Consent token is a tokenized network that uses smart contract on a public blockchain, granting rights to consent token network members for the processing of personal data. The business or data controller and individual consenters may earn extra consent tokens viewed as an interest on the tokens that are on holding for a set period.
After the data controller acquires consent tokens, he or she has the right to process every individual's data as long as they have retained consent tokens at a given time. Data controller ceases the right of processing personal data if it does not retain a given number of consent tokens. Additional tokens in possession by either party will aid in the cost of maintaining the consent.
Consent Token: A Valid Permission
The consent token is a valid permission or consent granted to a data controller by a consenter (one who processes personal data), so that there is performing of a certain operation. Consent is the easier way to data and its value. If one holds the consent token, he has the right to give consent. Once there is selling of the tokens, the consent is cancelled.
There is a record of all user identifications, grants, and sales of the consent token on blockchain. In the real sense, consent is viewed as a token, which gives certain requirements that need to be followed for the sharing of data. It is a type of a unilateral contract of a consenter and any other third party.
Data individuals can purchase the consent tokens during the Initial Coin Offering to allow them get permission to grant consent. By holding the tokens, the data individuals give data controllers the permission to process their data in the network. Consent is only given to data controllers who obtain consent tokens, which cannot be transferred to any third parties who can only acquire the consent by getting their own consent tokens.
Consent may also be cancelled by data individuals when they get rid of all tokens they have by either selling them in the market or returning them to the network. The consent is then withdrawn within a given time span.
Benefits of Consent token
Individual consenters may get a stated numbers of consent tokens free of charge at any time they wish by easily accepting and following the consent token terms and signing up for the consent tokens.
Identity And Obligations
Anonymity is not the nature of consent tokens. The information of the user of the platform is recorded in the blockchain once they obtain and retain consent tokens. Consent token is viewed as a legal grant of consent to allow the processing of data by those participating in the consent token network. Rights are thereby given to the consenter and the data controller.
The consent token network will provide consent value sharing allowing consenters to earn value in the process, at the same time the freedom of the consent is maintained. Every individual participating in the network will bring a contribution to the expense of processing consent and get to earn value by appreciating the consent token, interest earned, and the expansion of the platform at large.