Connect with us

Blockchain

How Blockchain Can Help Companies Face the New GDPR Rules

Published

on

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 5 (2 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.5 stars on average, based on 13 rated posts




Feedback or Requests?

1 Comment

1 Comment

  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 …

You must be logged in to post a comment Login

Leave a Reply

Altcoins

TRON Price Analysis: TRX/USD Cools After Reports Suggest of Potential Baidu Partnership, but Not Blockchain Focused

Published

on

  • Reports of TRON and Baidu partnership focused on cloud computing resources.
  • TRX/USD price has cooled over the past two sessions, but supported within an ascending channel.

Potential TRON and Baidu Partnership – Not Blockchain Related

The founder of TRON Justin Sun, had left the community very excited on Friday, after tweeting “Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

According to ODaily, a local Chinese newswire, the partnership will be focused on cloud computing resources, not blockchain. It covered that TRON would be buying cloud computing resources from China’s equivalent to Google, Baidu. This was cited and translated by CNLedger.

If this being the case, it could be somewhat disappointing for some of the TRON community. There would have been general expectation and hope, of this being related to the foundation’s blockchain network. As it states the partnership remains focused on the purchase and use of Baidu’s basic cloud computing resources, rather than being a connection “at the blockchain business level.”

The report covered that Tron and Baidu will be working to maximize inter-compatibility. In addition, “to build, operate and debug blockchain products” based on Baidu Cloud. Baidu and Tron have not yet formed any connection at the blockchain business level. Currently the cooperation mainly focuses on the purchase and use of (Baidu’s) basic cloud computing resources.” As covered by CNLedger’s translated report.

Despite the circulating details, there has not been an official confirmation from either TRON or Baidu.

TRON Launches TronGrid

Most recently, TRON launched a website known as TronGrid, which will toolbox for developers. As a result, it will assist them in being able to integrate DApps smoothly into the TRON ecosystem. The move somewhat similar to Ethereum’s Infura.

Technical Review – 4-hour Chart View

TRX/USD 4-hour chart

TRX/USD price has cooled over the past two days now. Following a large spike up to $0.027980 on 15th October, the price had headed deep into a known supply zone. This is seen tracking form around $0.02700 – 0.028500 range. As a result, sellers forced TRX/USD back down within an ascending channel pattern.  It has been grinding higher within this channel since the 12th October.

Given the cooling in price action, it is worth noting the support seen at the lower trend line of the mentioned pattern. Furthermore, comfort can be observed around $0.024850. A breach may see a very fast move back south, reversing the upside move from 12th October. This could see a drop down to $0.020670.

Looking to the upside, should this ascending channel continue supporting the price, as it has been. Then expect bulls to give the near-term supply zone another retest. However, this area has been respected since the back-end of September. It is evident that sellers remain camped within this territory, not an easy task for the bulls to break down. ­

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Altcoins

Stellar Price Analysis: XLM/USD Has the Potential for a Short-term Rally, Though Bearish Set-up Eyed

Published

on

  • Stellar’s XLM potentially has further room for upside, within the short-term view.
  • Danger still looms for XLM/USD, as the daily chart suggests of a bearish technical pattern set up.

Steller’s native token XLM, has failed to commit to any sustained trend. This has been the case since the start of July. Bull rallies that have been witnessed were quickly sold by the market bears. This led the market to trade within a generally long running form of consolidation. Price action is narrowing, given the unsustainable short-term trend runs that have been witnessed. It comes as somewhat of a surprise, as the Stellar foundation have certainly been busy.

Stellar Developments

It was reported recently, blockchain security company BitGo, announced their support of Stellar Lumens (XLM). Being added to the BitGo’s list, Stellar now receives custody solutions. Their users will be able to generate wallets for Stellar Lumens. This is said to be starting at some point within the next couple of weeks. Elsewhere, as previously reported, the Stellar foundation at the start of this month released their heavily anticipated decentralized exchange, StellarX.

4-hour Chart Technical Review

XLM/USD 4-hour chart

Looking via the 4-hour chart, price action has formed a bullish pennant pattern. This comes after the surge higher between September 20-23. XLM/USD has since entered consolidation mode, trading within a range-bound nature. The price is coming very much towards the end of this technical pattern seen, raising the case for an imminent breakout. Near-term support can be observed around $0.2350 area. This is the lower tracking trend line of the mentioned pennant. A failure of the support could very likely see a fast fall to $0.2050. XLM/USD was last trading in this territory between September 12 – 20. The mentioned period was during a time of consolidation, prior to the mentioned breakout higher.

Resistance is seen just ahead of the current price. The above descending trend line of the pennant pattern is tracking around $0.2460-70. Enough bullish momentum to see the breach would likely force the price running to $0.2650. This is seen as an area of resistance on the 4-hour chart view. Looking further to the north, eyes would be on the supply heading into the $0.3000 mark.

Daily Chart Technical Review

XLM/USD daily chart

Taking into consideration the 4-hour chart view, there is still room for another squeeze higher. Despite this, danger appears to still be looming for XLM/USD. Risks on the daily chart point to the downside. The view of this is that a longer-term bearish pennant pattern is containing the price. XLM/USD support on the daily chart can be seen just sub of $0.2000. A long-running supporting trend line can be seen. The price having required assistance on June 29 and several occasions from September 8 – 12. To the upside, resistance can be seen around $0.2900. XLM/USD was rejected already on a few prior occasions, by the above descending trend line. July 25-2 and then most recently September 23, all saw respective bull runs halted.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
3 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 5 (3 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Altcoins

Cardano Price Analysis: Imminent Breakout Anticipated, with Eyes on Another Bull Run

Published

on

  • The Cardano (ADA) price has been showing some promising signs, following the project’s 1-year anniversary.
  • ADA/USDT is near the end of a triangular pattern, which can also be perceived as a bullish pennant pattern.

Cardano a few days ago celebrated its one-year anniversary. It is still very much a new project to hit the industry. There are always new technologies and cryptocurrencies cropping up, so it is important to review what purpose do or are they going to serve. It does appear Cardano community members are looking forward to several upcoming developments from the foundation.

What Is Cardano?

Cardano is very much like Ethereum – a smart contract platform. The technology is much focused on scalability and security via a layered architecture. As such, it is the first blockchain platform to evolve out of a scientific philosophy and peer-reviewed academic research. A large innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. Its cryptocurrency is ADA, which is currently the ninth largest by market cap.

Recent Updates

The organisation behind Cardano, IOHK, has released a new project known as ‘Cardano Rust’. This will be a large helping hand to developers, who want to build products for its blockchain. The effort is essentially providing the toolbox for developers, with a library of functions that they can use to build their decentralised applications for Cardano and facilitate integration.

Technical Review

Looking at Cardano (ADA) technically vs. Tether (USDT), it is down a chunky 95% from the 1st January 2018. This move largely following suit of the general strong bearish trend, seen across the market. Since September, this price has shown some positive signs, and a willingness to make breakout from the bears paws. ADA/USDT produced a double bottom pattern on 18th September, which saw the take-off. It went on to gain over 50% up to $0.0939, from the low within $0.06 territory, moving into the $0.09 area. The price has since eased somewhat, but is still up over 30% from the mentioned low area.

ADA/USDT 4-hour chart

Current price behavior has formed a triangular pattern, as it narrows within this range-bound form. It is very much coming to the end of this, looking more and more likely to a breakout. This formation could also be perceived as a bullish pennant. The big bull run from the above-mentioned double bottom, provides the substance for the pennant view. Near-term resistance is seen just ahead at $0.0830, with support at $0.0797. Another test to the upper descending trend line, could see a fast breakout up towards the supply at the 23rd September high, $0.0939. Failure to see enough bullish momentum for a breach, could see a slip down to the below demand area, $0.0750-40.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
3 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 5 (3 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending