Tide, a non-profit foundation building a decentralized personal data economy, today announced Tide Protocol, a new open-source marketplace that transforms personal data and privacy from a liability into a mutually profitable asset, for businesses, data seekers as well as consumers. First-of-its-kind in its field, 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 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.
Through this Blockchain technology Tide can 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. It 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, Co-Founder 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.”
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 who, what and when 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.
“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 Issac Elnekave, Co-Founder of Tide. “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.”
Tide is founded by a team of entrepreneurs and experts across technology, finance, marketing and telecommunications, who are striving to set a new standard for secure, consensual and privacy compliant personal data economy.
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