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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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Analysis

Has Ethereum Lost Its Cache?

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For all of us believers that asset prices are set by fundamentals rather than fantasy, these are perplexing times.  Crypto prices are not only way off their January highs, they are at the lowest level this year. Progress in addressing issues like scaling and security may be slow, but they are taking place.  The cooperation between crypto and government regulators is improving in big chunks.

Yet, while all this is going on crypto technicals look terrible. Everyday technical analysts use words like downtrend and overhead resistance.  When prices have rallied, the joy is short lived, lasting only for a day or two. Even on good days, the moves are weak on low volume.  This is never a good sign. Long gone are the kind of investor fears about missing out (FOMO) that we saw last year.

There are fundamental reasons for skepticism for long term believers, as the data has not been going in the right direction.  True, projects are progressing a slow pace. This maybe good for avoiding problems with security etc., but for investors who want immediate gratification, right now crypto isn’t ringing any bells.

But truth is, crypto markets appear to be unresponsive even to seemingly good news. Take for example this recent Cryptovest headline: Cardano (ADA) Releases New Version, Price Remains Stagnant.   Today, crypto exchange Coinbase announced it was increasing daily trading limits sevenfold, changing settlement times from days to instantaneous and finishing its beta before accepting Ethereum Classic.

At the time of this writing, Bitcoin had fallen over 8% in the previous 24 hours while ETH was off almost 10.5%.  This marks on of the worst days for crypto in quite a long time.

Drilling down a bit into ETH reveals some core softness.  Since virtually the entire crypto pricing stinks there is more than a single cause to Ethereum’s weakness, but here is a start.

Using DappRadar To Measure Ether Demand

According to Business Insider, there were over 930 ICOs last year that raised anywhere from $3-$5.7 billion depending on which resource you listen to.  In the first quarter of 2018, there were roundly another 200 raising over $6 billion. These numbers make for great headlines but there is one problem.  They have not translated into higher prices for Ether, or any other crypto either.

The Ethereum platform can claim that somewhere between 70%-80% of ICOs that have Dapps built on the ETH platform.  If logic were applied, this should result in greater demand for Ether. But as the truism goes, if everything were logical, men would ride sidesaddle!

One of the clues to unlock this contradiction may rest in the use cases for the most active Dapps.  What I an getting at is this: when the top five Dapps function as exchanges to buy and sell Ether or any other ERC-20 token, that is not a sign of mass adoption. Nor is it good when almost 75% of the activity in the top five is accounted by three Dapps and those are exchanges. And finally when volume on nine out of the top ten are trending down, it is not what investors want so see.

To keep some balance to these observations, there are some positive use cases.  Three of the ten most active Dapps are for gamers, and that is a use case worth it weight in any currency. Also, usage levels tend to be quite volatile from hour to hour so we may have checked on an atypical moment.  But what we want to see are use cases like marketplaces or even gambling where user demand trumps speculators and where activity is growing.

What Is Happening With Augur

And speaking of gambling, Ethereum big gun Augur, which allows users to create prediction markets for just about anything by buying shares and staking ETH in the outcome of an event.  When launched in early July nearly 1,200 were traded in a 24 hour period. At the time Augur appeared to be one of Ethereum’s most promising Dapps.

To be clear, 1,200 is just a benchmark and not proof of success or failure. However, when Augur, one of your most promising Dapps, is being used less than 100 a day with a huge valuation of over $300 million, that is a disappointing moment.

What Ethereum Needs

So what is missing here?  From the insights offered by DappRadar, the answer is that ETH, and for that matter crypto in general, is hungry for valid signs of a breakthrough in mass adoption. In other words, developments in the payments side of crypto could well provide the needed solution. There is no shortage of projects like Bitcoin Superstore and TenX.  And there is always the possibility that the critics of Augur are premature in claiming this potentially game changing Dapp is a disappointment. But so far all of the flashy new whitepapers and highly valued ICOs aren’t connecting with investors. It is time for proof that actual crypto users are getting into game.  And obviously, what is good for ETH is also needed by other players as well.

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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4.4 stars on average, based on 98 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Altcoins

MB Technology and GoChain Partner to Accelerate Innovation on the Blockchain

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MB Technology has recently announced that it is committed to bringing $500 million USD worth of ICOs to the GoChain platform. MB Technology is an expert ICO advisory firm that has advised blockchain projects with a combined valuation of over $2 billion in several industries. Some of the companies that they advised include Fantom, Origo, GoChain, QuarkChain, CoinSuper, Icon and other top ICOs.

The company is committing $500 million to GoChain because it has already launched it’s mainnet functioning at 100 times the speed of Ethereum while being 1,000 times more energy efficient. GoChain is fully compatible with existing Ethereum wallets, smart contracts, dApps, etc. Two companies have already chosen GoChain to launch their ICOs: Solaster Health and Etherprise with a combined value of $63 million.

GoChain has hit the ground running. While many blockchains are still trying to finish up their technical whitepaper or have yet to launch their mainnet, GoChain is way ahead of the curvey. Although blockchains are competing to deliver the fastest Transactions-Per-Second (TPS), they nothing without the dApps that build on them. While speed is important, most blockchains releasing now are more than capable of handling sufficient TPS for production dApps. The dApp ecosystem built on top of a blockchain is just as important, if not more, than the speed of the blockchain itself.

ICOs struggle to build on new blockchains as there are not many well-defined standards. GoChain’s codebase is 100% compatible with Ethereum so any dApp that can or has been built on top of it will easily port to GoChain. This makes it easy for existing Ethereum apps to move over to GoChain and immediately work 100 times faster. A few blockchains build amazingly fast transacting software yet have no use cases or a dApp ecosystem building strategy.

With MB Technology bringing half a billion dollars to GoChain, the coin is extremely undervalued. Compared to other projects on CoinMarketCap, GoChain should be at least in the $100 million market cap range. Competing blockchains talk about overtaking Ethereum, yet GoChain has a working mainnet with dApps being added at a blinding rate. GoChain is one of the most underestimated and undervalued blockchains at this time. Look for GoChain to grow to five to ten times in the next few months from its current market cap of $19.4 million. GoChain is currently only on Kucoin. Look for it to list on other exchanges as it gains daily trading volume.

MB Technology offers advisory services to bring specific solutions designed to boost a project’s outcomes. They also create global investor awareness through their network of partners, influencers, and media outlets.

Disclaimer: Writer does not own GoChain. 

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 49 rated postsKent Hamilton - ICO Analyst on Hacked and Co-Founder of SpryOne - Loyalty Platform on the Blockchain




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Blockchain

Crypto Proxy Stocks Rise With Broader Market

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The cryptocurrency market’s sudden revival has triggered a large rally in crypto proxy stocks, a broad cluster of companies with direct and indirect exposure to blockchain technology. After a bumpy few months, blockchain-branded firms are once again rising in lockstep with bitcoin and the broader digital asset class.

Crypto Stocks Jump

Stocks tied to cryptocurrencies have traded sharply higher in recent days, with the likes of Riot Blockchain Inc. (RIOT), HIVE Blockchain Technologies (HIVE) and Marathon Patent Group Inc. (MARA) among the best performers.

Riot surged more than 20% on Tuesday en route to fresh two-month highs. Share prices surged 11.7% on Monday.

HIVE, the first publicly-listed blockchain infrastructure firm, jumped more than 11% Tuesday and is up more than 23% this week. The penny stock is proposing a business model that aims to bridge the gap between distributed ledger technology and capital markets.

Marathon’s share price rose 19% on Tuesday after gaining 9.2% in the previous session. Marathon was one the first miners to secure a listing on the Nasdaq.

Nvidia Corp (NVDA), an S&P 500 component, rose by as much as 2.2% Tuesday after falling in each of the last two sessions. The California-based chipmaker generated $289 million in sales to cryptocurrency miners during the first quarter, far exceeding forecasts of $200 million. The company has warned that mining sales are likely to fall sharply in the July quarter.

Bitcoin’s Comeback

The price of bitcoin is once again showing signs of life after blowing past $8,000 earlier in the day. The gain not only sparked a wider relief rally among cryptocurrencies, it put crypto proxy stocks on the fast track to bigger gains.

With the exception of Nvidia, which is far more diversified than some of its blockchain peers, many of Wall Street’s crypto players are small- and medium-sized firms that have struggled to make headway during the market downturn. Although blockchain companies for the foreseeable future will continue to be steered by cryptocurrency prices, their long-term trajectory is more favorable as distributed ledger technology gains wider acceptance.

Current market leaders in blockchain technology include Ripple, Chain, Coinbase and Bitmain. Over the next five years, market researchers expect the industry to grow manifold with the likes of Microsoft, IBM, Amazon and Deloitte entering the picture.

As Hacked reported July 9, China’s Bitmain has become the largest blockchain-focused company in the world following a series of strategic acquisitions. The company says it is open to the idea of an initial public offering (IPO) after rivals Ebang and Canaan Creative announced plans to go public.

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 555 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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