Wibson, the blockchain-based consumer data marketplace, has partnered with Telefónica to trial a data verification capability that validates the authenticity of consumer data in its system. Wibson allows individuals to securely and anonymously sell validated private information from their devices to advertisers and businesses in a trusted environment.
In a trial that will initially cover Movistar users in Uruguay, Telefónica will serve as a notary, helping to verify Movistar subscriber status for consumers selling data through the Wibson marketplace. Telefónica, through its Wayra investment arm, invested in Wibson in 2018, alongside DGG Capital and Kenetic Capital.
Gonzalo Martin-Villa, Chief Innovation Officer of the Telefónica Group, 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.”
Chema Alonso, Chief Data Officer of Telefónica, said: “Data is fueling growth for the biggest companies in the world, but new models like Wibson’s are emerging to reshape the space.”
Wibson CEO and Co-founder Mat Travizano said: “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. 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.”
Wibson supports consumers’ ability to sell their personal data directly to data buyers, such as technology platforms, advertisers, marketers, and academic and social-good researchers. 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. Notaries serve as organizations that verify and validate personal data authenticity and arbitrate disputes in a fair and consistent manner.