LAS VEGAS and MOUNTAIN VIEW, Calif., Oct. 29, 2024 — DrumWave today launched the Data Savings Account and the dWallet platform, two groundbreaking solutions to enable companies and consumers to save, exchange, and even use data as collateral. The company is ready to unlock a new world of products and services enriched with data as a value-added benefit.
Every day, the world produces more than 402 million terabytes of data—separated from its rightful owners and monetized across the globe, driving massive profits for companies. This issue is again in the spotlight as governments run to establish data ownership laws and seek ways to ensure individuals are compensated for companies using their data, particularly in training AI.
Now, with DrumWave’s Data Savings Account, individuals and companies can effortlessly contribute data and begin accumulating wealth from the data they generate daily, marking a new era where data potential can be transformed into a tangible asset with monetary value. Additionally, businesses that join the dWallet platform to offer products and services may contribute or exchange data with other companies or make offers to others for the data they own.
“It’s all about autonomy. Today, our money is in the bank, and our data is in the cloud. We control our money, deciding when and how to use it. But with data, we’re powerless—it’s held in someone else’s cloud, where others profit from it, sometimes even against our interests. We are all data-poor and need to become data-rich,” said André Vellozo, CEO and founder of DrumWave.
DrumWave’s announcement fits perfectly into the 2024 show theme, which is Human X Machine: “Humans and our increasingly intelligent machine counterparts are combining to create a whole new world. We must prepare to witness a metamorphosis, where the interplay of consumer and business interactions ascend to new heights, refining not only what we experience, but how we experience it.”
Brittany Kaiser, DrumWave’s new Chief Evangelist, said: “For years, I’ve been saying that the most valuable asset in the world, our data, has been harvested, collected, modeled, and monetized — just to sell products to us — but nobody has come up with a solution to address the root of the problem yet. With the dWallet platform, a visionary solution now exists to bring all the players in the ecosystem together in a way that fundamentally respects data ownership.”
The Data Economy and Business Opportunity
U.S. consumers spend about $3,300 annually per person on devices, internet, mobile plans, and streaming services. The global data monetization market, valued at $3.4 billion in 2023, is projected to grow at 25.8 percent CAGR through 2030. However, consumers are unable to profit from the value of the data they generate.
DrumWave’s technology fixes this imbalance by enabling businesses and consumers to unlock the value of interconnected data. Companies can engage previously unreachable, highly specific audiences and create new data monetization opportunities. Consumers, in turn, finally gain control of their data and a share of the value it generates.
“By partnering with DrumWave, companies can now join and help grow a new data ecosystem, attracting consumers who increasingly value data ownership,” said Germán Scipioni, Chief Product Officer at DrumWave. “Businesses will gain a triple advantage: offering value-added products and services, attracting the next generation of data-savvy users, and creating new revenue streams.”
The Technology behind Data Ownership
DrumWave’s Data Savings Accounts are powered by a cutting-edge platform that addresses the complexities of modern data ownership. This platform solves data rights, permissions, and structural inconsistencies across datasets worldwide. It addresses critical issues like data sovereignty, fragmentation, custody and hosting, and valuation.
“Most platforms struggle with data integrity and provenance, but DrumWave establishes a new standard for data management,” said Laura Bermudez, CTO at DrumWave. “We validate data authenticity while providing unprecedented ways to combine data from multiple sources and industries.”
Built on an open, cloud-based platform, DrumWave’s system enables seamless integration for data agents and developers. This architecture supports diverse applications and use cases while data remains secure and with controlled access in its original location.
“Our platform transforms data from a cost center into a profit center – while maintaining the highest standards of protection,” said Bermudez. “After five years of development, backed by multiple DrumWave tech patents, we’re unlocking new value from data for everyone.”
DrumWave Inc. is a high-tech disruptor headquartered at the historic 2465 Latham Street in Mountain View, CA — formerly the offices of the iconic General Magic. Using the “full-stack startup” approach, it’s building an end-to-end product to enable companies and consumers to own, exchange, and monetize data.
This isn’t just a technological advancement— DrumWave is ushering in a new era for how data is valued, owned, and used. With DrumWave’s Data Savings Account and dWallet® platform, the company is ready to unlock a new world of products and services enriched with data as a value-added benefit for companies and consumers. For more information, visit www.drumwave.com
View the original press release.