Tide launches blockchain-based data marketplace
Tide is a non-profit foundation with a blockchain protocol which seeks to address costly GDPR compliance, compensation and data accuracy issues. Its objective is to stimulate a decentralised personal data economy. To enable this it has launched the Tide Protocol, an open-source, data marketplace which it hopes will transform personal data and privacy from a liability into a mutually profitable asset – for businesses, data seekers and consumers.
“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, relevant to both for consumers and businesses?
Tide enables consumers to have ownership and control of personal data. Using the Tide Protocol, businesses:
- encrypt consumer data
- hand consumers the only key
- thereby enable those consumers to control who, what and when data is shared.