Trust is an essential part of getting value from consumer data. Unfortunately, security breaches and data misuse have eroded the trust consumers have in businesses, and in many cases, the trust businesses have in themselves, too. Remaining compliant with both government regulations and user preferences is necessary for trust. It is one of the biggest hurdles businesses face when it comes to monetizing consumer data.
- Are you certain your business adheres to customers’ opt-in or opt-out preferences?
- Do your data-sharing processes comply with the latest government regulations?
- Do the parties you share data with manage their data responsibly, too?
With Waev, you can confidently answer “YES” to these questions and more. Our network removes these hurdles to trust by employing smart contracts.
Smart Contracts Automate Compliance
Smart contracts are self-executing programs stored on the blockchain that automatically run to enforce compliance with both government regulations and user preferences every time a data transaction occurs. At their most basic, smart contracts are “if/when, then” statements. In the case of consumer data, these conditions detail how, where, and when data can be stored or shared.
Waev has created smart contracts that are ideal for managing compliance. First let’s look at how smart contracts handle consumer preferences, like whether a consumer opts in or out of marketing content and data sharing. These preferences are stored with each consumer record on the blockchain and are automatically detected by smart contracts during data transactions. Want to target customers who opted in to your marketing content with a new campaign? No problem, here is a current list of those customers. Ready to share data with third parties? Easy, a smart contract is in place to ensure only the records with those permissions are shared.
These examples are simple enough, but what if a consumer changes their preferences, for example, they opt out? What if government regulations change, requiring a change in how you store and use consumer data?
Smart Contracts are Easily Adapted
In a traditional database solution, getting consumer data to a state of compliance after a change can be slow, labor intensive, and prone to human error. It often requires that both the data and processes be updated in multiple places. In Waev’s solution, consumer data and associated smart contracts coexist, without duplication on the blockchain, streamlining this process. Smart contracts handle consumer preference changes and immediately enforce them. Waev also keeps its smart contracts up to date with all government regulations, so your consumer data use on the blockchain is always compliant.
With Waev’s data protocol in place, you can be confident that you are managing your consumer data properly, but can you trust that other parties are doing the same?
When you allow Waev to facilitate data sharing within our network, you can. Our smart contracts ensure that every company in the Waev Data Marketplace is up to date with the latest government regulations and adheres to users’ designated preferences. The smart contracts also execute the process of sharing, ensuring that both parties’ data remains encrypted and safe from outside threats.
When you store and share your consumer data on Waev’s network, you and your customers and partners can rest easy knowing that everyone’s data is securely and responsibly managed.
Ready to take your consumer data to the next level with Waev? Contact Us!