Compliance with Data Protection Regulations by Applying the Blockchain Technology
By Bartłomiej Klinger
Former Co-Founder and CEO, Positiverse
Nowadays it becomes obvious that blockchain, and distributed ledger technology more generally, is going to become mainstream for many business domains. Since the blockchain was recognized as something more than only a base technology for the bitcoin network, it has infused business with fresh ideas and opened up a lot of new opportunities. Visionary authors like William Mougayar,1 Chris Skinner,2 and Alex and Don Tapscott3 have inspired many to devise the best way this technology can be implemented.
One of the most promising approaches seems to be the application of blockchain to regulatory technology (RegTech). More and more demanding regulations and consequences of not being compliant generate serious operational risks for companies around the globe. At the same time, customers are more and more aware of their rights, and the regulations require a high level of compliance from service providers. Because of these considerations, some fresh ideas for how to ease the fulfilment of regulatory requirements using the blockchain technology could truly revolutionize the market and help to build a sustainable competitive advantage.
Even though compliance is vital for many regulated business activities, it is not usually homogeneous for different business domains. However, there is one area of regulations that covers almost all customer-facing ...
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