Tech giant Panasonic has joined forces with Jasmy to introduce a Web3 platform that will connect personal data on the Internet-of-Things (IoT). This partnership, which began in February, was officially announced on March 26. The objective of this new platform is to provide secure data storage and give users more control over their data access. Additionally, it aims to enhance processing and reaction times. According to Jasmy’s chief financial officer, Hiroshi Harada (also known as Hara on social media), the platform is expected to be developed within a timeframe of three to six months.
Jasmy’s Personal Data Locker, as described on their website, manages only hash values on the blockchain, while data files are stored in a decentralized network. This unique system allows for efficient performance, as it mitigates the limitations of storage capacity in single blocks and large file sizes.
Founded by former Sony executives in 2016, Jasmy launched its cryptocurrency, JasmyCoin (JASMY), on exchanges in 2021. It is often referred to as “Japan’s Bitcoin.” According to Jasmy’s website, merchants pay Jasmy to access the data stored by the company, and the data owners are rewarded with JASMY tokens.
Earlier this month, Jasmy unveiled the DePIN project called Janction, which aims to create a GPU colony for a public layer-2 and AI service hub.
Following the announcement, trading in JASMY experienced a significant surge, with a 111% increase in a span of 24 hours. Its price reached a peak of $0.024 on March 26, up from $0.021 the previous day.
In other news, Japanese e-commerce giant Mercari will start accepting Bitcoin payments from June, further highlighting the growing prominence of cryptocurrency in the market.