In what could turn out to be one of the biggest developments this year so far, Apex the Chinese based blockchain platform, have announced a partnership with Shanghai Data Exchange, a government-backed data consortium!
Shanghai Data Exchange (SDE) is one of the largest big data platforms in China and is backed and approved by Shanghai
Municipal People’s Government. Shanghai Data Exchange is behind China’s first national engineering lab for ‘big data distribution’ and exchange technologies.
The Shanghai Data Exchange was initially set up to attract new tech companies to Shanghai.
“Digital businesses are hungry for data and a trading platform is needed,” – Cao Hua, a partner at Unity Asset Management.
This market is expected to generate huge amounts of revenue within the next few years and this partnership with Apex is just one of some very impressive partnerships. Currently, the Shanghai Data Exchange is partnered with large companies such as Alibaba, Huawei, and Deloitte, to drive value-add to use cases within their own ecosystems, such as analytics, data-enrichment, and consumer insights.
“The overall market size is expected to reach 100 billion yuan (US$15 billion) in 2020, and there is already strong demand for buying and selling data sets now,” he said. “We will help companies improve their business efficiency by making better use of the data.” – Keven Tang Qifeng, chief executive of Shanghai Data Exchange Corp, told the South China Morning Post
In early April, Shanghai Data Exchange joined forces with AI and Blockchain company Chinapex and their recently developed APEX Network. For APEX Network this is huger partnership. This will allow them to enable smart contracts running on the APEX virtual machine to connect with a government-backed data validator. Meaning future long term users of the APEX network blockchain will be able to verify B2c and B2B data transactions to insure quality, efficiency and cost-effectiveness.
“We could also technically
acquire completely new datasets from the Shanghai Data Exchange consortium,
but we plan to use the cooperation for data verification only, which already a big
use case for our blockchain and its future dApps. Enhancing consumer consent and
compliance protocols is one of the core principles we uphold when building APEX
Network. We aim to help all of our enterprise users to adopt best practices become
GDPR (General Data Protection Regulation) compliant,” says APEX Network and
Chinapex CEO Jimmy Hu.