From September 15th, it will be possible to monetize your personal data into something similar to a savings account. This is the concept announced by the CEO of start-up DrumWave, André Vellozo, on Wednesday (27) at Rio2C, an event for creativity and innovation taking place in Cidade das Artes until Sunday.
Your dWallet is a digital data wallet that will collect personal information – from birth and marriage certificates to your real-time location, for example – which a user can decide to share, at a certain price, with the most diverse companies.
“We want to eliminate the middleman. Why do you need to split your information between tech giants (like Facebook and Google) if you can control and make money from the data you have? What we are proposing is nothing less than a revolution in this sector, and we already have between our partners a public and a private bank in Brazil, as well as many companies, from hospitals to retailers. This is the logic of Pix, now in data management,” says Vellozo.
Provides practical examples: A woman born with diabetes will be able to organize all her medical and pharmaceutical data in her dWallet account and present it, individually or with other people with diabetes, to companies interested in research, for a combined fee.
“Everything generates value”
What Vellozo proposes is a kind of registry office: his company “certifies” the data of each interested individual. dWallet is proof that the data in question actually belongs to that person, who can therefore market it.
After opening the account, the individual formally requests his data from all the companies with which he has a relationship. When you receive it, you deposit it in dWallet and you can monetize it.
Vellozo says that whoever hosts this data, such as Google, TikTok or Facebook, loses the right of possession, which goes to an “honest agent”, in which case the data owner.
Monetization, in turn, will occur based on a series of criteria, including outcomes. The more interest in data from companies researched by DrumWave, the higher the score.
One partner in this process is US giant IBM, which designs the certified data and runs the dWallet platform in its own cloud.
According to Velozo, the five-month-old has already posted his data, on average, in about 68 different files. His parents can put it together and create a dWallet savings account to monetize that data and fund part of his education, he says.
A retired 65-year-old can collect all the information about his health and regular physical activity, and trade it in his digital wallet of data.
The value of this data, Vellozo bets, will be determined by the market itself. “Race, gender, religion, gender identity, politics, everything today is polarized. But the data is not, it is neutral. It does not matter who you are, if you are on this planet, it matters, because everything you do, or what you do not do, generates value and information that must be processed and use it.”
This data, says Veloso, companies need. “Its digital footprint is a value that companies increasingly need, especially in a post-pandemic world. In addition to market value, we will increasingly be dealing with ‘data value,’ companies who see this data as a business potential and raw material for renewal.”
DrumWave, established in 2015, provides data processing services to businesses. With dWallet launching in September, its focus, Vellozo says, will become negotiating data with companies with large user bases, in the most diverse fields. The CEO estimates that today’s data market is about $1.8 trillion.
Presenting the possibility to monetize directly from an individual’s data is already a topic of debate among industry experts. Law and Technology Area Coordinator at the Institute of Technology and Society (ITS), Cristian Peroni, sees in Brazilian legislation – particularly the General Data Protection Regulation (LGPD) – loopholes in a service like dWallet.
Perrone points out that when we open a Google email account or an Instagram profile, we’re actually exchanging data for the services. But he also notes that in addition to reinterpreting the law, it will be necessary to consider the potential benefits and complications of the service. Philosophically, he says, “sensitive questions” have already appeared:
“For example, the feeling that you are selling your privacy. You can even compare, depending on how you read the law, with a member sale. And there are issues like protection when negotiating data with a bank you also have health insurance. By monetizing certain information with the bank, Does it also make health insurance more expensive?”
He also stresses that it will be necessary to check how strongly citizens adhere to this model and whether it will not ultimately lead to an increase in the digital divide in society.