Authenteq is an automatic identity verification and privacy platform which enables users to verify their identity and create their own sovereign digital IDs which are stored encrypted in a blockchain. The funding for the Reykjavik, Iceland-based company was led by Draper Associates and Capital300.
Estonia has created one platform that supports electronic authentication and digital signatures to enable paperless communications across both the private and public sectors.
Hackers can use PII to obtain by fraud employment, loans, credit cards and can file tax returns. Criminals can also use PII to steal government benefits and create false identification for use in further schemes. Stolen PII is frequently bought and sold amongst various criminals on “dark markets.”
By examining blockchain activity closely, companies focused on combating cryptocurrency related crimes can pinpoint accounts that appear to belong to the same Bitcoin wallet and are controlled by the same entity. This process is known as “clustering.”
In June 2018, the EU legislative institutions announced that they had reached agreement on a framework for the free flow of non-personal data in the European Union (the “Draft Regulation”). After its formal adoption, the Draft Regulation will become directly applicable law in all EU Member States six months after its official publication.
Cloudflare’s IPFS Gateway provides an easy way to access content from the InterPlanetary File System that doesn’t require installing and running any special software on your computer.
There are a host of sometimes overlooked compliance areas where issues lurk that can add significant risks for acquiring companies—even when the deal otherwise makes great business sense.
Switching to blockchain could eliminate inefficient processes and unnecessary costs, but the digital transformation comes with risks.
Blockchain’s identification management processes, such as the ones that store and process personally identifiable information (PII), are crucial in designing GDPR-compliant solutions.
Blockchain is a foundational technology that has the potential to create new foundations for our economic and social systems. Blockchain is not a “disruptive” technology, which can attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly.