Grandeo Labs has something going that might be of interest to those who would like to see blockchain tech used for data protection. Not only can its system perform data storage, but it can do it in a way that gives the owners of that data options about whom they share it with.
Grandeo Labs believes blockchain will “transform the way data is stored and controlled for all businesses and the public sector” within the next few years. It says the Bitcoin blockchain has shown just how immutable and hack-proof this technology is, and it believes that it will soon have many new systems built on blockchain technology that will regain the public’s trust when it comes to data collection.
Though the London-based company’s main concern is with the GDPR (which is a new law enacted by the EU to protect data and affects any company that collects and processes data inside the EU), it is easy to see how this could spread once the technology has been perfected.
Many companies which must access their customers’ personal details in order to do business run into problems with the amount and vulnerability of the information they must manage. These processes, which hike up IT costs, leave them open to hackers looking to steal any information they can get their hands on.
Grandeo says it has solved this problem using a “simple strategy” to handle these challenges. Its solution will leave the customer in control of his or her information by giving them complete power over how and when that information is shared with others. They will also be able to avoid unnecessary duplication of data, lower storage costs, and reduce the risk of data being hacked.
Here’s how it works:
- The customer adds their personal identity information to the blockchain, and after they do so, it will be verified as legitimate.
- The customer’s information is now encrypted and stored, and he or she can consent to sharing their information with anyone they want.
- The company can access information only when permitted and through the use of encrypted passwords provided by the customer using a device “locked” to the customer.
The use of data by companies is recorded on the blockchain, creating a permanent record of each data transaction. Customers will not have to keep providing the same information to a myriad of providers, and companies can keep their costs low by only accessing needed data.
This system’s implications extend to many areas of business, as it will help protect all different kinds of data. The company is currently providing for or working on data solutions in the areas of shareholder registries, cold storage, cryptocurrency indices, global real estate, yacht bookings, music copyright, fashion copyright, and personal/legal data.
This is but one more example of how blockchain will impact life as we know it in ways that will make our information more convenient and secure. This could soon put hackers out of business and rebuild public trust in electronic data collection and storage of information throughout the world.