BlockApp Series: DataWallet, Blockchain powered data exchange
BlockApp Series explores blockchain and decentralized applications that anyone can use. Whether you’re invested in, or curious about, decentralized applications, these apps can help solidify your understanding of how they are used and the value they provide.
If you’ve missed the intro post, you can read it here.
The Internet is powered by your personal data. The companies that control and manage high quality first party data and effectively integrate their offerings with valid third party data (think Facebook, Google, Amazon) are becoming more powerful. On the other hand, users and consumers are given “free” products without ever knowing the value of their own data to the ecosystem. DataWallet empowers users to monetize and utilize their personal data.
What can you do with the app?
The app lets you control your personal data and monetize on it. Companies are already accessing your social media and web activity data through walled gardens (such as Facebook) and data brokers (organizations that gather your information and resell them).
With DataWallet, these companies can come to you directly to request for your personal data. In exchange for your data you’re able to earn DataWallet’s token (or digital currency) called Data Exchange Token (DXT), moving the power from these data gardens, directly to you.
How does it work?
Download the app on the App Store or Google Play Store. My referral link can be used here. Once you log into your DataWallet account, you have 5 tabs on the bottom to explore.
The most important part is the is the “data” tab. Here you can connect your Facebook, Pinterest, Twitter, Instagram, and Amazon accounts (to date) as well as pictures of your receipt. You give permission to DataWallet to access your personal data. It took me a total of 30 seconds, really simple.
Once you decide which personal data you want to control and monetize, now it’s time to earn! The “Earn” tab is the most important part of the DataWallet if they want to be successful. This is where you, as a consumer, can interact with potential offers from companies or other entities that want to access your data. In the case below, if you sign up for “DX Insights” — you can get up to 35 DXT per month (at the current rate ~$6/mo). DXT is short for “Data Exchange Token”, token meaning the app’s own currency. Which you can use and share within DataWallet or buy and sell outside of it.
I imagine that the “Earn” offers will grow over time and you’ll have more choices on how to earn from your personal data.
Why is this a blockchain or decentralized app?
One value proposition for blockchain and distributed ledger technology is security. By giving consumers sovereignty over the access and use of their personal information, consumers are not only selecting who they are giving their personal information to, but they are also given unprecedented transparency on how it will be used.
To learn more about DataWallet check out these resources:
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