Blockchain Data Marketplace Launched By Tide Foundation To Make Privacy Profitablebr>
Non-profit foundation Tide has announced a blockchain protocol that aims to transform personal data and privacy from a liability into a mutually profitable asset, for businesses, data seekers, and consumers.
The Tide Protocol is leveraging blockchain technology to enable consumers to seize ownership and control of their personal data. It addresses costly EU General Data Protection Regulation (GDPR) compliance, compensation and data accuracy issues to drive a new consensual data economy.
“Tide Protocol can be integrated into any business’ existing data management systems, encrypting user information, so that it is inaccessible to anyone without consumer permission,” Tide said. “In this way, Tide effectively solves the data industry’s biggest problems by offering an integrated system that allows businesses to manage risks and reduce costs associated with data compliance, allows consumers to completely control, share and monetize their data, and provides organizations seeking data with the most targeted and accurate information to optimize lead conversion.”
The protocol is utilizing forked EOS nodes, smart contracts and additional proprietary decentralized layers to manage permissioned access to encrypted consumer data stored by businesses. The protocol’s proprietary encryption will allow individual consumers to own their data while holding the only key to decrypt it.
“Companies looking for specific consumer data can engage with businesses that hold the data in exchange for monetary compensation that is shared between the business and their consenting consumers by way of Tide Settlement Tokens or T’s,” Tide said. “T’s have a stable value equivalent to $1 USD, which allows for easy transfer to fiat currency.”
Issac Elnekave, Co-Founder of Tide, said that businesses, marketers and consumers have all lost faith in the current ‘data exhaust’ driven economy, which has been plagued by big data breaches, inaccurate information, and illegal selling and sharing of consumer data.
“While we all deserve a human right to privacy, we’re witnessing the disastrous results of data breaches and growing distrust amongst consumers; and it’s time to take a modernized approach,” said Elnekave. “With Tide Protocol, we’ve developed a solution using breakthrough technologies to completely rethink how businesses and third-parties engage with the data economy, prioritizing privacy, granting control to consumers, and incentivizing all parties to protect and share data in a way that not only aids compliance, but offers profitability for all parties involved.”