From the company co-founded by World Wide Web inventor Sir Tim Berners-Lee, the multi-purpose Data Wallet solution encourages new uses of data with flexible controls and secure sharing.
Inrupt, the leading provider of enterprise-grade software for the web, 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. 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. 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,” said Sir Tim Berners-Lee, inventor of the World Wide Web and 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 behavior. 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.
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“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.
Inrupt’s Data Wallet solution is built on the company’s Enterprise Solid Server (ESS), which is powering mission-critical deployments of the Solid protocol, the open web standard, around the world. Because of this foundation, it’s easy to reuse the personal data stored in the Data Wallet in other apps, services and AI systems. Consent for access is always coupled with each piece of data, so users can trust their data is used the way they want, and organizations can be confident they’re in compliance with any relevant data regulations.
“Digital wallets aren’t just for payments anymore. With the Data Wallet adding identity and consent capabilities, they are quickly becoming the gateway to our digital lives and will soon be the main interface used for data sharing, management and collaboration,” said Osmar Olivo, VP of Product at Inrupt. “By moving towards standardization with an underlying infrastructure like Solid, this wealth of information can be used flexibly, securely, and as intended across any sector in order to deliver better services, products, or experiences.”
“It’s clear that digital wallets are the new basecamp for a huge variety of digital activities. What’s not yet determined is whether this change will reinforce the power of the few, or open new advantages for the many,” said John Bruce. “Inrupt will always build technology intended to benefit the many, and our Data Wallet is the most important example yet.”
Source: Businesswire
