Gilbert + Tobin Partners with Tide to Build a New Personal Data Economy

Leading law firm Gilbert + Tobin is working with the team behind the Tide Foundation to advise on the launch of ‘Tide’– a new blockchain based protocol that will facilitate the personal data economy by enabling organisations to monetise the information stored in their databases, whilst also addressing compliance with current and expected privacy regulation.

Tide works by handling data in two distinct ways, severing and encrypting the personally identifiable data from other metrics collected. Consent for access to the personally identifiable data can only be granted by the person to who it belongs – they hold the key to decrypt it.

Via the use of smart contracts, data vendors and consumers both receive payment if consent is given to use the data.

“Gilbert + Tobin are best in the business when it comes to managing the complexities deep tech clients they work with to ensure their business proposition is solid. To have them on board in partnership with the Tide team shows they understand the opportunity for growth in the personal data economy.

“We know increasing privacy regulations are putting significant downward pressure on the global supply of verified, consent-based access to personal data - yet demand for this asset is on a hyper growth trajectory.

Corporate Advisory Partner and head of Gilbert + Tobin’s Fintech practice, Peter Reeves, said

“In a constantly evolving regulatory environment with sweeping reforms to protect individuals and hold organisations accountable for how they treat personal data, the status quo seems unsustainable. Tide enables businesses to meet regulatory requirements around data privacy and at the same time empowers individuals to determine the value of their personal data and whether to share it.”

Tide will be released as an open source protocol, and any organisation, large or small, will be able to adopt it.

Read their announcement