Bitfury Group will create a blockchain app which will aid businesses in complying with new EU regulations concerning the principles of personal data protection. This will be the world’s first technical platform designed to secure the risks associated with personal data processing.
Bitfury will provide businesses with a tool for personal data storage and protection in full accordance with the new EU General Data Protection Regulation (GDPR), which came into force last month. Companies will be able to process personal data only upon users’ explicit consent.
The new regulations cover the companies that deal with EU citizens’ personal data storage or processing in any way. These are websites, social media networks, messengers and mobile-phone operators, as well as large data centers, IT companies and outsource service providers.
This open-source software will be built on Exonum blockchain platform, which supports unchangeable personal data processing registers. The platform’s in-built data protection mechanism is based on permanent backup saves of all actions requiring statements of consent from the users concerned, whereas all operations require cryptographic proof. The platform also features end-to-end encryption and data leak prevention algorithm.
It is important that the solution in question guarantees the deletion of users’ personal data and encryption keys upon personal data storage term expiry. Cryptographic proof will enable users to check the facts of their data storage or deletion by means of a specialized interface.