Lawmakers Finally Took Data Privacy Seriously

Lawmakers Finally Took Data Privacy Seriously — 2019 Regulatory Roundup

Data privacy has long been seen as one of the major non-monetary usages of blockchain technology. Many governments and corporations are already running recordkeeping systems based on distributed ledgers to securely store internal data.

Some excerpts:

"The CCPA carries fines of $2,500 - $7,500 per record / breach which means embracing privacy is now mission critical for businesses in California specifically and more generally in the U.S. The projected CCPA compliance costs of $55B reflects this. We're seeing enterprise businesses going through privacy-open-heart-surgery, investing heavily to reduce the liability of handling sensitive consumer data."
 

…

"Blockchain technology presents a significant opportunity to provide a killer application to address civil-rights / humanitarian protection aspects such as privacy, by providing ‘trustless’ handling of sensitive data. For the first time, there’s a technology that removes much of the risk surrounding the access and storage of sensitive data, including the human element, while remaining transparent and auditable to prevent abuse of power."

Michael Loewy, Co-Founder Tide Foundation
 

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