Madrid-based multinational telecommunications company, Telefonica is to trial a blockchain-based platform that will allow users to sell their personal information. They have partnered with Wibson, who, with their app, allow users to control and monetize their own data, with complete confidentiality.
The Wibson data marketplace includes three types of participants, data sellers, data buyers and notaries. Their interaction is governed by smart contacts within the Wibson protocol.
Launched late last year, it offered users in Argentina, Spain, and the UK the ability to to use its mobile app and utility token (WIB) to make money from their data. Once a transaction is confirmed, individuals are paid in a wallet on the app.
Fully Decentralized With No Central Storage Of Data
Wibson are a fully decentralized data marketplace “allowing individuals to safely monetize their personal data”. There is no central storage and the app only facilitates a direct transfer from seller to buyer, it will not store users’ personal information and “no data ever hits a Wibson server or host”.
“The Wibson platform and token provide consumers an easy way to profit from the personal data they create everyday, while asserting full rights of ownership over their personal information,” said Wibson co-founder and CEO, Mat Travizano.
Telefonica will be trialling the platform to validate customer information and will begin using customer data from Telefonica’s subsidiary, Movistar, who are based in Uruguay. Telefonica will act as a notary, helping to authenticate Movistar’s subscriber status for consumers selling data through the Wibson marketplace.
“The notary feature ensures that data in the Wibson marketplace is always authentic, recent, and high quality,” said Travizano.
Gonzalo Martin-Villa, Chief Innovation Officer for Telefonica said: “Blockchain not only allows us to work with new business models related to personal data. It gives us the opportunity to add a trust layer to operations and design new disruptive services”.
Telefonica also took a stake in Wibson last year through its investment arm Wayra, who connect innovators with Telefonica in order to generate joint business opportunities.