Singapore-based Jupiter Chain and Deloitte are teaming up to deliver a blockchain driven data exchange platform for the Southeast Asia market.
A press release notes that the partnership will “leverage the strength of Jupiter Chain’s blockchain solutions along with the breadth and depth of Deloitte’s technology and regulatory risk management services designed to improve business capabilities in the areas of technology, risk, governance, compliance, and regulation. This style of exchange is seen as the next wave of data mining, in the wake of recent scandals involving unauthorised use of data and stricter regulations around the ownership and portability of data.”
First for Deloitte
Deloitte will also become one of the validating nodes on Jupiter Chain’s network; the first arrangement of its kind between Deloitte in Southeast Asia and a blockchain company.
“We look forward to working with a globally renowned and respected brand such as Deloitte to elevate our platform solution. I strongly believe that this strategic relationship will fuel the development of not only Jupiter Chain but the adoption of blockchain technology on a wider scale,” says Daphne Ng, CEO of Jupiter Chain.
“Deloitte is at the forefront of technological innovation for business growth and we view blockchain as an important enabler with the potential to exponentially change the way markets operate,” comments Eden Spivakovsky, Deloitte Singapore Risk Advisory Director, who leads this relationship for Deloitte in Southeast Asia.
He adds: “We are excited to team with Jupiter Chain and together build blockchain capabilities and deliver quality solutions to clients in Southeast Asia. Our combined expertise will allow us to drive innovation through the use of blockchain technologies and solve complex business problems for companies in the region.”
Not ready for primetime
Last month, Deloitte released its 2018 Global Blockchain Survey, involving 1,053 senior executives in Canada, China, France, Germany, Mexico, the UK and US.
“While blockchain is not quite ready for primetime, it is getting closer to its breakout moment every day. The academic hypotheses of five years ago are steadily becoming a reality. Momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications,” it said.
“The executives we surveyed hold pragmatic views and look poised to make some major moves over the next year. Those we surveyed see great value in blockchain’s potential to reinvent processes across the business value chain as more investment is made in identifying and developing a wider range of use cases. Further, we see our clients making meaningful investments in the present day, starting new businesses based on the unique value proposition offered by blockchain and tokens.”
Overhyped
There are numerous barriers to overcome, however. Despite enterprise digital respondents’ interest in blockchain’s capabilities, nearly 39% of the broad global sample said they believe the tech is “overhyped.” In the United States, 44% of respondents feel that way, up from 34% in a 2016 survey by Deloitte. This perception may be driven by the steep increase in token values over the last 18 months, and survey members conflating blockchain with the incentive layer of public blockchains, namely tokens.
Adding to this uncertainty is the fact that while more than 41% of respondents say they expect their organisations to bring blockchain into production within the next year, 21% of global respondents – and 30% of US respondents – say they still lack a compelling application to justify its implementation.
A significant percentage of early adopters in the business community (59%) believe in blockchain’s potential to disrupt and revolutionise their industries and the overall economy. The problem, however, is that for all the talk about its promise, there are very few active use cases they can currently employ to advance their beliefs.
As a result, a certain “blockchain fatigue” is beginning to set in among those who feel its potential has been over-communicated, while its real-world benefits remain elusive. “While this viewpoint is understandable, we believe it is also somewhat self-fulfilling and, ultimately, self-defeating. Based on our view of where blockchain is today and, more importantly, its likely adoption rate within the next three years, we strongly believe that organisations need to evolve their thinking around the technology,” Deloitte said.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.