Personal dWallet by Drumwave
Context
The concept of Personal data Wallet revolves around the idea that individuals should have ownership of the data they generate through their interactions with people, companies, objects, and even themselves. This ownership allows them to control how their data is used and shared. Additionally, it aims to enable users to save their data for the present and future just like you would save money in bank account, with the ability to monetize it as a potential source of income.
Overall, Personal data Wallet represents a solution that aligns with the evolving landscape of data privacy and ownership, offering individuals a platform to assert control over their personal information and potentially benefit from it in various ways.
Problem
There are several key challenges and problems related to data ownership, privacy, and monetization in current digital age. This includes:
Lack of Data Ownership:
Data Privacy Concerns
Monetization Opportunities
Ethical Data Transactions
Propose an MVP product that helps solve for above and also create a North Star vision.
Solution
Personal data Wallet is an app that helps users to have
Data Ownership i.e. more control of their data, manage their data relationships with businesses, monitor who uses their data; and if they do not want a business to store or share their data to 3rd party entities.
Data Monetization. i.e. get offers from businesses who want to use user's data in an ethical and anonymous ways to share partial monetary rewards with users in exchange.
Defining the product strategy
▸ Lack of Data Ownership: Users often lack control over the data they generate. They are looking for a solution that helps them by formalizing data ownership, ensuring they have authority over their data.
▸ Data Privacy Concerns: With increasing data collection, users are worried about privacy and security. They want ways to manage data relationships and monitor data use, enhancing privacy and control.
▸ Monetization Opportunities: Many users are unaware of the monetory value of their data and lack means to monetize it. There is no way for them to monetize their data for supplementary income.
▸ Ethical Data Transactions: Finding ethical and interested parties for data transactions can be challenging. They need help to identify trustworthy parties and understand how much their data is valued, facilitating fair transactions.
User success stories
"My husband and I wanted to start a business for a long time, but we didn't have enough capital. With PayJoy Credit Line we can fulfill our dream" - Marella, 32
"PayJoy Cash has been an godsend to keep my auto accessories business growing. It offers convenient and accessible payment options, but above all, the process is very fast" - Hector, 52
My Reflections