Inrupt, a company led by Sir Tim Berners-Lee, best known for inventing the World Wide WEB, HAS announced the launch of its Data Wallet.
Enterprises and governments use the technology to give their customers and citizens digital wallets for their data, creating a foundation for innovative, intuitive and impactful digital experiences.
Over 60% of the world’s population is expected to use digital wallets regularly by 2026, and over half of consumers report interest in using them for a broader range of purposes.
Existing Market
But the existing market has focused largely on financial transactions and is dominated by a handful of Big Tech vendors.
Inrupt’s Data Wallet technology represents the next evolution of standard, interoperable digital wallets.
Unlike alternatives, Inrupt’s solution accepts a wide variety of data and makes it easy for individuals to consent to access their data.
New Opportunities
The Data Wallet opens new opportunities for organizations as the web shifts toward a user-centric approach to how personal data is managed, shared, and used.
“Browsers shaped the Web 1.0 era, and Web 2.0 was all about apps. But Web 3.0 is all about empowered individuals and personal data. The Data Wallet becomes a fundamental tool for users,” says Sir Tim Berners-Lee, CTO and co-founder of Inrupt.
“By making this key piece of technology available, Inrupt is ensuring that the opportunities and benefits of secure personal Data Wallets are open for everyone.”
The explosion of new use cases for digital wallets, and the types of data they store, represents a major shift in consumer behaviour.
For organizations, it’s a chance to improve and grow relationships with customers and citizens.
In order to capitalize on the opportunity that digital wallets represent, organizations can rely on Inrupt’s standards-based approach to quickly build, integrate, and test new wallet offerings — or enhance their current wallet applications — all while giving users confidence that they have transparency and control of their most important personal data.
“Digital wallets are fast becoming the most compelling way to serve your customers and citizens. Organizations need to assess their wallet strategy,” said John Bruce, CEO and co-founder of Inrupt.
“We built our Data Wallet to be easy to use — both for organizations and their users. It’s a direct channel of communication for valuable, relevant data.”
Until now, digital wallets have been siloed “point solutions,” requiring different wallets for different purposes.
But global initiatives like the EU’s Digital Identity Wallet are already showing organizations the benefits of standardization and interoperability.
With a multi-purpose Data Wallet, organizations can access and verify government-issued credentials like passports, educational certificates and entitlement benefits, even across state and national borders.
The post New Data Wallet launched by Tim Berners-Lee appeared first on Payments Cards & Mobile.