The European Commission has approved Smarter Contracts to operate as a licensed data intermediary service provider across the European Union.
This licence lets the company facilitate secure and compliant data exchanges between individuals and organisations, utilising its Pulse Permissions Protocol®, which is currently patent-pending.
The European Data Governance Act (DGA), introduced in September 2023, establishes data intermediaries to create a regulatory framework that encourages trust in data sharing across the region. The act aims to unlock the potential of the data economy by fostering greater transparency and security for both personal and commercially sensitive data.
Smarter Contracts, as a data intermediary, must maintain complete neutrality. The company cannot use data shared via its Pulse Permissions Protocol® for commercial purposes. In addition, any meta-data related to permissions is strictly used to improve their intermediary services, not for other purposes.
Supporting the EU’s data economy
The European Commission approved Smarter Contracts in July, making it the first UK-based company to be recognised as an official data intermediary under the DGA. This positions the company to play a role in supporting the EU’s data economy by enabling secure and efficient data sharing between businesses as well as individuals.
Wayne Lloyd, founder and CEO Smarter Contracts, said: “I’m extremely proud that we’re able to announce our status as a data intermediary as it marks an exciting chapter in the evolution of our company. Since reading some of the first recitals of the Data Governance Act, we’ve made a conscious strategic decision to being a licensed data intermediary.
“Like the legislators, we believe data intermediaries have an important role to play in the data economy and having spoken to members of the European Commission and governments across the European Union it’s clear that our approach marks us out as being one of the most unique data companies within the UK and EU, and that’s largely because we think about the movement of data from the perspective of the individual it belongs to.
“We look forward to sharing more information about our intermediary services in the coming weeks ahead.”
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