IBM and DrumWave Partner Announces First Digital Data Wallet

During the event Think 2022, last Wednesday (31), the IBM announced, in partnership with startup DrumWave, the project of the first digital wallet of personal data: the dWallet. The companies promise that the novelty will give users more data management power.

Although there is no market for selling data in this way, the companies expect that its exploitation will bring benefits to people and companies. We don't know if the proposal will actually work, but it is one more step into the future.

Want to know more details about the news? Keep reading next.

What is the digital data wallet? 

A dWallet is an application in the form of digital data wallet, where users will be able to store their personal, financial or consumption data in the form of certificates. Developed by startup DrumWave, the proposal is a way to explore and commercialize data — both from users and companies.

Second Fernando Teles, president of startup, when requesting a certificate, the company responsible for the storage will assign a commercial value, which will be passed on to the holder. The valuation and mapping of data will be provided by the structure of the IBM, while the portfolio disposal and management operation will be carried out by the startup.

Thus, when the certificate is inserted into the application, the holder will be able to manage the authorization of access and use of their data by companies. In contrast, companies will be able to offer advantages and benefits to users.

Also according to the president, the gain for individuals will be small, and cannot be targeted as an extra income. However, the DrumWave foresees that logistics are favorable for companies, allowing all their data to be gathered and commercialized in a centralized way.

It is a product about the value of data and the transparency of the use of that data. It will now be possible to assign value to this, charge for third parties to have access and say what use can be made and for how long

Fernando Teles, president of DrumWave

What is the purpose of dWallet? 

The objective of the dWallet is to facilitate the exploration of data, such as what already occurs in social networks, for example. The market does not yet exist, and its functioning is still a mystery, both for the public and for companies.

Also according to the startup executive, the proposal is made to reach all social classes, being a synonym of digital inclusion for all social classes, both the higher and emerging middle or lower classes. The main measure of inclusion in this sense will be the free disposal of the wallet, simply by registering in the company's service. The only charge will be a small fee at the time the data generates benefits for users.

A DrumWave does not foresee that the gain will be significant for individuals, however, it foresees the emergence of operations agents. The forecast is that with market growth, guidance and analysis will be necessary according to the client's portfolio, which will be the function of these agents.

However, there is no information about the estimated profits, gains, nor how much will be charged as a fee in the translations. Thus, although interesting, the proposal to exploit personal data as a commodity is an endless gray area. The only concrete estimate is the amount of $1,8 billion in international GDP.

For now, the dWallet is still in a closed test phase with some partner companies. The app is expected to be available to select users by the last quarter of 2022, with international expansion only in 2023.

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