Tech giant Panasonic has partnered with Jasmy to roll out a Web3 platform to connect personal data on the Internet-of-Things (IoT). The new platform will be based on Jasmy’s Personal Data Locker product.

IoT platform developer Jasmy and Panasonic Advanced Technology began their collaboration in February, but announced it on March 26. The new platform will provide secure data storage and give users control over access to their data, as well as improving processing and reaction times. According to the statement:

“This platform incorporates agile development methods into Web3 technology and develops with an emphasis on speed. We will implement the public [platform] as an open platform, recruit users widely, and aim to use it in a wide range of fields.”

Jasmy chief financial officer Hiroshi Harada, who uses the name Hara on social media, stated on X that the new platform would be built in “3-6 months.”

According to the Jasmy website, with the Personal Data Locker, only hash values are managed on the blockchain while data files are stored in a decentralized network. Thanks to this system, the storage capacity of single blocks and large file sizes are not an impediment to performance.

Jasmy was formed by former Sony executives in 2016 and listed its JasmyCoin (JASMY) on exchanges in 2021. It states on its website that it is “billed as Japan’s Bitcoin.” As described on its website, merchants pay Jasmy to use data stored by it and the data owner JASMY as a reward.

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Jasmy announced the launch of a DePIN project called Janction earlier this month. It aims to form a GPU colony into a public layer-2 and AI service hub.

Trading in JASMY, which has a market cap of $1.1 billion, rose 111% in 24 hours on the news. It hit a high of $0.024 on March 26, up from $0.021 the previous day.

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