PrivacyCheq's New Consentive Wows Users, Solves Dismal Consent Rates, Restores AdTech & Publishing Revenues

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PrivacyCheq

Apr 28, 2022, 08:38 ET

Innovative Consent Management Service Uses Hedera Crypto Tech to Deliver Financial Incentives to Users, Receives Grant from HBAR Foundation

YORK, Pa., April 28, 2022 /PRNewswire/ -- PrivacyCheq announced today that it has received a development grant from the HBAR Foundation, a $5B endowment fund that fuels the growth of important projects built using Hedera ecosystem. The grant's purpose is to foster final technical development and market launch of PrivacyCheq's new incentive-based consent management system, Consentive.

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PrivacyCheq's Consentive service increases user trust and opt-in by giving them incentives as their data generates revenues.
PrivacyCheq's Consentive service increases user trust and opt-in by giving them incentives as their data generates revenues.

In recent years, new global privacy regulations have proliferated, requiring users to give their consent, after viewing a clear explanation of private data capture, use and tracking. Typically only 10%-20% of these informed users gave their consent, reducing advertising revenues (and subsequent payments to publishers dependent on ad revenue) by 80% - an unsustainable blow to both industries.

To increase user participation, the Consentive service adds the ability for users who give consent to get an incentive payment each time their private data generates revenues, a concept pioneered by the Brave privacy browser in 2019, now being used by over 8 million Brave users.

By including users in the economic system created by their private data, Consentive will dramatically improve user consent rates, solving three huge pain points:

  1. Users regain control over their private data, and can actually profit from it
  2. The advertising industry can begin to operate legally in compliance with privacy regulations
  3. News, media and social networking sites dependent on ad revenue can thrive again

PrivacyCheq CEO Roy Smith said "With the recent declaration by EU regulators that they are illegal, the ad industry's misadventures with "cookie banners" are finally coming to an end, and the real problem going forward is increasing consent uptake. That's exactly what Consentive will do, by allowing ad networks or publishers who implement it to offer incentives that will mean something to their audiences – virtual currency, coupons, power-ups, airline miles, or even crypto or fiat currency."

Smith continued "We're honored to be chosen for this grant by the HBAR foundation. To implement Consentive, we needed a distributed ledger service that could handle very high transactional volume and low-cost micropayments concurrently. Hedera outperforms Bitcoin and Etherium by orders of magnitude in speed, cost, and environmental impact, making it the obvious choice. We plan to launch Consentive commercially in late summer of this year."

Founded in 2013, PrivacyCheq has been a "first mover" in the privacy consent management market, with its core technology first deployed in enterprises in 2015. For more information on Consentive, please visit https://www.consentive.com.

About PrivacyCheq

Since its founding in 2013, PrivacyCheq has been a leader in the regulatory compliance tech industry, y offering a variety of cloud services facilitating operational compliance with CCPA, CPRA, GDPR, CCPA, COPPA, PIPEDA, and LGPD. For more information visit https://www.PrivacyCheq.com.

Press Contact
Roy Smith, CEO
+1 877 243 2437 X116
[email protected]

SOURCE PrivacyCheq

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