We are excited to announce that PrivacyCheq is building Consentive, its new privacy consent service on Hedera with assistance from the HBAR Foundation. Every day, users’ private data and behavior is tracked online, driving billions of revenues for ad networks, social media and adtech companies. New privacy laws all over the world require users to be given a clear explanation of their privacy impact and they must give their consent before any tracking can begin. Adtech’s answer, the confusing “cookie banner” has been rejected by regulators and fewer than 10% of users give their consent, threatening both the ad industry and the publishers who depend on ads for their livelihood. But when users are given clear “nutrition label style” explanations, and offered a fair share of the $500B profits that are driven by their participation, consent rates and user trust both increase dramatically.
The PrivacyCheq launch will benefit the Hedera ecosystem via The HBAR Foundation by using Hedera Consensus Service (HCS) for consent verification and incentive micropayments. Consentive targets large publishers and ad networks that address millions of users, potentially driving strong account growth and very high transaction velocities as incentives are paid each time an ad generates revenue.
The HBAR Foundation’s Chief Strategy Office, Don Thibeau said: “PrivacyCheq is one of many privacy projects we will be supporting this year. They are benefiting from Hedera’s high throughput and low cost to support greater transparency and user rights to drive revenue in digital advertising back to individuals.”
Beyond the high numbers of TPS that Consentive’s success will drive, we believe that “Privacy” is currently a very large concern for most members of our digital society and by facilitating a clever solution to both the user’s loss of control over their privacy, and the advertising industry’s epic disruption, Hedera can rightly claim to be a strong force for good in the world. As the ongoing privacy crackdown has continued on a global basis, advertising revenues that have become the lifeblood of many magazine, newspaper, blog and other content sites have dropped precipitously. By being instrumental in rebuilding the revenue streams of these content sites in a safe and privacy compliant way, PrivacyCheq via The HBAR Foundation will enjoy both financial and strategic success.
For those that wish to engage with the HBAR Foundation’s previous grant recipients and the Hedera ecosystem as a whole, they can feel free to download Hashpack, obtain a Hedera wallet and stake HBAR via Stader here.
Since its founding in 2013, PrivacyCheq has been a leader in the regulatory compliance tech industry with innovative cloud-based transparency and consent/opt-out management for global enterprises. The company offers a variety of cloud services facilitating operational compliance with CCPA, CPRA, GDPR, CCPA, COPPA, PIPEDA, and LGPD.
About The HBAR Foundation
Founded in 2021, The HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, Sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, The HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.