Tide, a non-profit foundation building a decentralized personal data economy, today announced Tide Protocol, an 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 effectively solves the data industry’s biggest problems by offering an integrated system allowing 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,” said Issac Elnekave, cofounder of Tide. “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.
“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. 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.”
Profitable for consumers
Tide allows consumers to seize ownership and control of their personal data. Using Tide Protocol, businesses encrypt consumer data and hand consumers the only key, enabling them to control with whom and when select data is shared. For third-party data inquiries, Tide sends a consent request from directly within the businesses’ user interface to each consumer within a targeted demographic. Once consumer permission is granted, Tide facilitates the sharing of specific data with third parties in exchange for monetary compensation that is stored in a user-friendly fiat-like wallet already built within the user experience. This transaction fosters new levels of trust between consumers and businesses, cultivating a data marketplace where consumers drive the monetization of their own data without friction.
Profitable for businesses
In the current data economy, businesses exhaust resources to protect consumer data, which is often hacked, stolen or sold without knowledge or consent, thus leaving both businesses and consumers exposed to the aftermath of data breaches. The complexity and efforts associated with data privacy compliance (e.g. GDPR, etc.) continues to rise, costing businesses billions of dollars. Furthermore, for SMBs and enterprises, the risks associated with non-compliance and data breaches can be equally devastating because of regulatory fines and litigation.
Tide’s solution offers a secure and frictionless Data Marketplace that can integrate into any new or existing data management system, helping to manage compliance risks and reduce regulatory compliance costs, while data encryption allows businesses to protect consumer data. As a result, Tide allows businesses to improve retention and acquisition, while simultaneously realizing more value from their data inventory with richer insights and new revenue streams. In this way, Tide’s personal data economy is beneficial for every industry including real estate, healthcare, finance, education, FMCG and beyond.
Profitable for data seekers
Data seekers (marketers or any business seeking consumer data) benefit from Tide’s Data Marketplace by gaining access to accurate and highly targeted information. Data seekers receive permission to use information directly from the businesses who hold it and consumers who own their data, resulting in a consensual exchange that benefits all parties involved. This transparent communication allows data seekers to overcome current flaws in the digital media supply chain and gain access to granular insights on incentivized audiences, leading to improved conversion rates.
How Tide uses 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). Its proprietary encryption, governed by those permissions on the blockchain allows individual consumers to own their data and hold the only key to decrypt it. 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.
Founded by a team of entrepreneurs and experts across technology, finance, marketing and telecommunications, Tide sets a new standard for secure, consensual and privacy compliant personal data economy.