A Report On How The Tide Foundation Gives Consumers Full Control Of Personal Data On Blockchain
Tide Protocol promises to do away with the data privacy breach. Know all about it. Why does it look to be promising?
Why Worry About Data Privacy In Blockchain?
Data privacy control is the major deciding factor which then makes it possible to rely on blockchain technology. Being observed as the best among the innovations of this era, it is here that technology is finding more and more applications. Hence, we take you through a write up on the various applications of blockchain technology. This is why we are bringing you a detailed discussion on the Tide foundation. What is the tide foundation? What is the technology behind it? Read on to know the details of it.
In today’s world, we see regularly massive data breaches as well as companies sharing highly personal information with third parties as also without a consumers permission or knowledge as tide foundation is thereby wanting to change it by giving the consumers what is complete control over personal data on the blockchain allowing them to manage their encryption keys. By giving users the ability to sell the personal information in an open marketplace that the company is announcing the start-up wants to take that notion a step further.
According to Tide co-founder IssacElnekave, there is this overall concept which is that when a consumer engages with a business, it provides the business with personally identifiable information as the Tide protocol thereafter encrypts the information providing the consumer with the only key to decrypt it. Therefore, companies couldn’t transfer any information to a third party with full control over their data without the consumer granting permission first. Providing a way for companies that need data, the marketplace has the vendors managing that data and the consumers ultimately owning the data negotiating a fair market value for access to it and what’s more the companies are buying the data as they know that they are getting much more valuable as well as accurate information delivered with the full knowledge of the consumer.
Benefits Of Using The Tide Protocol
If customers had been using Tide Protocol, in the event of a massive data breach like Equifax or Marriott the hackers couldn’t have used the Pll in the breached databases as consumers would control the keys to decrypt it thereby rendering it useless to the data thieves. It is therefore observed that the protocol works in a kind of standard business blockchain fashion, which technically it uses forked EOS nodes, smart contracts, and additional proprietary decentralized layers to manage permissioned access to encrypted consumer data stored by businesses explained by the company.
In the case of consumers controlling encryption keys, it is here that the company says it has created a patented technology simplifying the process of managing those keys to put the process thereby within the reach of anyone particularly one that passes what they call the Grandpa Test. As explained by Yuval Hertzog, the other company co-founder they have developed a layer, decentralized way thereby dumb down blockchain to ubiquitous user experience on the web as the idea is to simplify the highly complex and making key management a typical kind of web experience. As Elnekave says the company has now found a way to comply with GDPR which is a strict EU privacy regulation as it went into effect including the right to be forgotten. The user simply has to stop giving access to the business because the protocol gives consumers full control over the encryption keys essentially throwing away the encryption key and blocking access.
Launched before in Sydney, Australia was the Tide and the Tide Protocol was developed based on the blockchain data privacy solution and now it has 13 employees as the company raised a $2 million seed round where the start-up believes data ownership is one of the basic human rights correspondingly to Hu-manity.co, which is the start-up providing a similar set of tools as Tide whereas focused on the medical information.
Why Consider Tide As The Future Of Blockchain Privacy?
While concluding the discussion it is important to know why we need to consider the Tide protocol to be the future. It is here we find the applications involved in protecting user data and thereafter vote for the privacy threats posed by blockchain. Hacks, thefts, and frauds are the major worries claiming to destroy the technology as it plagues almost all of the changes. Here we wrap up the discussion with the promise to bring more relevant facts regarding the Tide Protocol.