Data Ecosystems: The Art of the Possible
Achieve mass coordination while preserving privacy and agency
Previously, we looked at data in a web2.0 vs web3.0 world, and discussed how we design data ecosystems. Today we consider what’s exciting about data ecosystems, with some examples of customer journeys we’ve designed for our clients. This is the third blogpost in a series of four written by Dataswift CEO Irene Ng in conjunction with her presentations at the Singapore Fintech Festival and OpenX Congress in London.
Data ecosystems and data wallets make it possible to design and intervene in consumer journeys to achieve large-scale outcomes such as ESG goals. This ability to achieve mass coordination while preserving privacy and enabling agency is what’s most exciting about data ecosystems.
As I discussed in an earlier blogpost, decentralized self-sovereign data in a web3.0 world means that multiple human traits and attributes can now be grouped together across companies. This gives visibility to consumers’ micro-behaviors, which can be linked up to form journeys enabled by data within a data wallet.
The following are some of the data ecosystems we have designed for our clients.
Bring Your Own KYC
This customer journey is the shortest we’ve ever designed. A Know-Your-Customer (KYC) process takes only 5 mins and yet its reusability is of such high value.
E-commerce Data Wallet
This journey is quite unique as it involves self-sovereign data of a micro-SME where the individual is a shop owner.
Go Green Data Wallet
Designed for an employer’s ESG credentials, this journey has huge potential for the measurement of Scope 3 emissions.
We have many more data ecosystems on our design table, including working with NFTs (non-fungible token), stable coins and CBDCs (central bank digital currency).
A Data Ecosystem for Your Business
If any of these examples strike a chord and you’re looking to earn revenues from decentralizing your customer data, a data ecosystem may be a viable option for you. Perhaps you have a “wicked” problem, or have thrown money at a collective outcome, had difficulty scaling data portability, or want to gain advantage over your competitors. If so, ask yourself three questions:
- What micro-habits / behaviors do you wish to incentivize?
- What customer journey do you wish to transform / improve?
- What impact / outcome do you wish to achieve (as a business and as a community)?
If you have compelling answers for each of these, let’s have a chat.
Tomorrow: SejutaKG ecosystem - a case study
Irene is in Singapore from Nov 2 to 4 to present at the Singapore Fintech Festival’s session on Distributed Data Ecosystems in a Web3 World, and also at the Asian Development Bank's session on their sandbox. She'll be in London on Nov 7 to present at the OpenX Congress. Do get in touch to catch her for a chat about how Dataswift can help your business earn revenues from decentralizing your customer data.