More and more of our customers and big industry partners realize that a new approach for the fair and secure handling of data is very much needed, one that is compatible with more insights. Almost every week, new inquiries come in as to whether we (Capgemini), as a global and innovative IT company, could design and produce a new approach for a fair data ecosystem with the focus lying either on end consumers or between B2B partners. Not only should this improve the way we deal with all relevant stakeholders and their data in the respective ecosystems, but it should also provide more insights to increase the competitive edge in the digital age.
New approaches and solutions are needed to serve and appease exactly these requests from the market. Novel approaches and ideas clearly also come internally from our global corporation as an IT consultancy. However, in addition to our own efforts we also look beyond our horizons and scout for ideas and innovations outside our corporate borders. The start-up environment is the perfect sphere for this, lurking with intelligent, innovative, and highly driven minds.
In this context, we came across a young but rapidly growing data startup that fulfills and even exceeds the above premises with its innovative technology. MADANA and its products not only solve today’s market needs, but with their PrivTech (privacy-enhancing technology) solution, they also lay a new technology-based foundation for dealing with data and the resulting insights for the upcoming data-driven and data-dominating decades.
MADANA’s patented technology connects a multitude of data sources and allows devices all over the world to perform confidential analyses, humans as well as machines can optimize industries by tapping into this interconnected pool of information. All while giving back control and ownership of the data back to its producer.
The patented technology part revolves around a combination of hardware and software, that uses various concepts and innovative technologies, such as blockchain and the upcoming hardware-based trusted execution environments (TEE). When the data analysis buyer party sends out a request, the data analysis then take place and is processed inside a highly secured TEE. At the end of every analysis, the raw data is destroyed and only statistical output or cumulative insight is delivered to the requesting party so that no entity, including MADANA itself, can look into the raw data sets and the processing of them – this is mathematically guaranteed.
Through this solution, a win-win situation becomes apparent for both the data analysis buyer and the producer. The buyer is able to receive insights while staying compliant with all the laws and regulations, while the producer will be incentivized to make their data available. Moreover, they are ensured that their personal information will never be at risk or resold under the table. One of the key aspects is to generate and preserve trust and transparency to any and all of the involved shareholders while the data producers stay in full control of their data and the involved processes. Individual encryption of the respective data is also guaranteed. This ensures and enables a fundamental basis of trust for the digital interaction in different ecosystems.
For enterprises, the benefits of using PrivTech solutions are plentiful. They will garner more insights through the enhancement of their ecosystem. Consent management from end consumers will be a thing of the past, and they can receive insights instantly on demand. Through these unique insights, a whole range of new cross-analytics insights become possible. Their infrastructure allows privacy-by-design, which complies with the EU requirements and laws for fair data handling.
A much wider range of businesses can make great use of PrivTech. Pharma and eHealth, banking, financial services and insurance, automotive, airlines/airports, telecommunications, and retail, for example, are all industries for which MADANA has concrete use cases. We are already working on big use cases in pharma and eHealth. To find out how exactly these industries can make use of this technology, take a look at this Use Case Paper.
With the massive rise of AI and data-driven businesses and Europe’s data regulations it is obvious why the PrivTech solution is necessary on a global level and we are happy to officially partner with the passionate team at MADANA.