There is essentially 2 ways to keep water out. Since brick or stone are porous, water will get through if there is a constant driving rain against that side. This is why old houses have REALLY thick walls. The depth is what stops the water from getting through until the wet season is over, then when the weather is dry it breaths and moisture is removed. Modern houses have a cavity where the gap stops water travelling across the entire wall and it drips down internally when or if it reaches through the outer brick.
That solution it looks like putting a spray-on condom on the outside wall, I guess it could keep water out but it would stop the natural breathing of the material too? Something like that won't stop a cold bridge though, if you are getting damp through a cold bridge then this won't stop it.
If the house has a damp problem then you need to fix the damp problem, putting a massive plaster over it doesn't stop the problem. If there is a rising damp from the foundation due to the DPM (damp proof membrane) broken then this would do nothing.