We are excited to introduce the Consent Token!
Consent Token aims to be the first smart consent platform, which allows sharing consent value between data subjects (individuals) and data controllers (businesses). The Consent Token Green Paper is a result of years of experience working in privacy, personal data protection, information and knowledge management fields.
There is no doubt that personal data is very valuable. The problem is that individuals are not benefiting from it themselves. Many businesses, some legal, some questionably legal benefit from it. Current business personal data processing practices are far from perfect. Many businesses try to implement complex solutions for personal data, yet there are many actors, who process data without consent and without any knowledge of the data subject.
Existing tools do not allow the individual to profit from their data. Some pay pennies for you to answer surveys or open up your social media profile, others try to collect your data from different sources and process it for insights.
We believe this is all wrong. Selling your data individually is not going to make you rich. You need huge data sets and many buyers to make anything significant. Moreover, accumulating huge data sets is a well known security risk.
What if you can sell shortcut to your data, rather than the data itself? In data protection world such shortcut is your consent. In fact it is already needed for many types of personal data processing. In order to perform some operation with respect to the consenter, the data controller must have a valid consent.
Existing consent granting and processing solutions are not exciting to put it politely. The consenter does not participate in consent processing, there are no simple and easy ways to grant and cancel it. Most importantly they do not allow you to tap into the billion dollars that personal data is worth.
There are no projects, which would attempt to create easy to use, transparent and fair system of managing (granting/cancelling on the consenter side and obtaining/maintaining records on the business side) consents for personal data processing. Also, no projects allow consent value sharing between individuals and businesses.
Consent Token changes this. We offer a shortcut to personal data, and we make it accessible to millions of businesses at once. Thus, we open up the value of the data.
We propose a novel legal and technological approach – network consent and consent value sharing. Blockchain technology allows consent grants, cancellations and processing on a secure global network. It eliminates the trust barrier between network members, and allows consent value growth and sharing among participating parties.
Consent Token is your consent. When you obtain Consent Token, you automatically grant consent for your personal data processing to all Consent Token Network participants. When you sell your Consent Token, you automatically cancel your consent. That’s it!
Individuals get Consent Token for free and earn as the Consent Token value increases. You also get interest on the Consent Token that you hold!
We bet many businesses will line up to get your consents – i.e. buy Consent Tokens from you! And the more the merrier, since consents are now required for almost all businesses.
Consent Token team is working hard on making the Consent Token a reality. We seek feedback to our concept as well as we invite collaborators, who share our approch.
Reach out to us and let’s make it happen together.