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How Blockchain Can Help Companies Face the New GDPR Rules

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The new General Data Protection Regulation (GDPR) guidelines governing the European Union (EU) officially come into play on May 25. Businesses and their associated websites had about three years to comply with the new set of rules. The companies that didn’t bother adjusting their data collection methodologies could face stiff fines.

Most companies issued a new “Terms of Use” to be on the safe side of the road. However, a blockchain system could solve the problem once and for all.

According to the GDPR, companies are expected to follow new guidelines in order to be allowed to operate for European citizens. Those regulations include the ability for the user to consent to their data being processed, the knowledge of who is processing the data and the ability to withdraw consent at any time..

Blockchain can play a vital role in this process. Websites that have users register on a distributed ledger system provide an upper hand, allowing them to be in charge of the data they provide.

Blockchain’s Role

When applied to systems in need of identity management, blockchain can operate in a level no other protocol can. The way it stores, collects and distributes data is revolutionizing. There is a brand new set of capabilities not available on any existing data protection method.

Blockchain verifies data usage through a complicated combination of public and private signatures, data hashing and encryption. This allows a person’s data and identity to be saved only on his end, rather than on a server. When that data is requested, it has to be provided from the user’s device instead of the main server.

While running on a blockchain system, the user is able to process exchanges personally, meaning the company that wants his data will have to get his consent in order to access them. This allows the user to have absolute control over his information, as well as know the company that uses it, meeting the GDPR’s “Right to Erasure” condition.

The use of blockchain also eliminates the need for massive databases since each user stores his own data. Blockchain makes it possible for each user to connect when needed, allowing companies to keep minimum information on customers and employees. Applying those changes to their products as well allows the company to meet GDPR’s “privacy by design” condition.

Privacy by design is, in essence, a new GDPR provision. According to it, companies are obligated to have platforms that are built on data privacy, with their products or services privacy in the cognizance of the rightful user. With blockchain technology, the process is automatically private, thus meeting the privacy by design criteria.

It remains to be seen if GDPR rules come into place on May 25 and whether fines will actually be levied on websites that do not comply. According to GDPR, the fees may come up to 4% of its annual global turnover, or €20 million, whichever is greater. This amount is enough to deter both small and large companies, although implementation will be key.

Blockchain can be the pioneer system behind the web sooner than we think. GDPR paves the way for greater blockchain adoption at a level that extends far beyond core business functions and cryptocurrency transactions.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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  1. Constantin

    May 23, 2018 at 6:02 pm

    I fail to understand how “With blockchain technology, the process is automatically private, thus meeting the privacy by design criteria.”. While the chaining of the blocks is cryptographically secure, that is not making the process secure by design.

    There are several paragraphs that go a bit over the top: “This allows the user to have absolute control over his information, as well as know the company that uses it, meeting the GDPR’s “Right to Erasure” condition.”. Technically speaking, if the user data is to be saved on a blockchain, changing it is not possible without tampering the blocks. I’m not sure how you envision here that the Right to Erasure is met …

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Altcoins

MobileGo (MGO) Is Up More Than 40% Since Thanksgiving

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The last few weeks have been an extremely challenging time for crypto enthusiasts.  Major coins like Bitcoin (BTC) and Ethereum (ETH) have been demolished while many smaller alternative coins have done even worse.  Fortunately, there are still a few bright spots left in the market that traders may want to turn their attention toward.  One of those bright spots is MobileGo (MGO).

Price Surge

Although most cryptos have taken a severe beating in the past few weeks, MGO has done just the opposite.  As seen in the chart below, MGO has soared by more than 40% since Thanksgiving.

A few of the reasons for the surge include being in an industry with rising popularity, innovative methods of earning gaming currency, and key strategic partnerships.

Exploding Popularity of the Gaming Industry

Despite the volatility in the cryptocurrency markets, blockchain remains one of the most exciting technologies being developed.  Blockchain has the potential to disrupt global industries and take them to levels once thought impossible.  MobileGo is attempting to do just that in the gaming industry.

The Gaming market is an extremely exciting opportunity as the industry is growing by leaps and bounds.  According to Market Researcher, Newzoo, the global games market is expected to grow from $137.9 billion in 2018 to more than $180.1 billion in 2021.

GShare Development

One of the company’s main innovations is the development of GShare.  GShare is a special tool which allows its users to earn GShare Gold coins by harnessing the power of their computers.  In this way, it’s very similar to cryptocurrency mining.  These coins (not cryptocurrency) are a soft currency which will be earned as soon as the user runs the app and presses the “start” button.  Users can play their favorite games, work, or simply browse the internet.

Additionally, gamers can also earn GShare Gold Coins by entering tournaments.  There is a wide variety of tournament options so that players can choose tournaments that fit their interests and skill levels.  In this way, it’s really an open environment that caters to individuals of all backgrounds.

Once the coins are earned, users will have several different redemption options that include the following:

  • Tournament Entry Fees
  • Social Activity Platforms

The option to use the coins through social media avenues is extremely interesting.  This presents an opportunity for the coins to gain international recognition by uniting different groups of people for positive results.  These social activity opportunities should become clearer soon.

Xsolla Partnership

MGO coins can be earned through special promotions, exchange trading, or by winning tournaments.  The last one is especially important as it’s directly related to GShare.  Users can use their GShare Gold coins to enter tournaments that fit their skill level.  And, if successful, users will earn MGO coins by performing well.

Being able to earn MGO coins by winning tournaments is very exciting considering the recent partnership news with Xsolla.  Xsolla provides game developers with a comprehensive suite of flexible tools and service to help launch, monetize and scale their games globally.  In late October, Xsolla announced that it would start accepting made-for-gaming cryptocurrency, MobileGo, for its PC and mobile games partners.

The partnership means that developers will be able to receive royalty payouts in MGO cryptocurrency.  As stated earlier, the gaming industry is expected to grow significantly in the future which makes this a very compelling opportunity.  As blockchain technology and gaming continue to grow in the future, it’s safe to assume that more and more game developers will be interested in cashing out via cryptocurrency.  MGO being an option this early in the game is a massive advantage.

Conclusion

Although it’s still early for MobileGo, the company appears to be making all the right moves in an effort to attain blockchain gaming dominance.  Only the future will tell whether the company will prove successful, but things certainly appear promising at the moment.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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As Bitcoin Selloff Intensifies, Overstock CEO Doubles Down on Blockchain

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Bitcoin’s month of pain intensified on Sunday, as prices briefly fell below $3,500 for the first time since September 2017. The panic sale hit the market at a time when Lightning Network is registering record capacity and institutional investors are lining up to trade physically-backed bitcoin futures at the beginning of next year.

Amid the apparent disconnect between fundamentals and prices, one businessman has announced plans to go all-in on the technology that underpins bitcoin and other cryptocurrencies. As The Wall Street Journal reports, Patrick Byrne is in the process of selling the retail arm of Overstock, a multi-billion-dollar company, to focus exclusively on blockchain.

BTC/USD Update

Bitcoin’s price touched new yearly lows on Sunday, extending a multi-week purge that has shaved more than $45 billion off the leading cryptocurrency’s market cap. Aggregate data courtesy of CoinMarketCap show an average price-per-coin of $3,802 at the time of writing, a decline of nearly 12% over 24 hours. At current prices, bitcoin has a total capitalization of $66.1 billion for a 54.3% share of the overall market.

Trading volumes on virtual currency exchanges have reached $6.5 billion over the past day, with BitMEX processing more than 38% of the turnover. The popular derivatives platform has become a major venue for shorting bitcoin, as have the futures markets offered by CBOE and CME.

It’s clear by now that bitcoin has more or less shaken off the remnants of the previous mania that drove prices toward $20,000. Although the price collapse has been painful to watch for long-term holders, it provides a silver lining in that bitcoin can now begin a new trend without the irrational hype. The difficulty now is establishing a firm price floor on the digital currency.

Hacked’s technical analyst Kiril Nikolaev has identified the weekly support of $3,620 as a “one of a kind” price target in the short term; this is the area that catalyzed last year’s parabolic bull run. In his view, “a drop to this level tells us that all the gains and hype behind that previous run is now totally gone.”

Overstock Bets on Blockchain

The Wall Street Journal reported last week that Overstock founder and CEO Patrick Byrne is selling the company’s retail arm to focus exclusively on his blockchain offering. The audacious gamble follows a highly successful funding round of tZero, an alternative trading system that seeks to revolutionize the cryptocurrency market. The company raised $134 million via initial coin offering.

Overstock has invested $175 million in a unit called Medici Ventures Inc., which houses tZero and several other blockchain startups. According to WSJ, Medici lost $39 million between January and September, following a $22 million loss in 2017.

“I don’t care whether tZero is losing $2 million a month,” Byrne told WSJ. “We think we’ve got cold fusion on the blockchain side.”

The news helped Overstock’s share price gain as much as 26% on Friday after being down for most of the year. However, the launch date for tZero remains elusive as the company works to secure regulatory approvals. Once live, all assets traded on the platform will be easily traced and tracked, offering investors and regulators with another layer of security and transparency. The alternative trading system will initially facilitate the buying and selling of security tokens, which are a hotly debated topic among regulators. In his interview with the Journal, Byrne said roughly 60 companies are developing their own security tokens with plans to list on tZero; another 2,000 have expressed interest in working with the platform to issue their own security token.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 692 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Blockchain and Real Estate: An Industry Overview

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Blockchain is going to change nearly every industry under the sun, but the effect will not always be the same. The big strengths of blockchain technology are efficiency, security, and transparency, and each industry will be affected in a slightly different manner.

Real estate is one example of an industry that presents a huge opportunity for the technology, with different areas showing weakness and providing a chance for the technology to reign supreme.

How Real Estate Connects to Blockchain

The fact is that distributed ledgers provide a level of efficiency that current systems lack. The technology also prevents fraud and increases trust in the system, since all the information is public. Finally, even though blockchain technology is transparent, it is also private.

Combine all these features, and you have a big winner of an innovation. One of the topmost predicted innovations is the tokenization of assets, which will lower transaction costs and open up commercial real estate to more retail participants.

The three most sought after purposes for blockchain technology are smart contracts, transfers of value, and record keeping.

Current Big Players

As would be expected, the biggest companies have the largest opportunity for growth within the space. For example, Propy was founded in 2015 and raised $15 million for a platform that allows for international home purchases. It is essentially AirBnb for foreign investors, but operates in a much more efficient manner.

Harbor fulfills a more niche function by helping list real estate and private equity assets in an SEC compliant manner. There is huge value in adding liquidity to these assets, and the ability to resell them adds even more liquidity. However, current regulations prevent the trading of these security tokens, if at least for the time being.

Finally, you have a company like Ubitquity that focuses on the record-keeping aspect of real estate, which is probably where the most inefficiencies are. The innovation here is simple: humans make errors, blockchain doesn’t. It also can’t be incentivized to commit fraud and works as an AI solution to much of the problems in the space.

What’s the Hold Up?

Right now, one of the biggest holdups is the nascent stage of the technology. No one can decide upon the proper consensus protocol, and that has slowed down its chances of being accepted by the industry-at-large anytime soon.

Processing speed is also a common objection that needs to be faced before a scalable solution begins implementation.

It is expected that the real estate industry will adopt blockchain technology in accordance with their clients’ needs. Whether occupiers or investors have adopted it will have a huge effect on their decisions to adopt it. Based on past experience, banks and insurers are likely to be some of the first to adopt the technology.

Analysts in both the technology and real estate industry tend to agree that it is reasonable to expect widespread adoption within a decade, with many more individual applications being formulated  along the way.

As an investor, the best course of action is to investigate the individual use cases, and make a decision based on which one you believe will have the strongest future in each space.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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