It looks like all the spam emails didn’t stop after the 25/05/18 after all then? What many consumers didn’t realise is that by buying from an eCommerce store or voucher site, in many cases, one would have already given an opt-in to be marketed to, or perhaps they, a bit like BT, have been somewhat liberal with their interpretation of consent and were subsequently fined £77,000 by the ICO.
We suspect that this is just the tip of the iceberg. But, our hunch is that opt-in marketing might be a white elephant and the real horned tusk creature in the room is one with ‘data security’ written all over it.
Blockchain — a data paradox?
Blockchain is a distributed ledger which means, in theory storing data on blockchain could be in contravention of GDPR and the interpretation of the law as ‘secure’. However, blockchain data storage done correctly can, and will, create the most secure way to store data. Personally identifiable information should never be stored on blockchain. However, data that is cryptographically secured will provide data security that has been hitherto unimagined.
Hacks and GDPR
The government, as we have explored previously could solve many legacy issues by using blockchain to secure and streamline their data processes. But, post-GDPR, relying on a legacy system, prone to hacking could, potentially, expose organisations like the NHS to significant fines. The leakage of highly confidential medical records into the wrong hands could be catastrophic for NHS Trusts who are still reliant on old and out-dated IT systems, which, as the ‘Wanna Cry’ hacks in March and April last year proved can be massively debilitating.
Data storage and blockchain
We have developed many use cases about how blockchain cannot only manage data far more securely but also deliver significant cost savings. We believe blockchain will be a game changer for enterprise, government, and SME’s. We also believe that Yotta will be at the forefront of driving this change.