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Data-centric marketplace Tuple to partner with GXChain

Tony Zerucha

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Tuple, a new GDPR-compliant decentralized marketplace for trading data assets and value-added data, has formed a strategic partnership with GXChain, a data-centric public blockchain supporting more than 140,000 data transactions per day.

The blockchain based peer-to-peer marketplace allows corporations and individuals to directly exchange their data – effectively eliminating centralizers such as Google, Apple, Facebook and Amazon. The firm’s first product, Data Trading Services, is due to launch in Q1 2019 and will utilize the same underlying technology as GXChain, a highly scalable data-centric blockchain allowing corporations to buy and sell data through a service orientated architecture.  

The use cases of such a platform include the exchange of anonymized historical patient data to inform pharmaceutical research, permissioned medical data enabling insurance providers to more accurately quote, cover, or perform credit checking ahead of financial transactions.

Tuple’s features include full decentralization; direct control by the data owner; full transparency promoting fair pricing; and improved privacy and security. Tuple users can play roles including data provider, consumer and owner.

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 personalized data will be 1 trillion euros, almost eight per cent of the EU’s GDP.

Tuple was founded by Azar Rauf, now its head of strategy and 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. 

“Today’s data economy is dominated by a small number of monopolistic players,” Mr. Rauf said. “Global technology brands such as Google, Apple, Facebook and Amazon preside over huge centralized information silos 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.”

Co-founder and CEO Vivian Li held senior positions at SWIFT and Bank of China.

“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,” Ms. Li explained. “Tuple’s alliance with GXChain, the leading decentralized data exchange, 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.”

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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