#70 - Empowerment Tech: Wallets, Data Vaults and Personal Agents (with Jamie Smith)

Empowerment tech is about tools that start and end on the customer side, helping individuals make better decisions and get things done. It aligns the incentives of both individuals and organizations, leading to healthier and more sustainable outcomes. The role of regulators is to define outcomes and ensure compliance, but empowerment tech can change how regulators think about enforcement and create more value for individuals and organizations.

Open banking and open finance are key enablers of empowerment tech, allowing individuals to control and share their data with different financial institutions. The technology behind empowerment tech, such as verifiable credentials and cryptography, is crucial but needs to be complemented by business and legal considerations.

The conversation explores the future of blockchain networks and platforms, the role of wallets and credentials in solving attribution problems, the potential of personal agents, and the value of data in creating AI models. It discusses the commoditization of wallets and identity, the importance of trust and business models, and the dominance of Apple and Google in data services. The conversation also touches on the evolving UI models and the impact of generational expectations. Overall, it highlights the need for a multidisciplinary approach to design and interaction in the digital identity space.

Chapters:

00:02 Defining Empowerment Tech

02:01 Aligning Incentives Between Customers and Businesses 

04:41 The Role of Regulators in Promoting Empowerment Tech 

07:57 The Potential of Open Banking and Open Finance

09:39 The Rise of Personal AI Agents 

16:21 Wallets, Credentials, and the Future of Digital Interactions 

21:50 Platforms, Protocols, and the Economics of Empowerment Tech 

28:47 Rethinking User Interfaces and Device-Centric Experiences

35:22 Generational Shifts and the Future of Digital Relationships 

41:16 Building Trust Through Design and Ethics