contract will be auditable to ensure transparency and trust. The second use case is that of a smart contract as a Data Subscription Service. If an entity wishes to access data to perform analytics, this type of contract can be deployed. The smart contract acts as a middleman to disburse rewards directly to data owners for providing access to their data. Data is managed and anonymized by the smart contract and provided to the requester.
This seems like an ambitious and exciting project altogether. How does the timeline look?
Yes, definitely an exciting project for our team. We received tremendous interest from the industry even prior to our public launch, including tech and ecosystem partners wanting to collaborate.
We plan to start testing and deploying the local blockchains from the fourth quarter of 2018. Concurrently, we will refine and improve on the key components of privacy, security, and analytics. In the second half of 2019, we will start the testing and deployment of the Jupiter Chain mainnet.
That sounds fantastic! What is your ultimate vision for Jupiter Chain?
We hope that with the Smart Consentable Data Exchange, data owners especially the masses and underserved can be empowered to consent to their data, access tailored services and be rewarded directly for their contribution.
While inclusive finance is our first use case and leveraging on our existing ecosystem projects, our proposition can be applied to many other use cases. We envision immense opportunities in the areas of health and medical records, social networks, credit data, AI and data analytics. We can also create a level playing field for data and technology services. Small innovative entrants can thrive against incumbents as they would be able to access the same data through the Jupiter Chain.
Ultimately, our vision for the Jupiter Chain platform is a global marketplace for services and analytics that will foster all sorts of innovation, and make it accessible to everyone.
To find out more about Jupiter Chain, including updates et al, visit https://jupiterchain.tech/, where you can also learn more about Jupiter Chain’s first use case and download the whitepaper. Get in touch with the community and the Jupiter Chain team at https://t.me/jupiterchain
This post is sponsored by Jupiter Chain