The role of personal data today
Imagine a social media platform that you use frequently, say Facebook. The platform collects information from your email address to how strong your phone battery is. Why? – To make money. The platform uses your data to show you specific ads that you are likely to click on. These platforms may not give your data to third parties, but it will help them reach you. However, outside businesses are able to collect that data from you as long as you grant them permission.
The Cambridge Analytica scandal showed that people are aware of data security and they have concerns. A new crop of tech-savvy people has begun to appreciate how valuable their personal data is in terms of generating revenue. These are the people Your Data Safe project is targeting. The ideal customer is willing to give more of their personal information as long as they get a reward.
As it is in the advertising industry today, platforms reward only the publisher and rarely the consumer. The question then becomes why a consumer would share their data now that GDPR legislation is in force.
What is GDPR?
(Note that there would be no YDS without the GDPR.)
Implemented on May 2018, GDPR (General Data Protection Regulation) offers principles for organizations to protect consumer data. Under article five of the GDPR, personal data needs to be:
- Processed in a manner that is fair, transparent and lawful
- Collected for purposes that are specified and explicit and then used that way only (with the exception of historical or scientific research)
- Relevant, adequate and limited to the necessary in relation to the purpose
- Accurate and updated
- Stored in a way that promotes anonymity
- Processed with regards to security of that personal data
According to those principles, the organization bears the responsibility to comply. A business will need to have a lawful basis that is valid if it is going to process any personal information. The GDPR also lists the lawful bases that underpin data processing. One of the following must apply:
- Consent by the owner of the data for it to be used a certain way
- A contract between the owner and the business
- A legal obligation
- A need to protect a life
- A public interest in processing the information
- A legitimate interest from the business or third party
The YDS mission and strategy
According to the CEO of YDS, Phillip Chapman, the company aims at changing the handling of consumer data. ‘We want to redistribute value within the industry,’ says he. The company also looks to educate businesses about GDPR to help with compliance.
For the company’s corporate clients, Your Data Safe will provide GDPR services such as Virtual DPO and consultancy. The idea is for them to have secure facilities to facilitate tasks like the ‘rights to erasure.’ To help to this end, the network will be built on blockchain technology. However, what sets Your Data Safe apart is that their business model will also benefit the consumer with the native tokens.
YDS is looking to help the consumer meet the need to control their data. Its business model gives value back to the rightful owner of data. For the advertiser, pure consumer data allows them to target efficiently. If the consumer could share data with a brand they love to get promotions and offers from them, then this would be a better way for brands to engage their consumers. On the YDS platform, this is possible. The consumer gets tokens in their wallet as soon as they share information.
Figure 1: Earn YDST tokens by sharing your data.
Since brands are now willing to pay for marketing data that is GDPR compliant, YDS looks to make this possible with a DMP (data management and rewards platform) that uses a decentralized blockchain APP (dAPP). The platform will have the following key elements:
The YDS academy
Here, corporate users will be able to get access to up to date GDPR courses. As noted earlier, one of the missions of YDS is to educate businesses on GDPR. The YDS academy training platform will be cloud-based and backed by HFW Law.
The Virtual DPO
The company’s virtual DPO service will be responsible for storing and updating company policies. The company has worked with consultants to make this feature AI-powered. The database is also loaded with GDPR knowledge to be able to answer any questions a user might have.
The YDS cloud
All data will be stored on a cloud-based storage. In this case, data includes even the compliance policies. It will allow users to access this information from anywhere on their device.
The YDS network
This network will allow users to get rewards from third party companies. They will be able to access all their personal data that is compliant to GDPR and is already in use for marketing.
Your Data Safe tokens (YDST) will be ERC20 smart contracts and will drive the economics of the platform. The token can be acquired in wallets that are compliant to ERC20 such as Parity, Eidoo, Metamask, and Trustwallet. The token will provide an incentive for consumers to share data with brands they love.
To buy tokens on the platform, one simply needs to register on the Your Data Safe website and then complete KYC. From there you can purchase the tokens at an exchange rate of 1 ETH = 12500YDST. The platform also accepts other currencies such as BTC, USD, and EUR.
There is a 10% referral bonus on the platform by participating in the Token Generation Event (TGE). Here, you give your email address to a friend while it is linked to your account. They will use this address as they fill in their KYC form and you will get the bonus tokens in your account.
Your Data Safe’s business model is easy for the investor to understand. The project is solving a real problem which gives it a head start. It has a real potential to change the game when it comes to GDPR compliance. Services like vulnerability scanning and awareness training will prove invaluable. Couple them with the huge potential sign-ups from users looking to monetize their data and Your Data Safe could truly soar.
To read more about the project, visit:
White Paper: https://yourdatasafe.io/wp