Houston, we have a patent!
We have patented an automated process for the protection of electronic data for the purpose of data processing by third parties, including transparent and uninterrupted remuneration.
As data privacy legislations gain traction across the world, enterprises are scrambling to find state-of-the-art alternatives to still harness the power of data. According to Accenture’s report (2019), companies are becoming more aware of the need to access data through “third-party partnership ecosystems to create new advantages and opportunities for growth.”
However, despite the many promises of miraculous solutions, companies that are trying to tackle this issue have achieved little real progress. The few readily usable technological solutions either compromise data quality — synthetic data — or don’t allow for a fair and open data ecosystem. Real-world applications that go beyond piloting phase are barely available. That’s where MADANA comes in. While others only have concepts, our technology is the most holistic ready-to-use privacy-compliant approach to accessing data without compromising on quality.
We are so excited to announce that our technology is now patented (click to check it out on patents.google). We are especially happy to have been granted a patent as a startup given how rare it is for companies at our stage. Patents in our industry take on average 3.5 years to be granted, while ours took 18 months after filing. MADANA now has a blockchain use-case whose IP is protected and, with how quickly the market has been expanding, we look forward to seeing how the value of this technology grows in future years. More importantly, however, we consider this to be a crucial milestone in the new era of data analytics.
Our technology allows society to be simultaneously protected and reap the rewards of data analytics. We can then all benefit from better, more user-centered products and solutions with the tranquility of knowing that our privacy is not being jeopardized. This patent is the first major step in bridging the gap between data and insights with privacy by design.