GDPR compliance has been enforced since May, 2018, and it is the most thorough regulatory requirement for proper management of consumer data.
“Some of the key privacy and data protection requirements of the GDPR include:
- Requiring the consent of subjects for data processing
- Anonymizing collected data to protect privacy
- Providing data breach notifications
- Safely handling the transfer of data across borders
- Requiring certain companies to appoint a data protection officer to oversee GDPR compliance”
-Digital Guardian
GDPR sets a necessary framework for protecting users in an era where data is increasingly valuable. While GDPR provisions are the first in line for stringent enforcement of data protection, they are certainly not the last. GDPR compliance is mandated by the European Union; other countries are drafting data protection laws of their own.
For businesses, laws that dictate a framework for data management make marketing more difficult than it already is. Enterprises possess the capital to hire teams, consultants, and expensive third-party software to ensure they can comply with GDPR laws, but SMEs have to comply with both their capital limitations and GDPR. While GDPR is a much-needed positive step for consumer data protection, it paves an uneven floor for growth as enterprises can easily push their marketing activity without concerns of compliance breach, as this would be managed by external experts.
SMEs have struggled to comply with GDPR laws, but the shift to proper data management, processing, storage, and handling will only become increasingly difficult as more countries issue their own data protection laws.
Using Blockchain Technology in the Era of Data Usage Regulation
User tracking and user data processing are critical in today’s data-driven business environment. Tracking mechanisms capture myriad points on customers to understand profile said users so marketers can properly target these users. At larger enterprises, machine learning algorithms, rather than individual marketers, target users on the basis of mass data processing.
This form of marketing has already become difficult with the release of just 1 regulatory framework from just 1 part of the world. A small error in proper data management and processing can cost companies up to 4% of their annual revenue in the form of fines from GDPR breach.
Blockchain technology and smart contracts offer the capacity to enable autonomous protocol that can comply with regulatory frameworks while ensuring that user data is not put at risk. The solutions this technology offers extend beyond mere safety of storage and processing. 2key Network is paving the way to leverage smart contracts to create a new form of marketing ready for not just the increasingly digitalized future, but also the comprehensive regulatory frameworks to be released with respect to consumer data protection and privacy.
When Autonomous Code is a Marketer
A fundamental infrastructural component of the web, HTTP web links, has remained static in capability yet its purpose has changed drastically. While links once served the purpose of web navigation, they are now the key to curate the chaotic mass of content on the web. While algorithms curate content on major media platforms, it is people that act as the ultimate curators for their friends, family, peers, etc.
To optimize for both the past and new utilities of links. 2key Network has created Smart Links.
A Smart Link binds smart contracts into normal web links. This enables the creator of the Smart Link to gain multi-step tracking of the Smart Link’s shares and subsequently reward those who shared the link whenever a conversion happens. Thus, Smart Links have the potential to enable growth campaigns that can perpetually fund themselves.
A Smart Link utilizes smart contracts to encode economic incentives and business goals within the web links associated with websites, content, social posts, media, etc. The bound smart contracts enable multi-step tracking, enabled through an autonomous protocol and stored via IPFS. This immediately dodged the risk of data storage. Smart Links enable their creators to build economic incentives for whoever shares them. These links align the new purpose of links — curation of the web’s chaotic content through link sharing — with incentives that enable the supporters, fans, customers, donors, investors, etc. of an organization to play a role in the growth of its operations while being remunerated for this effort. The Smart Link tracks the sharing of the links by assigning a non-custodial Web3 wallet with each link recipient. When a conversion takes place, the smart contracts process micropayment distributions to all involved in the link chain that led to the conversion.
As the data processing is operated via the 2key Protocol, an autonomous code, there is no liability on mismanagement or misappropriation of consumer data. Additionally, rather than rewarding the owners of mass media platforms, Smart Links recognize and remunerate the masses as the true owners of the web and the key implementers of the economic value that takes place through the the internet.
In an ever-materializing reality in which people are more aware of the value of their time and effort, and governments grow more stringent on the usage of consumer data, both recognition of the value of the “community” behind a product or brand and the importance of their data security play a crucial role in an alternative means of business growth, brand exposure, and product sales. 2key Network has created a business solution that is optimal for the current state of the web, where people are attuned to make content consumption-driven business decisions, and future-proof to the regulations and consumer concerns that oppose archaic growth mechanisms.
Click a Smart Link. Join the decentralized web.
Telegram: https://t.me/twokey_official
Website: https://www.2key.network/
Contact: Hello@2key.network
We invite you to have a firsthand experience of our breakthrough solution — Smart Links — on our testnet (https://test.2key.io/).
