Globe Protocol Secures €1.2 Million to Develop Cookie Alternatives
Globe Protocol, with funding from BOM and Simac, is set to innovate privacy-focused alternatives to traditional cookies, enhancing user privacy and data security.
Introduction to Globe Protocol
Eindhoven-based startup Globe Protocol has raised €1.2 million from Simac, Brabantse Ontwikkelings Maatschappij (BOM), and two private investors. This funding is aimed at scaling their innovative platform designed to protect consumer privacy while offering companies valuable customer data. By leveraging zero-party data, Globe Protocol seeks to provide a privacy-focused alternative to traditional cookies, which have become increasingly controversial under stringent privacy laws like GDPR.
How AnyID Works
Globe Protocol’s flagship innovation, the AnyID platform, allows users to store personal information in a secure digital vault. Users maintain full control over which information is shared with companies, ensuring a consent-based exchange of data. This concept, known as zero-party data, differs from third-party cookies in that the data is voluntarily provided by the consumer. The platform’s design aims to eliminate the intrusive nature of traditional cookies, which often track users without explicit consent.
Benefits of Zero-Party Data
The use of zero-party data is seen as a fairer method for companies to build customer profiles. According to Jasper Meijer van Putten, founder and CEO of Globe Protocol, this approach ensures that consumers have the power to decide when and what information is shared. This not only aligns with current privacy regulations but also prepares businesses for future legal frameworks. Additionally, zero-party data tends to be more accurate and valuable for businesses, as it is directly obtained from users.
Real-World Applications
A practical application of Globe Protocol’s technology can be seen in its collaboration with Heroes Den Bosch, a Dutch basketball club. Since May 2023, the club has used an integrated environment to connect with fans and sponsors. Fans share their interests and preferences, which allows sponsors to offer tailored promotions. This initiative has already attracted around 1,500 fans and 15 business partners, demonstrating the potential of Globe Protocol’s platform to enhance fan engagement while respecting privacy.
Challenges and Future Prospects
Despite the promising outlook, Globe Protocol faces several challenges. The phasing out of third-party cookies, particularly by major browsers like Google Chrome, which commands around 70% of the market, could disrupt traditional data collection methods. Globe Protocol’s AnyID aims to fill this gap by offering a more transparent and user-controlled alternative. With the new funding, the company plans to expand its reach to Europe, the United States, and Asia, scaling its operations and further developing its technology.
Conclusion
Globe Protocol’s innovative approach to data privacy and security represents a significant shift in how consumer data is managed. By focusing on zero-party data, the company not only complies with existing privacy laws but also sets a new standard for ethical data practices. With the backing of significant investors and a clear vision for the future, Globe Protocol is poised to make a substantial impact on the digital landscape.