It’s no secret that businesses today own more digital data than ever before. However, as the volume of this information grows steadily, so does the responsibility for storing, sharing, protecting, and using these sets of sensitive data.
In this regard, it is worth mentioning that several scandals that have affected well-known consumer organizations such as Meta, LinkedIn, Instagram and TikTok in recent years have highlighted the clear need for improved privacy protocols that can prevent the misuse of consumer data on a massive scale. .
But as the complexity of the regulations businesses must comply with has risen dramatically over the past decade, more and more people are looking to regain control of their data, which is typically stored in data-driven systems. to problems with leakage/hacking.
Finally, with the exponential increase in fines associated with the slightest data breaches in recent years, the need for quality data compliance solutions has skyrocketed.
So what is data matching and why is it important?
Simply put, data compliance refers to a comprehensive set of rules that companies must follow to prove their competence in protecting sensitive digital assets such as an individual’s personal identification information, their financial data, from malicious third parties, hackers, etc. These rules come in many forms and forms, including standards sometimes followed by a particular industry, state/federal laws, and sometimes even supranational regulations.
Some examples of data compliance standards that are popular today include the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS), and the California Consumer Privacy Act (CCPA). ). .
In other words, data compliance signals to customers that their personal information will always remain secure, allowing brands to strengthen their reputation in the marketplace, hire high-quality employees, increase customer loyalty and reduce the risk of bad reputation. However, as things stand, many companies still struggle to meet today’s data compliance standards, regularly receiving hefty fines that can sometimes run into the hundreds of millions of dollars.
Enter Blockchain-Based Compliance Systems
Before continuing, it would be better to understand what a blockchain is. Simply put, it is a decentralized ledger of secure, traceable and fully verifiable data records. As a result, any information contained in these systems is accompanied by an audit trail that is reliable, immutable, resistant to intrusion by third parties, and available for scrutiny or due diligence process.
In this regard, ParrallelChain Lab is an open source, Tier 1 blockchain platform for decentralized applications based on a unique Proof-of-Stake consensus called “ParallelBFT”. The project enforces consumer privacy (eg GDPR) and provides users with a comprehensive system to protect sensitive business data. It is also worth noting that ParallelChain offers enterprise solutions offering eKYC and AML RegTech tools; supply chain monitoring; enterprise data security monitoring system; construction project management; asset tokenization, etc.
The company’s growing influence in the market is best evidenced by the fact that this year it will host the International Symposium on Blockchain Development (ISBA), a two-day event that will bring together speakers from around the world. Boris Johnson, former prime minister of the United Kingdom among others.
In addition, ParallelChain Lab was most recently honored with the prestigious One to Watch – Blockchain for KYC award at the 5th Asia Awards for Excellence 2022. solution for customer onboarding and KYC compliance. From a technical point of view, the project is designed to be deployed in any financial ecosystem, allowing the creation of a shared and decentralized KYC database, accessible to all network members, while maintaining the privacy rights of its clients. , including the functional module “the ability to” forget “.
As we move closer to a decentralized technology-driven future, many experts, including Lindsay Holer, director of Grant Thornton, and Andrew Smith, an analyst at leading market research firm IDC, believe that organizations will have no alternative but to how to maintain the data. compliance with quality requirements and methods of disposal in the future. Indeed, these standards can indeed make or break a company’s reputation and its potential market viability in the eyes of the world. So it will be interesting to see how things are in this space from now on.
Source: Blockchain Solutions Help Meet Enterprise Data Compliance Needs: A Detailed Study