EU's New Privacy Regulation Could Affect Shaping of Blockchain Market

EU's New Privacy Regulation Could Affect Shaping of Blockchain Market

EU's New Privacy Regulation Could Affect Shaping of Blockchain Market

When the Cambridge Analytica scandal broke, Schrems pointed out that the controversial data harvesting methods used by the company were at the heart of the case he brought against Facebook back in 2011.

Breaches of the new privacy laws can result in fines up to 20 million euros or 4 per cent of global revenue, whichever is higher. The GDPR is a new landmark law that generously expands the privacy rights of EU citizens and places obligations on organizations that track, market, or otherwise handle the personal data of Europeans wherever they reside on the globe.

The new law stipulates that any company with a digital presence in the European Union will have to comply with the law or face steep penalties.

GDPR protects the privacy not only of European Union citizens worldwide but also of anyone who is party to a transaction while in the EU.

Giants like Facebook, Google, Instagram and WhatsApp, which claimed to have made the required modifications to comply with the law, had complaints filed against them for violation of the GDPR within hours of the new regulation coming to effect.

Facebook knows way too much about all of us, but it's not the only company hoarding everyone's private data. "A company is expected to provide the same level of protection to relevant personal data that are covered by the GDPR, irrespective of where that data resides or where it gets transferred".

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Why do US companies have to comply with those rules, too?

Microsoft this week announced that it will extend the core rights guaranteed under the new regulations to all of its customers worldwide. It is as if the data protectors were just waiting for the EU GDPR to roll out.

They target Google in France, Instagram in Belgium, WhatsApp in Germany and Facebook in his native Austria. "Consequently, access to services can no longer depend on whether a user gives consent to the use of data", the complaint says.

All the cool services are getting data dumps - that little link you click somewhere in a settings menu that triggers the service to send you all the data it collects from you (and everything you've used it to do, theoretically).

"Instead of hiring engineers, companies are hiring privacy lawyers", Castro said in a blog post with researcher Alan McQuinn. Facebook has an updated Privacy Checkup buried deep in its website. How to set up relationships with powers and maximize Korea's business interests while protecting personal information is homework for Korea in the fierce contest among the powers over data hegemony. "An entity compliant with GDPR requirements would definitely command more confidence from customers as compared to those who do not", Chakraborty said. Everyone under the jurisdiction of GDPR has the right to see what the internet companies have on them and can request to delete that information.

Schrems was a 23-year-old law student when he first took on Facebook and he's been fighting Mark Zuckerberg's social network ever since - becoming the poster-boy for data privacy.

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