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. This payment is made using ‘Tide coin’ – a 1:1 fiat backed coin. A private Security Token Offering has already received strong support from investors and will be finalised in the coming months.
Tide co-founder Issac Elnekave says Gilbert + Tobin’s market-leading expertise in Blockchain and Cryptocurrency will be pivotal to the success of Tide and the upcoming Security Token Offering.
“Gilbert + Tobin are best in the business when it comes to managing the complexities of STOs and are known to pressure test the blockchain and cryptocurrency 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.
“This is making Personal Data one of the greatest asset classes of our time. Tide’s fully compliant Security Token Offering is one of the few ways investors, crypto and institutional alike, are able to gain exposure to this market.
“It will also pave the way for organisations with databases of all sizes to become more effective and profitable data vendors. The data they collect will be of a much higher quality and protected with far greater security. Ultimately this will help businesses save costs, improve compliance, and reduce risk while also significantly increasing their value.
“Tide will also create a new ecosystem which will enable individuals to earn a passive income from the data they create – but only if they choose to share it. This is a far more respectful and effective way for brands to reach consumers, with better targeted campaigns and more relevant offers,” said Elnekave.
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 free of charge.