Tobelet, a decentralized, artificial intelligence-powered data trade service is collaborating with Xiilab Co., Ltd (“Xiilab”), a leading provider of software and services in South Korea using big-data and ArtificiaI Intelligence (“AI”) technology, currently listed on the Korea New Exchange (“KORNEX”), South Korea’s securities exchange for small and medium-sized companies and venture companies.

“DataXchain addresses a very fundamental issue about data ownership and usage in today’s fast-moving, data-centric world – personal data is produced at a fast pace but owned and utilised centrally by a few big organisations. According to the World Economic Forum, the value of personal data is expected to reach €1 trillion by 2020, a three-fold leap from €315 billion in 2011. Therefore, we are very excited about how DataXchain can potentially unlock this value and redistribute it to individuals. Our partnership with Xiilab, a leading big-data solutions provider, is a major boost to the success of this platform’s development as Xiilab has the necessary big data technology, expertise and operating experience to help Tobelet leapfrog the development process and this is certainly a considerable advantage to have to stay ahead of the competition in this space,” said Chief Executive Officer of ToBeLet, Mr Baek Yong Chang.

Xiilab sharing its expertise, technology and resources in the joint development of DataXchain. Xiilab is the largest AI platform operator in South Korea and has been developing several applicable blockchain solutions. AI will play a significant role in the operation of the DataXchain platform through the proprietary applications and technologies such as X-Labeler and Uyuni, which will drive the processes of data labelling, data matching and data modelling.

Founder and Chief Executive Officer of Xiilab and Chief Strategy Officer of Tobelet, Mr Lee Woo Yung adds, “DataXchain aims to reclaim our rights as individuals to these data and help us be equitably compensated for offering the use of our data which are potentially highly valuable digital assets. We are extremely excited to be partnering with Tobelet in the co-development of this platform and are confident of creating a distinctive product with the support from our existing, time-tested technologies and know-how.”