Customer privacy concerns are key impediments to international growth in banking and commerce, and there are many companies and individuals who remain “underbanked” due to these issues. Fortunately, recent advances in blockchain and other cybersecurity business technologies can help address consumer and regulatory requirements, particularly in the current volatile and changing commercial climate.
Privacy: A Global Concern
The recent vote by Britain to exit the EU — the so-called Brexit — elicited various reactions from many quarters. It may be said, however, that there is consensus on one topic: Personal privacy, regardless of country, should be jealously guarded, and personal data used sparingly and appropriately. In that regard, the emerging technology of blockchain, if judiciously implemented, may provide privacy support both within and outside a particular jurisdiction.
Many countries are concerned about the collection and use of their citizens’ data outside their national borders. In many instances, even a well-intentioned viewing of data can be construed as collection and use. For the full article click here
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