ULedger blockchain company creates overnight GDPR compliance tool

Posted: 22 May 2018 6:16 pm
News

A hot example of what a practical and unsexy blockchain solution looks like in real life.

Data security has been a growing and increasingly expensive concern for any company that deals with confidential customer data. Distributed ledger technologies like blockchain stand to offer a permanent solution, but it's very much seen as one of those solutions that will always be coming along tomorrow rather than solving problems today.

The approaching 25 May deadline for EU Global Data Protection Regulation (GDPR) compliance has thrown the issue into stark focus.



Blockchain platform ULedger thinks it has a solution for today with its "overnight" GDPR compliance plugin.

"Many technology systems in their current form are not capable of meeting the regulatory requirements of GDPR, and as with other regulations, compliance can sometimes be time consuming, expensive, and confusing," says ULedger CEO Josh McIver. "Our GDPR tool is designed to leverage ULedger's API in a way that provides companies with immediate GDPR compliance, and allows them to realize the many benefits that come with blockchain technology such as security and transparency of data," says McIver.

What does it actually do?

The GDPR compliance tool is broadly similar to ULedger's other systems, which are primarily focused on ironclad data assurance and the creation of immutable audit trails. Essentially, it's a third-party system that can be plugged into a company's existing systems and used for independent audits and tracking of any changes to data. ULedger does not need to access any of the data.

It might not sound too impressive until you compare it with the current status quo.

The current gold standard of data security is to wait until a data breach inevitably occurs then spend a fortune back-tracking it after the fact, while weighing up the pros and cons of trying to hide it from authorities and the general public. Clearly there's room for improvement.

A system that can proactively track sensitive data and any changes to that data as well as give alerts if a potential incident happens while keeping a thorough and auditable trail and acting as a "digital witness" along the way is a potential game changer. This system can be applied to organisational data, employee emails, photos, customer payment info and anything else digital and can be plugged right into existing data infrastructure via open API.

The main catch might be that ULedger isn't open source, although it says it plans to open it once its nodes achieve critical mass. This might still throw up some questions marks around its consensus mechanisms, node selection and security.

However, it's still a fascinating example of unsexy, ready-to-go, real-world blockchain solutions and how some of the biggest relative benefits of blockchain technology come from sheer inefficiency of existing systems.


Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC and NANO.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site