Spring World 2018

Conference & Exhibit

Attend The #1 BC/DR Event!

Spring Journal

Volume 31, Issue 1

Full Contents Now Available!

Friday, 09 March 2018 15:27

How Blockchain Tech Can Facilitate GDPR Compliance

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.