No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Data Privacy

How Blockchain Tech Can Facilitate GDPR Compliance

by Armin Ebrahimi
March 8, 2018
in Data Privacy, Featured
padlock over EU map

The Role of BYOID in Meeting Requirements

With the deadline fast approaching to have solutions in place that comply with GDPR regulations, it’s predicted that 80 percent of companies won’t be ready. Blockchain technology offers a new, innovative and purpose-built way to meet the regulation’s requirements. Here’s what you need to know about blockchain-based identity management, BYOID and how they address the same principles and goals of GDPR.

The blockchain, the technology behind Bitcoin and cryptocurrency in general, has far-reaching applications.  The underlying capabilities of the blockchain – that of a decentralized, immutable ledger – can be applied to multiple industries to protect data and identify information of users and companies and to meet compliance standards.

With the enforcement of the EU’s General Data Protection Regulation (GDPR) beginning on May 25, 2018, all companies processing or handling the personal data of persons residing in the EU, including U.S.-based companies, are searching for data-handling solutions that find innovative ways to comply with the new regulations. The GDPR is designed to give people more power over their own data, giving less to the organizations that collect and use it for monetary gain. Blockchain-based identity management enables the concept of “bring your own identity,” or BYOID, which aims to accomplish much of the same things as GDPR – giving back to users control over their data.

Predicted to Fail, Companies Search for Solutions

Because the legislation is so new, companies are still exploring what it will mean to be GDPR compliant. Forrester recently predicted that 80 percent of companies will fail to comply with GDPR in 2018. In a search for remedies, emerging blockchain solutions provide companies with ways to meet two of the regulations’ requirements: privacy by design and the right to erasure.

Blockchain Identity Management and Data

By using public/private key encryption and data hashing to safely store and exchange data via the blockchain, a person using a blockchain-based identity management (IM) system ensures their identity and data are stored on their device, where they are in control of which ID details to share. Using the blockchain allows third parties to validate that the original data or certification has not been changed or misrepresented.

Meeting Privacy by Design Requirements

With this method of IM, there is no need to store personally identifiable information (PII) in large databases, which are typical targets for hackers looking to steal as much data in as little time as possible. Data is kept on the user’s device, rather than with the company, and with no PII data to store, hackers no longer have a target to compromise. By incorporating blockchain-based IM directly into a company’s offerings and infrastructure, the technology helps companies meet GDPR’s requirements for privacy by design, a standard that requires companies to establish policies, procedures and systems that comply with the GDPR from the development and launch of a product or process.

Meeting Right to Erasure Requirements

Blockchain-based IM helps companies meet GDPR standards by allowing them to authenticate prospects, customers, contractors, employees, etc., without storing PII data. Without this data stored in the company’s systems, requests to access, erase and correct user data will be greatly reduced and, in some cases, eliminated entirely.

Under GDPR, organizations have to prove that consent was given to collect data on a person, and any data held must have an audit trail. Because blockchain-based solutions facilitate permission-based access of information, they leave an audit trail of consent on the blockchain. The user can remove that consent at any time, satisfying the GDPR’s right to erasure. The blockchain is only used to verify a user’s claim of their identity, and the blockchain is only populated with non-PII verification signatures.

Meeting both sets of requirements is a natural side effect of blockchain-based IM systems, as they were created to meet the same mission – increased autonomy over one’s own data. With this in mind, companies that choose this technology to comply with GDPR will take a step toward a society that values and protects our identifying data.


Tags: BlockchainGDPR
Previous Post

Top Issues at 2018 Shareholder Meetings

Next Post

“Antifragility” and an Evolutionary Perspective on Risk

Armin Ebrahimi

Armin Ebrahimi

Armin Ebrahimi is Founder and CEO of ShoCard, a digital identity verification system that protects consumer privacy through patented use of mobile devices and the blockchain. An industry veteran, he brings more than 30 years of experience in scalable platforms, online services, mobile-development and digital advertising to the ShoCard team. Before founding ShoCard, Armin was the CEO of Advertising.com Dynamic Retargeting, an AOL company. Prior to filling this role, he was Senior Vice President of Platform Engineering at Yahoo, with responsibility for Yahoo’s registration and anti-fraud platform services. He also built Yahoo’s original Display Advertising platform that served more than 20 billion transactions a day. Armin founded and was CEO of TRIicon Solutions, acquired by Tandem Computers. Armin holds a doctorate in organization management from Capella University, as well as Master and Bachelor of Science degrees in Computer Science from California State University – Chico.

Related Posts

gdpr

UK Resurrects Data Protection Reforms, EU Court Rules on GDPR in Civil Cases

by Jonathan Armstrong and André Bywater
March 15, 2023

Recent courtroom and legislative action in Europe will likely have ripple effects around the world for companies subject to regulations...

eu flag

Preparing Your Company for the Latest GDPR Data Transfer Developments & Upcoming Deadlines

by Kevin L. Coy
November 30, 2022

An EU court decision and legislative moves in the U.S. and UK make compliance with privacy regulations increasingly difficult. Arnall...

minidata_b

Honey, I Shrunk the Data: How to Keep Customer Info on a Need-to-Know Basis

by Parker Poe
November 30, 2022

It may be tempting to hoard the data you have gathered on your customers, but an increasing number of regulations...

The North Korean Crypto Threat_f

The North Korean Crypto Threat

by Corporate Compliance Insights
October 20, 2022

How to challenge North Korea's entry into the crypto field of play Facing the Latest Challenge to the Crypto Ecosystem...

Next Post
shipping sticker reading fragile, handle with care

“Antifragility” and an Evolutionary Perspective on Risk

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT