Here’s How Blockchain and GDPR will Harmonize in 2018

The discussion around the General Data Protection Regulation (GDPR) among European Union (EU) countries is substantially much older than the data security controversies related to Facebook, Target, and different other companies.

The GDPR regulations came into effect on May 25, 2018 influencing all companies dealing with users data and operating with EU. These new regulation seek to ensure companies are more transparent and accountable for how they use personal data.

For the uninitiated, GDPR enables better control of personal data to the residents of the EU. Due to this new regulation, organizations are redesigning their data systems and customer master records. They additionally need to ensure whether the customers have consented to their data being utilized for a particular reason.

With the implementation of GDPR regulation, people can likewise request for their data traces to be totally erased anytime they want. Consequently, the organizations are expected to have the capacity to create compliance reports instantly.

While there could be some underlying hiccups about total compliance with GDPR, technology like blockchain offers a brilliant spot on the horizon.

Here is the reason we can anticipate that it will turn out to be to a great degree relevant in Europe after GDPR comes into effect.

Common Goals

The GDPR and blockchain both have a common target, to draw attention in the wake of a change in the manner in which organizations manages personal data. While GDPR deals with the policy side, blockchain helps empowers the implementation.

Data Sovereignty

To enable individuals with ultimate control over their own data, they shall have the key to give and cancel scoped access. The third parties ought to acknowledge the data and validate it for further use as an identifier. Based on a distributed ledger, blockchain enables the people to share their data so that no particular entity controls or manages it.

A decentralized, peer-to-peer network implies that the data history and current validity can be verified publicly. In this manner, issuer like trusted governments or permitting offices can include/change identity data to a person's blockchain record with due consent or request by the user. Subsequently, blockchain is an unbiased, trusted and safe route for self-managed identity.

Data Accuracy

This is a basic aspect of GDPR regulation. Luckily, blockchain is the most dependable solution to address this viewpoint. There is no lack of academic and industry research to propose that it is tamper-proof thus far the most secure method to store and manage digital records. In layman terms, blockchain utilizes cryptography to protect the records.

Subjects or perceived authorities of the data can validate globally its accuracy utilizing their own particular private keys that work as personal digital signature. At the point when any record is modified, the signature turns invalid and the peer network gets real-time notification. This gives a safe method to rapidly validate the accuracy of data.

Right To Data Erasure

Blockchain critics would assert that this is the most troublesome part of GDPR to agree to, using blockchain. Blockchain records are append-only and immutable. Once the data is stored, it can't be undone. Additionally, the chain of blocks has traces of verifiable transaction returning to the time of inception of the first block.

To take care of this problem, no personal data should be uploaded to the blockchain directly. Rather, the user can store a cryptographic hash or offer the "evidence" instead of the real data which stays protected at all times, which is obviously the purpose behind the GDPR regulation in the first place. Visit: https://aeries.io/services/blockchain/

Aeries Blockchain Corporation is a US based Blockchain and AI development firm with distributed team across Europe and Asia, that focuses on building enterprise grade blockchain applications. Visit: https://aeries.io