The initiative is being supported by the Info-communications Media Development Authority of Singapore
A new blockchain-powered decentralised data-sharing model that seeks to “enable safe, trusted, and effective data exchange” has been announced by DEX and PwC Singapore.
The aim of the collaboration is to help Singapore leverage the value of data as an asset, such as accelerating the development of artificial intelligence (AI).
The initiative is supported by the Info-communications Media Development Authority (IMDA) of Singapore which will provide regulatory guidance and co-create new codes of practice to mitigate risks that will ensure appropriate data practices in usage, handling and sharing.
The collaboration aims to address trust and security concerns by piloting a new model where data providers and consumers can transact on a DEX reference marketplace, built on Ocean Protocol, a decentralised data and services exchange platform founded by DEX and BigchainDB, to unlock data for data analytics and AI.
According to the partners, while vast amounts of data are generated each year, mass sharing of information has been hampered largely due to concerns among data owners over trust and security.
While most data exchanges currently operate under a centralised model, data remains locked up, unable to be leveraged to develop AI, propel growth and advancement for industries and societies.
Hence there is an impetus for new models that could offer more flexible pricing mechanisms and better transparency on how the data is used to bridge the gap on trust and security between data owners. In 2016 for example, only an estimated one per cent of the 16 ZB of data generated worldwide was analysed.
“The potential of the data economy is immense. Companies are generating vast amounts of data, and they are increasingly being tasked with leveraging and monetising these assets to remain competitive,” Mark Jansen, data and analytics leader at PwC Singapore.
“We anticipate an increasing need for a safe and secure data exchange platform to address this new demand. We look forward to working with DEX to build and promote the trusted data framework that will serve as the benchmark for the governance of data-sharing in the future.”
To support the development of the data exchange framework and marketplace technology, six industry-led pilots have been launched in the built environment, finance, healthcare, mobility, consumer goods and retail, and utility sectors.
Once the model has been proven successful, Ocean Protocol and DEX will open source the technology so it can be replicated and more data marketplaces can be built to enable data- sharing worldwide, propelling the growth of the global data economy.
“We are excited about this new collaboration with PwC and IMDA. The benefits of increased data access will be highly tangible,” added Chirdeep Chhabra, CEO of DEX.
“For example, it will provide healthcare companies and professionals the insights necessary to continuously innovate and come up with solutions to address currently incurable diseases, while transportation businesses and bureaus can better understand consumer behaviour to improve efficiency.”
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