Tide Foundation just launched a data marketplace aimed at making privacy profitable. Tide’s blockchain protocol seeks to address costly GDPR compliance, compensation and data accuracy issues to drive a new consensual data economy.
“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,” noted Tide Co-Founder Issac 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.”
The non-profit foundation introduced Tide Protocol, reportedly a first-of-its-kind open-source marketplace that “transforms personal data and privacy from a liability into a mutually profitable asset, for businesses, data seekers, and consumers.”
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. In this way, Tide hopes to effectively solve 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.
“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,” added Elnekave. “Tide offers a win-win-win solution. Our technology is driving a new personal data economy by simultaneously addressing data ownership by consumers, revenue-generating and cost minimization for businesses, and reliability for organizations seeking data.”
How does Tide use blockchain technology?
“Tide Protocol uses forked EOS nodes, smart contracts and additional proprietary decentralized layers to manage permissioned access to encrypted consumer data stored by businesses (vendors). Tide’s proprietary encryption, governed by those permissions on the blockchain allows individual consumers to own their data and hold the only key to decrypt it,” explained a spokesperson. “Without consumer consent, their personal information is inaccessible to anyone, including marketers, recruiters or other organizations. 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. T’s have a stable value equivalent to $1 USD, which allows for easy transfer to fiat currency. The consumer’s wallet is built into the business’s user experience and any interaction with the blockchain is completely seamless, without the need for blockchain knowledge.”
The community-driven foundation charged with the stewardship and mass adoption of the Tide protocol was founded by former executives of WPP, the former Worldwide Chairman of M&C Saatchi Global Agency, as well as pioneering politicians, bank chief economists, cryptography professors, ICT professionals and entrepreneurs.
Via email, Yuval Hertzog, co-founder of the Tide Foundation, shared more insight and more details about how Tide utilizes blockchain:
“Blockchain is praised as the ideal conduit of value exchange in a trustless environment – and the claims for it as an alternative monetary system surely get people excited, but it could be so much more. Just imagine the ways trustless interaction can affect relationships between businesses and their customers, governments and citizens, organizations and other organizations around the globe – when trust is no longer required rather inherently implied. However, blockchain’s greatest strength of offering trusted cryptographic assurance introduces some of its greatest limitations: performance, scalability and most painfully, it’s excruciating user experience.”
He also addressed the recent surge in blockchain and Tide’s own blockchain relationship:
“To see the coveted mass adoption of crypto and blockchain, we have to employ more practical uses that provide the benefits of blockchain without the friction points and barriers to entry. Tide is employing a very practical use of blockchain that captures its core benefits without disrupting the everyday users’ experience. Through forked EOS nodes, smart contracts and additional proprietary decentralized layers, Tide uses blockchain to manage permissioned access to encrypted consumer data stored with businesses (vendors) where consumers hold the only key. Tide created a unique powerful incentive for all participants in that ecosystem to embrace, adopt and uphold it by facilitating the exchange and rewards all parties involved with monetary compensation.”
As for what the foundation is planning got the future, Hertzog responded:
“Tide is creating the infrastructure for a global personal data economy – therefore, a mind share ecosystem, leveraging blockchain technology to facilitate trust-less exchange of permissions to access information. Utilizing unique technology tackling some of blockchain’s most crippling adoption challenges, allows Tide users to benefit from a trust-less system that ensures that every data transaction and exchange is automatically tracked and verified with security, transparency and efficiency using blockchain. The result is a sustainable mechanism and mutually profitable marketplace where businesses, consumers and third parties can share and monetize data without the use of separate apps or crypto wallets. Tide represents the ideal future of how consumers will engage blockchain, which is critical to its mass adoption.”