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Five Considerations for Blockchain Applied to Data Privacy & GDPR

Still confused about GDPR? Here are 5 things to consider when looking at blockchain as a solution to privacy challenges.

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Five Considerations for Blockchain Applied to Data Privacy & GDPR

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  1. Five Considerations for Blockchain Applied to Data Privacy & GDPR

  2. People share with the world data about themselves that used to be considered private, all of this in exchange for “likes”, comments or coupons. some of these services providers telling me their systems and my private personal data have been compromised. I may be more sensitive to privacy than some of my colleagues and I know my kids have a lot to learn about the risks and rewards of their digital lives. One thing is for sure, though, citizens across demographics and geographies aren’t confident about institutions securing and respecting their private data.

  3. Five Things to Consider Which Could Help us All Feel More at Ease:- A technology & a regulation. Opposite Starting Points but Same Underlying Principles. Promising First Steps. Privacy in Public Networks. Right to Erasure.

  4. A Technology and A Regulation • Privacy in a digital world isn’t something that can be solved with technology only. • It will take a systematic approach that combines culture, education, legal, business, process and technology frameworks. • On the technology side, blockchain is making tremendous progress with networks that provide value in areas as varied as food trust, shipping containers, trade finance and international payments.

  5. Opposite Starting Points but Same Underlying Principles • Blockchain started in 2009 with the release of Bitcoin, a new type of digital currency, which is inflation-proof and independent of a central authority. • The creation of the GDPR laws by EU regulators, and the two initiatives seem at odds… until you look at the underlying principles.

  6. Promising First Steps • We are seeing the realization of blockchain networks with privacy at the center, and the proof that these types of networks make business sense for the organizations investing in them. • You as a customer can share your personal data once with your bank, then when acquiring products or services from another institution, you give consent to the network to provide the KYC evidence to the other institution.

  7. Privacy in Public Networks • Privacy doesn’t necessarily mean you need a private blockchain network approach, one that requires an invitation or is membership-based. • Privacy is at the core with Sovrin principles of self-sovereign and decentralized identity.

  8. Right to Erasure • One of the GDPR requirements is the right to erasure when an individual asks an organization that has their personal data to completely remove that data. • To comply with GDPR, no personal data should be put on the blockchain directly. • Techniques exist to deal with this, which consist of putting a cryptographic hash on the chain or the “evidence” instead of the actual data.

  9. Are You Looking for a Blockchain App Developer? Contact Us https://www.consagous.com/blockchain-services/ https://www.consagous.com/ info@consagous.com

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