The Soulpad is IBM's idea of wearable storage. But the idea is a bit more: independed computing. Usually wearable computing is about an own application with it's own computing system, storage, network and processes. But usually you already use a computer, applications etc. This way when a computer can be hardware or software this is the software version of a wearable computer.

SoulPad is a portable storage device containing the software stack shown below. The three-layer SoulPad software stack enables a paradigm of mobile computing where a user can suspend his computing environment on one PC and resume it on another PC that he may have never seen before.

Your whole PC in a tiny box. The extern devices are "borrowed". After I've seen a high-power notebook build into a belt I think that vision makes sense.

Video here (14MB) and here (91MB)

via IBM Research