DataWallet, a leading C2B data exchange, today announced the first blockchain-based data ecosystem, which allows for the transparent and mutually beneficial exchange of data between consenting consumers and businesses. Building on its years of success, DataWallet is taking on the $300 billion data brokerage market by harnessing the Blockchain to allow consumers to take ownership of their data. DataWallet provides companies with the highest quality, most personalized, and expressively shared data to empower developers with the data to build the next generation of world-class data applications. This transparent marketplace simultaneously gives users control over their data, while setting a new standard for ethically sourced information that drives data-informed businesses. This data exchange will be powered by DXT, an Ethereum-based ERC20 token, which will be released in an upcoming Token Generation Event (TGE) this fall.
DataWallet CEO Serafin Lion Engel said:
“DataWallet solves one of the most pressing socioeconomic issues of our time, namely that of third party driven data brokerage. By empowering people to take back data ownership, we stand to raise median household income by up to 9% by 2022, effectively realizing the idea of a universal basic income. Since the C2B model is entirely consent driven, all data points are deterministically linked across platform, giving companies unprecedented insights and allowing them to find the right customers with 100% accuracy rather than the 1.9% match rates they are currently used to. DataWallet introduces a rare win-win situation, where user empowerment leaves everybody better off.”
DataWallet is the only data exchange based upon the expressive consent model, which allows it to connect data points to secure, anonymous digital profiles that provide an unrivaled window into the historical dynamics of consumer behavior. Upon registering on DataWallet, personal users can link multiple data sources from social media, online commerce, and offline transactions to their DataWallet app and opt-in to share it with companies interested in acquiring this data. All data is entirely anonymized and may be reviewed by the user at any given time, providing critical benefits such as control over deciding who is a worthy recipient of their data, transparency around how the data will be used, and the ability to profit from assets that are rightfully theirs.
DataWallet CEO Serafin Lion Engel said:
“Our move to the blockchain enables us to realize the idea of providing people with a self-sovereign wallet. Rather than us having to co-own all the data our users link, all data is stored locally and fully encrypted on their own device, making their DataWallet truly their own. We as a company simply provide users with this wallet and give them the tools to source their own data. We further make this data actionable in that we provide the marketplace, where we establish fair rules of engagement through smart contracts, and access to a network of data buyers so that the value of people’s data can be realized to its fullest extend.”
Beyond the benefits to consumers, DataWallet’s re-envisioning of the data brokerage business model gives businesses the ability to source the data they need directly from the people that create it. Data gathered without the expressive consent of the consumer lacks critical dimensions of information, leaving companies with insights that are highly generic and inaccurate. DataWallet will replace the currently available data, which is often the result of probabilistic matching models, outdated, or generally incongruent with true online engagement, and be able to provide businesses with data that is superior in both quality and quantity.
DataWallet investors include Tim Draper and Salesforce CEO Marc Benioff, and Blockchain Association of Canada Executive Director Kyle Kemper serves on its Board of Advisors. DataWallet’s upcoming Token Generation Event will support the launch of DX Insights, a powerful data analytics tool, and the launch of the data app exchange, allowing developers to make the next generation of customized services based upon willfully shared data. For more information visit www.datawallet.com
