Most digital wallets hold verified credentials, virtual currencies or tokens while CheckD Data Wallet can hold raw data owned by users in their data wallet accounts, and then be credentialized through badges from the wallet itself.
This is because the IP ownership of data is often held by organizations and therefore only organizations can use and credentialize their data and place the verified credentials into these wallets for their holders (customers).
CheckD Data Wallets allow every user to hold IP ownership of their data and therefore opens up the market for anyone to propose a credential (create a badge) for users to apply their data to create verified credentials (badges) with the data they own, authenticate the badge and then use it. More importantly, CheckD badges are special verified credentials that can actually transfer the underlying data to another CheckD data wallet, if the owner chooses to.
The CheckD Data Wallet Platform separates the supply side of data to be acquired by individuals from the demand side of data usage through badges. By separating the 2 sides, the ecosystem has an asynchronous architecture enabling both sides to grow before they have to be matched. This is the market designed by Professor Irene Ng, Group CEO of Dataswyft and inventor of the technology.
Without the Data Wallet, legitimate data/credential flows are synchronous - which means the data or credential required has to be decided on, created, standardized, and the links from the source to the destination have to be technically set up. Synchronous ecosystem architecture creates bottlenecks and block the creation of value because it requires all steps to be completed before use, which could drive up costs and increase risks especially when there is high level of uncertainty around the value of data/credential.
When data and credentials can flow between legal persons without dependency on synchronous integration with source or destination, data in and out of data wallet accounts are separate processes from the discoverability and use of the data to be credentialized for ecosystems, partnerships and engagement. Asynchronous architecture also helps interoperability because credentials can be received before integrating with a destination digital system. CheckD uses global schema standards to ensure that data received can be easily mapped onto any digital system.
EIDAS standard for Europe offers a standardized approach and a common framework for secure electronic transactions between natural persons, businesses and public authorities. This standard governs the data and the transactions, regardless of the source, destination or if an intermediary is used. This regulation is very much welcomed as it establishes trust and creates a set of rules that all players can subscribe to, much like creating a USB-C standard for wired connections. The CheckD Data Wallet is able to store and mobilize any data or credential conforming to the EIDAS standard from source to the self-sovereign data wallet and onto the destination ensuring that all transactions are trusted, authentic, interoperable and secure.
A badge a standardized card or a certificate. It has a label and could prescribe a set of information such as it must have a date of birth or full name. The issuer of a badge sets up the badge and sends the badge to their community members to apply their data from their data accounts and authenticate the badge.
There are generally 3 types of badges
Authenticating a badge is the process of qualifying a user for a badge Eg. If a badge holder authenticates the badge “member of Club X” badge, that means it is true that the badge holder is a member of Club X. And the information prescribed by the badge can be filled with the information about badge holder from the Club.