AMA Review | Jasmy: Cracking the data economy dilemma and realizing sharing of data value

The development of the Internet has generated a huge amount of data on every aspect of our daily life from clothing, food, housing to transportation, etc. However, traditionally data is collected and stored by powerful centralized companies, rendering data-generated revenue unable to be shared among the owning users, and as data leakage happens, user data privacy is in jeopardy.

How to break the dilemma faced by the era of big data? Jasmy, a data privacy protection project, is dedicated to protecting user’s personal data and building a decentralized, autonomous world of data usage.

On January 8, 2021, Hiroshi Harada, CFO of Jasmy, and Fan Jia, Director of Overseas Promotion of Jasmy, were invited to the Odaily to speak about how Jasmy can“Crack the data economy dilemma and realize sharing of data value”.

Fan said, traditional data storage and management are carried out in the way of centralized management by companies, where servers are set up in-house and managed with the company at the center, while decentralized management can be achieved through blockchain technology, which can greatly reduce the risk of massive leakage of data and information. However, relying on blockchain alone does not completely solve the problem of data security, and there will still be some security loopholes, which require the cooperation of other encryption technologies to further enhance the security of data.

“To this end, we are integrating blockchain technology into the Internet of Things (IoT) with unprecedented and novel ideas that cross industry barriers to provide the most appropriate platform for customers around the world. We started our business with original ideas from the perspective of manufacturing. Using decentralized management technology led by blockchain, we combined the platform for secure data management and the IoT to create the foundation for a new type of business.”

The following is the transcript of the interview, sorted by Odaily.

Odaily: Jasmy is committed to protecting the data originally owned by individuals and building a decentralized and autonomous world of data, so as to realize the sharing of data value. First of all, could you please give us a detailed introduction to the development stages and goals of Jasmy?

Fan: Jasmy is a platform dedicated to protecting data originally owned by individuals and building a decentralized and autonomous world of data through blockchain and IoT technologies. Data security and value sharing can be achieved in the Jasmy platform.

The platform we provide is aimed to return the data sovereignty that should belong to the individual to the owner of the data, and make every piece of data safe to use. To this end, we integrate blockchain technology into the Internet of Things, and provide the most suitable platform for customers all over the world with unprecedented novel ideas by breaking industry barriers. We started our business with original ideas from the perspective of manufacturing. By using decentralized management technology led by blockchain, the platform of safety management data is interconnected with the Internet of Things to create the foundation of new business.

The project is currently at the platform popularization stage, and we have forged deep cooperation with large customer service call centers, well-known brands of consumer electronics and government agencies in Japan. Some of our institutional customers have already entered the final testing stage for commercial implementation, and are planning to fully import Jasmy’s services this year. We expect to serve 100 enterprise customers and 1.5 million individual users via the Jasmy Platform in the next 2 years; and the number of participating enterprises will reach 1000 in the next 5 years, with the number of individual user exceeding 5 million.

At the same time, our project has drawn attention and recognition in Japan, and we have basically confirmed that we will soon be listed on major Japanese virtual currency exchanges.

Odaily: Jasmy’s core team consists of former Sony members, could you give a introduction about the core team members?

Fan: Jasmy’s core team members all had a long working experience in Sony.

· Mr. Ando, the president of Jasmy, led the business of Sony VAIO PC, Xperia and Sony Life Insurance, and also served as the president of Sony Group. Currently, he is actively involved in innovation activities of Japanese companies and holds the position as the Chairman of the Board of Trustees at the University of Nagano.

· Mr. Sato, the representative director of Jasmy, was formerly in charge of marketing at Sony, and once served as the Chairman of Sony Style, responsible for the overall brand image of Sony Group.

· Mr. Yoshida, deputy president of Jasmy, joined Sony as a hardware engineer and served as Managing Director of SoftbankMobile, where he was responsible for introducing the iPhone business into the Japanese market.

· Mr. Morita, our senior strategist, was a core member of Sony Computer Science Laboratories and is well versed in the world-renowned IC encryption technology “Felica”. Felica has been used as an effective encryption technology in Japan for the past 20 years without any security incidents.

· Mr. Harada, our CFO, has been with KPMG for 11 years as a CPA and is well versed in audit, finance, tax, IPO and IR related business.

Odaily: What do you think about the future prospects of this project and the market?

Fan: There are other projects working on solutions for secure information storage, but projects like Jasmy that combines blockchain, IoT and hardware encryption technologies with proven experience are still relatively rare in the market. With the commercial application of Jasmy in some institutional customers, we believe that Jasmy, with related patents and technologies, will have a bright future ahead.

Odaily: In the era of big data, various types of data generated in our daily life from clothing, food, housing to transportation are closely related to each one of us. However, the economic value of these data is not enjoyed by each individual. And the frequent outbreaks of data breaches are a reminder that our privacy rights are constantly being violated. What are some of the current challenges facing the development of the data economy?

Fan: From the individual’s perspective, people unknowingly provide unnecessary information to companies, and privacy issues associated with it arise; at the same time, personal information is not well protected and kept by service providers; even personal information provided voluntarily is not effectively used and exhibits its corresponding value.

From the company’s perspective, a huge amount of fund needs to be invested in data information management and maintenance every year, while various industries have introduced different regulations to mandate companies to invest more in information security.

Odaily: Blockchain technology is regarded by many people as a good solution which can truly “give back data sovereignty to the owners”. Could you please elaborate on how blockchain technology is cracking the data economy dilemma? Previously, there were several projects like the GXChain which upheld the concept of “blockchain + data privacy protection”, yet they were not successful. What is the problem?

Fan: Traditional data storage and management are carried out in the form of centralized management by companies, where servers are set up in-house and managed with the company at the center, while decentralized management can be achieved through blockchain technology, which can greatly reduce the risk of massive leakage of data and information. However, relying on blockchain alone does not completely solve the problem of data security, and there will still be some security loopholes, which require the cooperation of other encryption technologies to further enhance the security of data.

Odaily: What differentiates Jasmy from other projects in the market? Also, could you please give more specifics about Jasmy’s solution in terms of privacy protection?

Fan: A main advantage of Jasmy lies in its advanced data encryption technology. As we have mentioned at the beginning, a majority of our team members have worked in Sony, and we also have more than 20 years of proven experience in encryption technology in the Japanese market. Jasmy’s special encryption technology combined with blockchain technology can further increase data security. Relevant patents for these core technologies are underway.

Meanwhile, we have fostered partnership with high-quality large-scale businesses in Japan, which ensures that Jasmy’s technology can be fully commercialized and validated in the early stage.

We offer Jasmy IoT Platform which provides an environment in which ready-to-use IoT is easily introduced.

-IoT strategy and management support

With the advent of the Internet of Things era, in terms of business strategy setting and business problem solving, what purpose and how to quickly improve user satisfaction will become the focus of attention. Jasmy works closely with corporate customers to provide end-to-end solution service support from product planning that can export value through the Internet of Things to the introduction of Internet of Things technology.

-IoT platform

Jasmy builds the Internet of Things platform with original ideas and the latest blockchain technology, and realizes safe and efficient transmission and management of data in the platform. In addition, Jasmy also provides integrated hardware device management services. For the terminal devices interconnected with the Internet of Things, users can manage and operate them with ease, while the customer enterprise can also master the overall use status of the devices

-Provision of IoT terminal device

In the overall IoT ecosystem, IoT terminal devices that cooperate with sensors to collect sensed and detected data and receive remote operation instructions are indispensable. Therefore, Jasmy provides corporate customers with basic modules including IoT communication modules and wearable devices, and corresponding product use licenses. These modules have the necessary functions to build the IoT system and will not cause extra burden to corporate customers.

-Provision of IoT service development environment

Jasmy provides corporate customers across all lines of business with the development environment required for enabling IoT services. The company also plans to establish a developer community that will facilitate the development of various applications in the future, so as to enrich the service.

-Provision of a secure environment for data analysis

Jasmy will create an environment in which customer companies can analyze and utilize the data collected based on the IoT determination, and contribute to the creation of new value-added services. At the same time, the blockchain technology featured with distributed management is adopted to analyze data based on autonomy of will and in a respectful way, which is different from the existing platform for centralized management of personal data.

Odaily: As mentioned in the white paper, one of the features of the Jasmy Platform is the provision of “Personal Data Locker”, could you please introduce its main functions and operation process?

Fan: Personal Data Locker proposed by Jasmy refers to locked storage cabinets that provide custody of personal data in a distributed storage system. The Personal Data Locker is a distributed storage service based on a P2P network, whose main function is to provide services through “content addresses”. That is, the file itself will be saved to the distributed storage system, while the hash of the file is recorded on the blockchain, indirectly using the blockchain storage method. In this way, we can solve the problems of reduced authorization speed and increased cost of blockchain usage due to the large file size when the user’s personal ID is stored directly on our blockchain JasmyNet. Data and information of each individual user will no longer be held by companies or service providers, instead it will be stored in a data locker belonging only to the consumer.

Odaily: There are two major technologies behind “Personal Data Locker”, i.e.Secure Knowledge Communicator (SKC) and Smart Guardian (SG), could you please tell us about the innovation and advantages of these two technologies?

Fan: SKC as a means to protect our Personal Data Locker has the following functions:

· User identification function (Personal Identification and Authentication: Know Your Customer, hereinafter referred to as “KYC”) and registration function before starting to use the Platform services.

· Allows users to connect, manage and store personal data with JasmyNet as they wish, authorize the provision of data, and the ability to trace it.

· Allows company clients or organizations to use necessary information as needed without always maintaining subject-specific information when they receive data and authorizations from users.

The personal ID created by SKC makes it easy to securely register IoT devices in a distributed network while providing an environment that is restricted to device owners. SG is the main way to protect the information of IoT devices, and it has the following functions:

· Devices already registered in the network are tied to the owners and do not require personal identification or authentication using SKC.

· Allows devices to safely send and receive commands so that data collected by sensors is sent, received, and remotely controlled in accordance with owners’ commands.

· Since it uses an original blockchain and distributed storage system, it allows only the owner to keep, manage and use the data generated by the device safely.

Odaily: What applications are in implementation and who are your partners at present? What kind of support has been provided by your partners to advance the development of the project?

Fan: Here are some application areas and use cases of Jasmy services:

1. The Secure PC that Jasmy developed for Transcomos, a large customer service call center in Japan, utilized blockchain technology, blockchain-based call service applications, and Jasmy’s SKC service to help the 20,000 operators of Transcosmos work efficiently from home even during the pandemic. The project has entered the final stage of commercial testing, and the service will be fully rolled out to all 40,000 Transcomos operators in the near future.

2. Since Japan’s financial regulators have very high requirements for the security of hardware devices including computers used by financial service institutions, the Secure PC developed by Jasmy and Sony VAIO will be widely used in banks and other financial institutions. The product combines blockchain technology and Jasmy’s SG service to enable a secure usage environment that can only be accessed by the device owner through biometric technology and personal passwords. It makes remote working easy for financial professionals. Also, with blockchain-based distributed storage technology, the risk of data information in the device being stolen or attacked is greatly reduced.

3. Jasmy, together with Japanese automakers and mobility services providers, has created a platform for the local government of Hokkaido to record visitor data and to facilitate the realization of Japan’s first pilot for the commercialization of wide-area auto-driving and ancillary facilities in the region. The platform can collect and store relevant data of driverless vehicle users for the government, with the compliance of personal information in Japan. At the same time, the platform records the data of different behaviors such as the travel mode, duration, distance, shopping consumption and diet; such data by classification can be provided to local merchants, service providers and municipal departments for new value creation.

4. Agreement with a Japanese company client with cutting-edge technologies in regenerative medicine and cell culture to conduct joint research and testing on methods for the secure management of personal genetic data.

5. Agreement with an F&B company with 50 chain stores in Japan to provide solutions for building a platform without customer information.

Odaily: As a type of token, JasmyCoin was introduced to the Jasmy ecosystem. Could you please tell us about the functional role of JasmyCoin and its issuance? What rights can users enjoy by holding JasmyCoin?

Fan: In the ecosystem that we envision, companies can use Jasmy’s services by purchasing JasmyCoin in the marketplace in exchange for related services. At the same time, individual users can be rewarded with a corresponding amount of JasmyCoin by providing personal information to trusted companies. Also, individuals can use the JasmyCoins in exchange for desired services and goods from the service providers that have joined the Jasmy ecosystem, thus allowing the value of their personal data to be fully realized.

Odaily: Could you tell us about Jasmy’s next development step and the ICO plan for JasmyCoin?

Fan: Jasmy will further increase the number of its company clients and individual users in the next 5 years, and keep on expanding the size of its community. We have already signed contracts with a number of company clients, including listed corporations in Japan.

We will announce the information of business expansion and token value increase through press releases, but we will not increase sales. Therefore, new investors will be invited to trade and buy bitcoin on the market (exchange).

We have now announced that we will be officially listed on the MXC (Matcha) for trading on January 10, followed by a series of clear ICO plans for other mainstream exchanges. Domestically, we will soon be listed on Japanese virtual currency exchanges.

Odaily: Data companies may face regulatory risks in the country, and several projects have been investigated previously. How has Jasmy responded to regulations?

Fan: Indeed, as a Japanese company, we pay special attention to laws and regulations and regulatory risks. Jasmy has hired Nishimura & Asahi, one of the largest law firms in Japan, as our legal advisors with a team of lawyers specializing in Fintech, finance, and patents, and we are strictly following the regulations of different global markets to advance our project and avoid various regulatory risks.

Odaily: In the future, will the crypto industry focus on empowering the real economy, or the digital economy? How exactly will this be achieved?

Fan: Jasmy will focus on both.

First of all, our services are oriented to the real economy, helping companies improve data security and effectively reduce the cost of information and data management.

At the same time, we have created an ecosystem that promotes the digital economy. Individual users can freely share their personal data with brands and service providers they trust through our platform to facilitate their provision of better services, and in return, they can be rewarded with digital currencies which can be used as a tool in exchange for the services and goods they want. All made possible by the encryption of personal information.

Q&A

Q1: Are Secure Knowledge Communicator (SKC) and Smart Guardian (SG) technologies developed by the project on its own?

Fan: Yes, it is a technical concept put forward by Jasmy on its own capitalizing on the expertise and experience of its team members.

Q2: What kind of future breakthrough will Jasmy make in terms of partners?

Fan: As I mentioned in my previous answer, we will mainly focus on the construction of the IoT platform, and we will engage in cooperation with partners from a wide range of areas and industries.

Q3: Jasmy is an IoT platform. Are there similar projects or companies competing with you in Japan, and what advantages do you have to ensure that you can stay strong and competitive in this market?

Fan: Only a relatively small number of companies in Japan are combining blockchain and IoT technologies and related crypto technologies. Our main competition lies in technology and business resources, and we are currently in the process of patent applications, which will further help us secure a competitive advantage.

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We aim to realize a Data Democracy by building a decentralized, democratic world where data is protected as inherently owned by each individual.

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Jasmy

Jasmy

We aim to realize a Data Democracy by building a decentralized, democratic world where data is protected as inherently owned by each individual.

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