As you have certainly noticed, emails about privacy settings have been filling up your inbox in recent days. The new general data protection regulation (GDPR) of the European Union has come into effect and it has strong consequences on businesses, individuals and also on any marketplace that is either based in Europe, or has any customers in Europe. So, what exactly has changed since Friday, May, 25th?
The GDPR that has come into force on May, 25th 2018 is the most comprehensive data privacy law in the world. DGPR stands for General Data Protection Regulation.
The official website created to educate the public about the GDPR defines the aim of this document as follows:
The EU General Data Protection Regulation (GDPR) replaces the Data Protection Directive 95/46/EC and was designed to harmonize data privacy laws across Europe, to protect and empower all EU citizens data privacy and to reshape the way organizations across the region approach data privacy. — GDPR portal
GDPR Key Changes
In an increasingly digitized and data-driven world, it is necessary to provide more transparency and consistency when dealing with data across borders. As a result of a focus on EU citizen rights, the GDPR will finally be giving the power back to consumers and treat them as owners of their data.
It is not surprising that marketplaces, which e.g. let their customers create accounts and collect their addresses, deal with information that is considered as ‘personal data’. But the GDPR defines what counts as personal data even more broadly: Any information that can be linked to an individual, and doesn’t necessarily identify them (e.g. IP address), counts since 25 May as ‘personal data’.
The GDPR imposes an obligation on marketplaces to protect the user data and to always make sure that customers are able to exercise all the rights they possess. In the event of a hacker attack, marketplaces have to immediately notify the data subjects and the relevant supervisory authorities. What is more, consumers will have the so called “Right to be Forgotten”: They could e.g. send a marketplace an email, in which they ask for their history of purchases to be deleted and the marketplace will be obliged to erase their data.
repay.me: Your Data Belongs to You
The GDPR set out strict guidelines of data privacy, which will force big companies, like Amazon or Facebook, to modify or redesign their technology or administration. repay.me, which is a new crypto-centric shopping platform, has created its business concept with notable lawyers who constantly monitor accordance with the new data protection law. Based on advertising and marketing, repay.me will be able to pay its users up to 100% cashback for sharing their personal data: The more active they are on the platform, the quicker cashback they receive. Thanks to the REME-Coin, repay.me’s own token, the whole cashback process will be easy and safe.
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