Blockchain Will Become a Driver to Secure Information for Clients Dealing with Compliance
Blockchains biggest inventors look to integrate this technology into finance arena. “Over the past 3 years, 9 of the 10 largest American banks participated in fundraising rounds for six blockchain companies.” Companies like Google Alphabet invested in companies like Ripple and Ledger X.
There are also initiatives to use this technology to enforce privacy. In South Africa, they are considering this technology for use to cover the “Protection of Personal Information Act”. But one of the advantages of this technology is its transparency. Inherent in the technology is the ability to be alerted if someone accesses information so that even though the information is transparent the organization could be notified to illegal access to private information.
You can also have issues with a request to remove personal information from your data and if it is stored in this technology it is kept permanently. So deletion would in effect be to offer no access to the data.
I believe blockchain will help with securing data and making sure it’s not altered. What needs to be added is that the true owner of the personal information must be notified any time the data is accessed. So if you can prove, in your organization, that notification is made to the actual owner of the personal information you will have a greatly improved auditable security profile for your company.