Digital economy is the new driver for economic growth and data is becoming a new asset class. Points Technology, a blockchain and AI startup announced multi-million US dollar worth Series A financing. The investment was made by K2 Venture Partners, a leading venture capital firm in China.
The startup has operations in Beijing, Shanghai and Shenzhen while it is also looking to work with international clients and partners. It is also a leader in the field of DLT & private AI with product deployment with a number of major financial institutions.
Founded in 2017, Points Technology is a Series A startup backed by top VCs including K2VC, Cherubic Venture, Ceyuan & NestBio. The company also received strategic investment from China’s leading credit tech company, China ChengXin Credit, which has decades of experience in serving China’s major banks and insurance companies.
Points provides a high performance and configurable blockchain-based confidential computing framework. The platform enables governments, financial service firms and Internet companies to jointly develop machine learning model and perform analysis without exposing the original data to each other. It also leverages blockchain for data traceability and audits.
Many countries are accelerating the development of data security-related laws and regulations in order to ensure that data can be obtained and used in a standard and secured way. For instance, the EU introduced the General Data Protection Regulation (GDPR) in 2018; China officially released regulations on the protection of network security level 2.0 this May, and Draft for Comment on the Data Security Management measures and the provisions for the Protection of Children’s Personal Information Network were released in the same period.
Points assists different data owners to share data and models without exposing raw data to each other. This new generation of core technology and data collaboration paradigm has received great attention from the global industries.
Points’ confidential computing framework is based on Trusted Execution Environment (TEE) and other encryption technologies. By running joint computing in the chip-based TEE, the framework makes data usable but not visible to any party involved. This improves data privacy, security and compliance by a great leap. At the same time, the history and records of data sharing are documented by blockchain.
Large financial institutions can maximise data value without exposing original data. This framework can manage multiple data sources both inside and outside the bank in an open banking scenario. The data usage log can be traced and audited, while the data and model resources are protected by encryption algorithm and secure computing environment in the whole process