Meet dewa: Denmark's First Decentralised Digital Identity Wallet

Managing and protecting digital identities is a paramount challenge in the 21st century. The widespread dispersion of personal data online heightens the risks of identity theft and fraud, demanding advanced solutions for secure and reliable digital interactions.

Redefining Digital Identity

Introducing dewa , a pioneering startup offering a secure, streamlined solution for digital identity management, enabling seamless, hyper-secure identifications while restoring users' ownership of identity data.

We have had the pleasure of hosting the dewa team as Lab residents at the Copenhagen Fintech Lab for several months. They were simultaneously part of our Incubation Program Spring 2024, where we provide promising startups with expert workshops, founders chats, one-on-one mentoring, and access to our unmatched network to help them prepare their fintech solutions for the market.

In this edition of our Innovation Article Series, we delve into dewa’s journey, uncovering the challenges, successes, and essential learnings that can serve as a blueprint for others looking to start a company in the fintech space.

Challenges in the digital identity sector

User data security and privacy are extremely important. The EU's stringent regulations require that digital identity solutions be secure, private, and accurate. We chatted with Lorenz Carl Flechtenmacher , Co-Founder of dewa , who emphasized that their focus is on ensuring 100% correct identification, as errors can have severe consequences, particularly in sensitive sectors like banking.

“The EU-enforced technology benefits a comprehensive set of use cases. We are focused on the financial and educational sectors. The Financial sector has high costs related to KYC and AML, and our tech promises to solve many of the challenges for banks and payment services with our first pilot in DTU to prove our technology's security, cost-efficiency, and sustainability convenience.”

Another challenge is the adoption of their solution by universities and other institutions. While they are piloting their student identification system with the DTU - Technical University of Denmark , scaling this solution to other universities requires demonstrating its value and cost-effectiveness.

Successes

Dewa has achieved notable successes. They succeeded as a finalist for X-Tech in December 2023, and in May 2024, dewa won X-Tech+, Awarded the 1st PRICE of 100 000DKK sponsored by DTU X-Tech . Lorenz highlighted that their participation in X-Tech and following involvement in the Copenhagen Fintech Incubation Program provided them with crucial skills and a supportive environment ??? “The combination of technical and business insight has been crucial in developing our product.”- Lorenz Carl Flechtenmacher .

One of dewa’s significant achievements is developing a student ID system that eliminates the need for physical Student ID cards.

“Our tech is very versatile and can be used in many sectors. Part of the eIDAS2.0 (Regulation on Electronic Identification and Trust Services) regulation is enforcing digital ways of identification in the educational sector. We are early adopters of the suggested technology (Digital Identity Wallet). And it was clear to us as students; we want this implemented :)”- Lorenz Carl Flechtenmacher .

Student mobility in Europe is constantly evolving, and so is the need to simplify procedures and promote greener and student-friendly alternatives. Dewa’s system makes life easier for students and adheres to the European Student Card Initiative, allowing students to use their IDs seamlessly across different countries.

??? “We hear from students that, finally, there's a solution like ours, and everyone's been waiting for it”. - @Lorenz Carl Flechtenmacher.

Also, dewa is now officially Denmark's first and only EU-certified digital identity wallet that also happens to be decentralised. This certification allows them to store governmental credentials like the National ID, Passport, Drivers License, healthcare, and more in the dewa wallet, truly enabling the digital twin!

Recommendations and Lessons Learned

Several key learnings have emerged from dewa's journey:

1.???? Innovation and Flexibility: By leveraging existing technologies and focusing on user experience, dewa has created a product that addresses current gaps in the digital identity market. Their decentralized wallet is an innovative solution that could transform how digital identities are managed.

2.???? Importance of Partnerships and the right environment: ???” The support from Copenhagen Fintech has been super important to us. Through their network, we have been able to validate our business case, gain insights, and connect with key stakeholders.” shares Lorenz Carl Flechtenmacher , Co-founder of dewa . This highlights the importance of partnerships in accelerating growth and development.

3.???? User-Centric Approach: Feedback from students has been crucial in refining dewa's products. By focusing on security, convenience, sustainability, and cost-effectiveness, dewa ensures that its solution meets the needs of all stakeholders. “Often, the EU proposes a new law, and the industry does not know how to implement and comply with it. By understanding the law and working with the stakeholders, we find use cases that show how they can comply with the law while also using it to their advantage - more like a horizontal approach.” - Lorenz explains.

4.???? Patience and Persistence: The journey from concept to implementation requires time and persistence. “My biggest learning is that I don't want to do anything else. Seek the right environment that supports your idea, believe in yourself, and put in the work.” – Lorenz shares. He emphasized the need to be patient as universities plan their budgets and adapt to new solutions.

Conclusion

Dewa is a successful example of how innovative solutions can address new problems and grow into significant enterprises. This series aims to inspire companies and individuals in the fintech ecosystem to explore and cultivate partnerships that drive innovation and sustainability. Dewa’s journey from winning the X-Tech finals to becoming part of the Copenhagen Fintech Lab illustrates the transformative power of collaboration and the importance of a supportive environment for startups.

By developing a decentralized digital identity wallet, dewa is contributing to the evolution of the fintech sector, addressing pressing security needs, and setting a precedent for future innovations.