JoorsChain’s solution to the GDPR-BlockChain tussle
No one questions the effectiveness of the BlockChain as a future key technology component. But, recently proposed as a more stringent and prescriptive directive, GDPR which is set to be enforced from 25th May 2018 in EU, creates a paradox to the transparency and immutability signifying BlockChain ecosystems. JoorsChain (joorschain.io), a Swiss/Swedish tech-solution consortium, proposes a viable and much sorted proposition to resolve the paradox for the millions of companies present in the European market.
General Data Protection Regulation (GDPR) targets to enforce a compliant privacy framework for businesses that deal with individual customers in EU, so if you want to deal with customers in EU you have to follow it. While GDPR is a much-appreciated move to offer more privacy and control to the users over data exchange, one of its aspects, Art. 17 - “data should be erasable” (Right to be forgotten) subverts BlockChain ecosystem’s transparency mechanism that disallows erasing of data. However, there is a solution that JoorsChain’s platform offers. Based on TrueChain’s highly advanced multiple layer solutions a BlockChain system is customized to reap all its benefits while at the same time complying with the GDPR guidelines.
GDPR guidelines, on two accounts, one on “erasure of data” and two, on the prohibition of sharing of private information outside EU, clash with the BlockChain applications as BlockChain doesn’t facilitate erasure of data and exercises no control over where data is hosted. Thus, using BlockChain is not possible as per the new GDPR guidelines. So, to enable this and integrate the advantages of BlockChain while complying with the GDPR guidelines, JoorsChain proposes a solution to resolve this GDPR-BlockChain tussle. The solution employs a modus operandi that uses BlockChain as an enabler to access the personal data stored off-chain. This makes the BlockChain a verifier working as an access controller to the personal data, essentially guarding it against security compromises or cyber threats.
Following the new European legislation, GDPR is not a choice for the companies as it is applied uniformly to all the businesses dealing with public data, within EU. Not complying will be very expensive; GDPR makes it mandatory for organisations to align their data security and privacy policies to the laid down guidelines which include informing about any data breach within 72 hours and fines as much as 4 percent of the total global annual revenue. At the same time, the investment in complying with the new privacy and data security standards is going to be an additional cost to the companies and adhering can compromise on the BlockChain’s transparency and immutability. Thus, using JoorChain’s solution to employ a method that rules out any compromise with the BlockChain ecosystem while at the same time adhering to the new European legislation GDPR, serves to the business needs of the companies perfectly.
The measures towards ensuring the data security of customer data are the need of the hour and GDPR is a welcome move from the government in this direction, although some of its clauses that are in contention with the BlockChain ecosystem can be sorted out through the smart multilayer JoorsChain solution offering businesses an incredible way to protect the BlockChain’s transparency and immutability and at the same time comply with legal framework through a smart strategy.