Introduction
Imagine a world where your most sensitive digital assets are as secure as your bank account. As essential services like banking and document signing migrate online, the need for robust consumer privacy and data security have become paramount. Many companies have placed privacy at the forefront of their products providing consumers with extensive control over the data and information that can be accessed by third parties. Other companies are expected to follow this trend, making this a suitable time to introduce a data wallet to store and transfer personal digital assets included but not limited to files, NFT’s, crypto currency, documents, and decentralised currency that some governments are developing.
Business Idea
A collaboration between Western Digital’s WD_Black and Mastercard could revolutionise digital asset security by developing a data wallet and an enhanced protocol to store, access and transfer data. By leveraging WD’s advanced storage solutions and Mastercard’s financial-grade security, this data wallet would offer unparalleled protection for digital assets.
WD is a reputable data storage device manufacturer used by corporations and consumers alike. Mastercard is one of the most trusted financial payments provider especially for securing and transferring payment packages. Building a collaboration between these two would allow to share technology and bring credibility to the product.
What sets this data wallet apart from other cloud storage products is its unique combination of data storage and the capability to transfer assets without retaining copies. This is crucial for digital assets like money or NFTs, which require higher levels of security and complex protocols. Additionally, this solution would ensure regulatory compliance, making it a robust and trustworthy option for users.
The product will come in three variants:
Data Wallet (Direct 2 Customer ): Consumer can directly access this service from this collaboration that will form a new .com brand offering the data storage and exchange service.
Infrastructure as a Service (IaaS) will focus more on B2B, enabling companies to build and manage their own IT infrastructure without investing in physical hardware. For example banks offering new digital services for alternative products such as crypto currency. The service charges will be tiered based on resource usage.
Platform as a Service (PaaS) will enable developers to access the API and build new innovative products. This will bring multiple ready-to-use applications with managed services, offering Software as a Service (SaaS).
Strategic Fit
Mastercards’ vision to connect and power an inclusive digital economy to benefit everyone fits in harmony with Western Digitals ambition of being in the forefront of game changing innovations. This collaboration will provide access to a large customer base of both companies. Mastercard can extend services offered (growing horizontally) to existing customers and Western Digital can expand its audience by venturing into the service market (growing vertically). This product will enable artists, entrepreneurs, and every day consumers to engage in more online transactions of digital assets with lower and reasonable fees.
Mastercard and WD would work on a revenue sharing model, both contributing to building and maintaining the platform
How it would work?
This collaboration would create a decentralised protocol similar to Fediverse, that will be used to transfer and exchange digital assets.
Each data wallets can be accessed by using Mastercards’s card details and PIN that will encrypt and decrypt the wallet, and using blockchain methodology will provide an additional layer of protection.
WD’s infrastructure and technology would be used to store the data and Mastercard’s data transfer and security protocols will be use to access and transfer the data.
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