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The GDPR Day of Reckoning: Shopin Hails Blockchain Tech as Solution for Security and Data Privacy

Published 1 year ago by Shopin

The GDPR Day of Reckoning: Shopin Hails Blockchain Tech as Solution for Security and Data Privacy The entire media and technology ecosystem has been waiting with a mixture of dread and anticipation for the May 25 deadline to arrive and the General Data Protection Regulation (GDPR) to go into effect, making the European Union’s data provision a strict compliance requirement. While many companies have been diligently preparing for this radical shift in how consumer data is collected and stored, there are just as many that have only just grazed the surface of understanding how GDPR will affect their data gathering practices and bottom lines. According to the EU Commission supporting the terms and implementation of GDPR, the objective, put simply, is to restore consumer trust and control over personal data and allow European citizens and businesses to fully benefit from the digital economy.

This has forced many companies affected on a grand scale by GDPR to bankroll extensive compliance measures (Facebook, Apple, etc.), while others grapple with how to handle their business practices after so many years of unrestricted data harvesting. But in much of the press coverage over the last few months, so few analysts and critics of GDPR have touched on blockchain technology and its prominent role as a secure storehouse of user data. A vigorous advocate of user data rights and privacy, Shopin has long been a proponent of blockchain technology as not only a critical component of its business model, but as the centerpiece of its belief in giving consumers the right to own and control their own data and to share their purchase and behavioral information with whomever they like.

By denying consumers this fundamental control and instead letting the largest, most powerful companies collect and exploit user data, there ceases to be a level playing field among competing retailers and brands. Shopin was built on the idea of generalized and public blockchains providing universal storage and access to personal data and digital identity, making it unnecessary for companies to store sensitive personal information. “GDPR is the first step in the journey to providing legislated rights to your data, and blockchain technology now allows for the development of an agnostic, free-to-use public blockchain to store all your digital dust in one place.” Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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