Spanish multinational telecommunications giant Telefónica is collaborating with blockchain consumer data marketplace Wibson to trial a data verification capability that validates the authenticity of consumer data in its system.
Wibson is a project from the team behind Grandata whose mission is to create a trusted universal data platform that maximizes value for both individuals and companies. The firm has developed a blockchain personal-data marketplace that provides infrastructure and financial incentives for individuals to securely sell private information that is validated for accuracy, all without sacrificing personal privacy. It is backed by DGG Capital, Kenetic Capital, and Telefonica, through its Wayra investment arm.
During the trial, which will initially cover Movistar users in Uruguay, Telefonica will serve as a notary, helping to verify and validate Movistar subscriber status for consumers selling data through the Wibson marketplace. In the Wibson marketplace, consumers decide when and to whom they sell their data based on transparent, market-driven offers that clearly outline the data requested, price, and intended use.
Wibson CEO and Co-founder Mat Travizano said that one of Wibson’s primary aims is to provide consumers with an easy way to be rewarded for the personal data they create every day.
“The notary feature ensures that data in the Wibson marketplace is always authentic, recent, and high quality,” Travizano said. This is a big improvement from the way that traditional marketplaces and aggregators handle personal data today. We want to create a transparent and fair environment where consumers and data buyers, such as marketers and advertisers, are all treated fairly and can fully benefit from the free flow of data in the economy.”
Gonzalo Martin-Villa, Chief Innovation Officer of the Telefónica Group, said that blockchain not only allows them to work with new business models related to personal data, the technology also gives them the opportunity to add a trust layer to operations and design new disruptive services.
“Data is fueling growth for the biggest companies in the world, but new models like Wibson’s are emerging to reshape the space,” added Chema Alonso, Chief Data Officer of Telefonica. “Amid growing concern on personal data, Wibson is building an impressive team that’s focused on a future when consumers demand control of their data.”
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