Consumers will have full control over personal data
We live in an age of data being shared with third parties. All too often though we read about data breaches being carried out by companies who share personal information without the consent of the consumer or without their knowledge.
A blockchain startup by the name of “Tide” or Tide Foundation wants to change consumers access to their data by giving them full control over personal data on their blockchain by enabling them to manage their own encryption keys.
Tide is a not-for-profit, community-driven foundation whose vision is to offer control and remuneration for the user’s personal information as well for their attention. Their website mandate states that they are there to ensure that personal data is fully secure and that the proper value for it is attributed.
Tide opened their doors three years ago in Sydney, Australia and went on to develop the Tide Protocol (more on this later) which is the core technology in its blockchain data privacy solution, just two years ago.
In a nutshell, the startup wants to create an ecosystem wherein users can sell their personal information in an open marketplace which the company is said to announcing today.
Tide co-founder Issac Elkenave stated:
“The overall concept is that when a consumer engages with a business and provides that business with personally identifiable information, the Tide Protocol encrypts that information and provides the consumer with the only key to decrypt it.”