What is GDPR?
The GDPR (General Data Protection Regulation) is a European Union regulation on consumer data and privacy protection. After four years of preparation and debate, the law was finally approved by the European Union Parliament on April 14th, 2016 and went into effect in the EU’s 28 member states on May 25th, 2018.
The law regulates companies that collect, store or process a large amount of data from residents of the EU. GDPR requires companies to be more open and transparent about what data they possess and with whom they share the data. Users need to have the option to erase their data permanently on companies’ servers. In addition, companies have to notify users within 72 hours if there is any data breach. If companies violate this law, they could pay up to 20 million euros or 4 percent of the company’s annual global revenue, whichever is higher. The intent is to give the control of the data that consumers own and generate back to them.
The implication of GDPR
Many large IT companies such as Facebook and Google, updated their privacy policies and terms of service to comply with this regulation. However, the business models of these companies are based on the data that they collect from their massive user base. The limitation on the data usage will have a significant long-term impact on the business models and operations of many companies in the IT industry.
How can blockchain help?
Blockchain technology presents a promising alternative to the traditional way of data gathering and processing business model. Because of blockchain’s pseudo-anonymous feature, it is significantly harder to link certain transaction records with a particular user. As a result, companies cannot analyze user behaviors and promote target marketing using the pseudo-anonymous data.
How can Atlas Protocol help?
Atlas Protocol (atlasp.io) is a tokenized marketing protocol that aims to address major problems in crypto marketing, such as the security and privacy of user data, using the blockchain technology. Unlike traditional ad tech companies, Atlas Protocol seeks to give full data ownership to users through decentralization. Being implemented on the blockchain, Atlas Protocol will be fully transparent for users, in contrast to the “data blackhole” setup that characterizes the current industry landscape dominated by digital giants.
Atlas Protocol always asks for users’ consent for data storage and data processing. Built into its core design, Atlas Protocol will only use public and user consented data for targeting in marketing. It always allows users to have the option to choose which data to be shared or even not sharing any data at all. Atlas Protocol does not share users’ data with any intermediaries.
Although blockchain is pseudo-anonymous, there is a possibility where hackers can deduce data origin indirectly by analyzing the data linked to hash addresses. Therefore, Atlas Protocol will also encrypt the marketing content and target marketing list to further protect user data. In this way, it can ensure that only targeted users can see the appropriate marketing content.
In addition, Atlas Protocol plans to compensate users for generating data within their network. With the user incentive program, users can choose whether to share their data with Atlas Protocol for token rewards or not. By introducing user incentive, Atlas Protocol aims to become the first marketing system to loop the end user into the economic cycle and share the reward of help building a better ecosystem for every participant.
Get in touch with Atlas:
- Atlas GitHub: https://github.com/AtlasProtocol
- Atlas Twitter: https://twitter.com/atlaspio
- Atlas Medium: https://medium.com/@atlasp
- Atlas Telegram: https://t.me/atlaspio
To know more about Atlas, click here