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 user’s data and operating with EU. These new regulation seek to ensure companies are more transparent and accountable for how they use personal data. 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.
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.
Blockchain Technology
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/
Blockchain Applications