Shanghai Data Exchange is one of the largest big data platforms in China and is backed and approved by Shanghai Municipal People's Government propelling the data-driven capabilities of various core economic sectors. It also is the entity behind China's first national engineering lab for big data distribution and exchange technologies. Key shareholders with vested strategic interest include China's largest telecom companies China Telecom and China Unicom. 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 in.
For APEX Network, a potentially game-changing value add of the partnership agreement would enable smart contracts running on APEX Virtual Machine to connect to a government-backed data validator, through APEX Network's very own proprietary data integration middleware APEX Data Connector. This would ensure pilot program enterprise users as well as future long-term enterprise users of the APEX Network blockchain will be able to verify various B2C and B2B data transactions to ensure quality 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.