GDPR is new European law covering the processing of the personal data. It enforces the whole set of new requirements which totally change the way how personal data is treated. Not only the company has to request consent to process the data, but also it has to provide an easy way to withdraw this consent, to request the data erasure or send the data back to the person in an electronic form. Any shares of the data with the third parties have to be reported to the person. Under the GDPR, the person gets full control over their data.
Failure to provide the person with the capabilities required by GDPR may lead to the penalty of €20Mio or 4% of the company's global turnover whichever is higher.
Dlock is a platform which allows the person to regain the ownership of their personal data while making the companies GDPR-compliant.
Dlock employs blockchain for managing user consents making it impossible to challenge the fact that consent has been given or withdrawn. The user can manage their data via Dlock mobile app.
Anyone has personal data such as identity, biometric information, and address details. The wealth of data is being created by various organizations throughout the life of a person: health records, education history, credit history and much more. This data has to be stored and shared in a secure way in order for the person to get different services from the governmental and commercial institutions.
Blockwise solution is the distributed system for sharing the sensitive data. It is built upon Ethereum technology stack which ensures data integrity and availability. The middle-ware layer, developed by Blockwise, ensures unprecedented security of the data stored in the Ethereum smart contracts.
Insurance industry faces many challenges today, one of which is growing digital expectations of the consumers. People became very mobile in the digitized world, they want the insurance products to be flexible, granular and available through their connected devices.
Legacy infrastructures of large insurers are not ready for the challenge. The costs of introducing new insurance products are high while time to market is long.
Blockwise offers the software platform which allows 'programming' of the insurance product on top of blockchain network. (Re)Insurance companies, brokers, aggregators, and other stakeholders can join the network to streamline the business processes and the data flows. Having every insurance policy processed by blockchain means that claims and payouts are fully automated, policy administration is simplified and client-orientated and all the data is securely stored in an irrefutable way for further analysis whether it is fraud prevention or compliance reporting. The distributed nature of the system removes single points of failure.