Bitfury will develop a blockchain-solution for data processing according to the requirements of the GDPR

Bitfury will develop a blockchain-solution for data processing according to the requirements of the GDPR

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Blockchain-company Bitfury Group is working on creating an application based on the Exonum platform, which will create an unchangeable registry of actions with user data. The decision is aimed at compliance with the EU Regulation on the General Data Protection Regulation (GDPR), which entered into force in May. About this  told company representatives.

According to the developers, thanks to the new solution, companies will be able to process personal data of the user only after receiving his direct consent.

“All operations are performed with cryptographic proof and protection against intermediaries’ attacks that can connect to the communication channel between counterparties, thereby eliminating the possibility of substituting a response from the data operator. The platform can support end-to-end encryption and provide protection against data leakage,” the Bitfury Group noted.

In this case, user information and encryption keys will be deleted after the expiration of the data retention period.

In addition, the system will enable companies to implement an interface that will allow users to confirm the fact of storing their data using cryptographic evidence.

“Our decision is aimed at ensuring that companies that fall under the new EU regulation can quickly, safely and cheaply execute it. This, in turn, will give users greater confidence that their personal data is protected properly, “said Valery Vavilov, co-founder and CEO of Bitfury.

Note that the new law applies to all companies that store or in any way interact with personal data of EU citizens: web sites, social networks, instant messengers and mobile operators. It also involves large data centers and IT companies that provide outsourcing services.

Recall, in April, Bitfury’s Crystal tool was introduced into the customer identification system of the largest Asian anti-money laundering service provider BASIS ID.

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