Wibson Protocol for Secure Data Exchange and Batch Payments
This addresses the challenge for individuals to monetize personal data without sacrificing privacy, though it appears incremental as it builds on existing blockchain and smart contract technologies.
The paper tackles the problem of enabling secure and anonymous personal data exchange by introducing the Wibson Protocol, a blockchain-based decentralized marketplace that uses smart contracts and tokens to facilitate direct transactions between data sellers and buyers, resulting in a system that ensures privacy and accuracy.
Wibson is a blockchain-based, decentralized data marketplace that provides individuals a way to securely and anonymously sell information in a trusted environment. The combination of the Wibson token and blockchain-enabled smart contracts hopes to allow Data Sellers and Data Buyers to transact with each other directly while providing individuals the ability to maintain anonymity as desired. The Wibson marketplace will provide infrastructure and financial incentives for individuals to securely sell personal information without sacrificing personal privacy. Data Buyers receive information from willing and actively participating individuals with the benefit of knowing that the personal information should be accurate and current. We present here two different components working together to achieve an efficient decentralized marketplace. The first is a smart contract called Data Exchange, which stores references to Data Orders that different Buyers open in order to show to the market that they are interested in buying certain types of data, and provides secure mechanisms to perform the transactions. The second is used to process payments from Buyers to Sellers and intermediaries, and is called Batch Payments.