Lympo is a step ahead in adopting the new EU data regulations and abiding by it
The blockchain-based, health and wellness ecosystem is working perfectly in sync with the European Union’s General Data Protection Regulation
“The proposed new EU data protection regime… provides for a harmonization of the data protection regulations throughout the EU…”
At first sight, this mission statement of the European Union’s General Data Protection Regulation (GDPR) seems a bit frightening. What will happen to your vital data and companies that own it? What about new startups that want to make the best use of such information? How will this regime manage all of it at the same time? But, on May 18, 2018, when the GDPR is implemented, one company will be ahead of everyone else. Lympo will be the frontrunner in data regulation compliance.
It’s a well-known truth these days that our personal data is no longer our personal asset. This is exactly why the EU has aimed to bring a new set of “digital rights” to its citizens.
Literally every move that you make is generating data and you are either forced to let go of ownership of this data, or they lose the benefits of sharing their data with the rightful parties. Hence, the GDPR addresses this by governing data portability, the right to be forgotten, sanctions, data breaches, right to access, one-stop shop and much more.
Initially proposed in October 2013, GDPR was adopted on 14 April 2016. The implementation data was set for May 18 two years after to allow all relevant parties to get ready. There is a strong belief that the GDPR is the most important change in data privacy regulation in 20 years. This regulation will replace the Data Protection Directive. It has been 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.
The focus of the regulation is on controllers and processors of both personal and sensitive personal data. One such party that is clearly involved in this market is Lympo. It is a sports and health ecosystem powered by user-generated and user-controlled data which can help generate exponential returns for industry stakeholders and users alike.
When data of such value is shared with the rightful parties it would be very valuable in offering extremely effective and tailor-made services and products. Lympo comes into the picture with a two-fold approach of having the digital wallet that rewards customers for sharing the data that they own, and having a marketplace where these rewards, which are offered in terms of LYM tokens, can be used to purchase products and services from the health and wellness market. In fact, the current platform of Lympo allows users to choose from 500+ fitness professionals, dieticians and therapists by using these tokens.
However, companies accessing the data of Lympo users who want to sell it on this platform, would have nothing to worry about when it comes to GDPR because of one major reason. Lympo users will be able to register permissions for the data access on blockchain thus producing an immutable ledger with their consent. By giving users the access to their own data and allowing them to share it with data processors, Lympo offers a powerful service for data driven companies which will not have to develop their own system including user’s consent for their data usage.
The team at Lympo which is here to revolutionise the health and wellness industry, one stakeholder at a time is proud to note that they are in compliance with GDPR.
Hence, if you want to be sure that your personal health information is in safe hands before and after the implementation of GDPR, you probably know that Lympo is your one and only choice!