How Overledger enables the public to take control of their personal data and bring trust to GDPR technical implementation
The general public are becoming more and more aware of the value of their personal data, defined as any information related to an individual who can be directly or indirectly identified by reference, such as first and last name, telephone number, etc.
Data breaches are happening more and more frequently, millions records of personal data are exposed, including sensitive ones such as passwords or social security numbers. The current Facebook–Cambridge Analytica data scandal makes a good example of improper data sharing practices.
Things are changing, however, as companies are required to be GDPR compliant on May 25 2018. GDPR stands for General Data Protection Regulation (GDPR) (EU) 2016/679 and it is a regulation in EU law regarding data protection and privacy for all individuals within the European Union, addressing the control and export of personal data outside the EU.
After this date, when you sign up for a new service, the service provider will be required to only ask for the personal data required, for example there is no need for your age for a general newsletter. Data is required to be handled securely and used solely for providing the expected service. You will have control of how your personal data can be shared, have it updated/corrected in case of error and you will be able for have it erased, referred to as the “right to be forgotten”.
Other usage of personal data will be much more constrained and require your formal validation.
How can Overledger bring the trust in the GDPR technical implementation?
As Overledger will build the bridges between blockchains, the personal data sharing will be ruled by its Treaty Contracts, which is the inter-blockchain version of a smart contract.
Today, when two companies need to share or exchange personal information, they do so according to their own rules, their own technical capabilities and with a security level that they have validated. As their client, you have no idea where your data is located, which data is really used and shared, and how the data is secured.
Treaty contracts will allow the data sharing between two companies interconnecting their blockchains to be transparent and follow clear and validated rules. As this will rely on treaty contracts, the code will be “as law”.
This will be an amazing enabler for companies to demonstrate their trustworthiness to their clients.
The treaty contracts will define which set of data can be shared, for how long, and be clear of obfuscation. Clients will for the first time be able for the first time to have real traceability of their data.
For example, Overledger can be used between a merchant site A, say buying a computer, and an insurance site B, providing an extended warranty. All of the data exchanges between both parties will be ruled by treaty contract which defines the data that can be shared (or not), and for how long (removal from the insurance client list once the warranty is expired).
This example is just a simple use case, Overledger will be able to bring a web of trust to any clients of any new companies having a partnership with another party, and they will directly benefit from the underlying communications process including the security and data sharing restrictions offered by Overledger.
Usage of Overledger will be the cornerstone of trust in the personal data sharing process between companies.