Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “DTC”), announced that it plans to launch, P³Consumer, a consumer data platform that will enable consumers to secure, control and monetize their data. P³Consumer will leverage blockchain technology and protocols for performing secure multiparty computation to provide a secure, transparent, efficient and scalable platform. Both of these technologies use distributed cryptography to remove the need to entrust a third party to execute a transaction. P³Consumer is expected to be launched in the fourth quarter of the year ended December 31, 2018.
P³Consumer was conceived to respond to global trends including consumers’ escalating concern over the control and security of their personal data. Consumer data, including purchase behaviour, is extremely valuable and many corporations are monetizing this data without receiving permission or rewarding consumers. P³Consumer fulfills consumers’ increasing desire to control access to their data and enables them to earn rewards.
Consumers will be rewarded to populate P³Consumer with their data (including demographics, purchase behaviour, and preferences) and for purchasing products, viewing ads and videos, completing surveys, and sharing Brand curated content and product recommendations via social networks. DTC will charge global consumer brands (“Brands”) a fee for permission-based access to the data on P³Consumer and for each time a consumer makes a purchase or interacts with the Brand.
P³Consumer will migrate the core technology of PLATFORM³ to a blockchain platform to provide the transparency and security required by consumers to safeguard and monetize their personal data. PLATFORM³ is an integrated suite of digital marketing applications that DTC provides to leading Brands as Software-as-a-Service (SaaS). As previously disclosed, DTC signed 37 agreements in 2017 and 20 agreements year-to-date in 2018 with leading Brands that use PLATFORM³ to reward consumers for purchasing products, collect valuable consumer data, and retarget consumers.
“We believe that P³Consumer is a win-win for consumers and Brands that will enable consumers to monetize their data and Brands to increase ROI on advertising, while accelerating our growth. Our recent name change to Datable Technology Corporation reflects our increasing focus on enabling the transparent and secure monetization of consumer data,” said Robert Craig, CEO of DTC. “We have been leveraging cryptography algorithms in PLATFORM³ for over a year and are really excited about the market’s response to these solutions and the results we have achieved to-date. Based on this success we plan to accelerate the use of cryptography and the migration to blockchain, which began in 2017. To expedite these efforts we have assembled a senior team of seasoned blockchain and cryptography developers.”
In mid 2016, DTC launched an enhanced version of PLATFORM³’s Security Module incorporating leading edge cryptography algorithms. These features were a key differentiator that helped DTC sign license agreements with leading Brands that demand security for consumer databases. Based on the success of this initiative, the Company expanded its cryptography development program and initiated the process of migrating PLATFORM³ to blockchain technology in 2017. With the blockchain migration process in development, in 2018 the Company has launched 20 projects for leading brands that utilize cryptography to advance consumer data security and integrity.