In this paper we will derive a parallel algorithm to perform a Daubechies wavelet transform of order four (DAU4). To conceptualize this transform we will first look into the Fourier transform to motivate first of all why we want such a transform and secondly to point out one of the shortcomings of the Fourier transform. After this introduction we will derive mathematical properties of the Daubechies wavelet transform, this mathematical description will also give us a naive sequential algorithm. By looking at which data is needed by which processor, we can give a parallel algorithm. As an application we will look into image compression using this wavelet transform.