Will we see the cookie crumble?
How MaxData will allow companies to thrive once the GDPR regulation will come in effect.
This week the GDPR is going to be introduced in Europe and we want to talk about the implications regarding one of the most commonly used methods of data collection — cookie tracking.
Do you remember checking out that TV, laptop or vacation last week/month/year? The internet does, and it keeps showing those products to you all the time, no matter where you go. This is all done with the help of cookies. Cookies help businesses better understand visitor behavior, allowing them to use this information to follow users and market to them constantly.
However, in the upcoming GDPR regulation due to come into effect on 25th of May, cookies which can identify an individual or device are classified as personal data. This is a dramatic change for companies who now need a legal basis for processing this data.
Currently, most sites show an opt-in consent message such as a “by using this site, you accept cookies” message that often pops up on websites. Under the new regulations, such measures of consent are no longer enough. Companies must now obtain a clear and voluntary consent for each and every activity, both for the tracking of the individual, as well as for using their data. Furthermore, users must be given the opportunity to withdraw their consent easily, and with that the data needs to be deleted from the company’s servers.
Currently, a vast majority of users unwittingly give their consent, however, a recent survey by PageFair showed that 81% would not consent to having their behaviour tracked by companies other than the website they are visiting. If such users will now become aware of their consent issues, they could withdraw their consent easily. This will result in a much more costly acquisition process for companies that have been relying on ad tech companies and advertisers who currently use third-party cookies. Lead costs can even double or triple for advertisers.
It’s easy to imagine who will ultimately pay for this. As companies will need to spend more money to find you, you will need to spend more to purchase the services and products you are looking for. This will create a demand for new marketing models to evolve which will benefit both the consumers as well as the businesses.
MaxData was founded exactly with this in mind. With MaxData, consumers build a fully anonymous blockchain profiles with the services (and in the future products) they are looking for effectively building a searchable profile for companies to find them.
Companies know exactly what consumers need and receive the opportunity to market the perfect offer directly to the consumer by paying them with MXD tokens.