The General Data Protection Regulation (GDPR) will become effective on May 25th, 2018. This new European privacy law gives consumers more rights with regards to their personal data.

Right to access
Right to change
Right to erasure
Right to portability
Right to complain

And it gives companies more clarity on how to deal with personal information and data.

The GDPR will change the internet drastically. Consumers will experience a significant difference in their user experience, because according to the law, companies have to change their (online) data processes. At Faktor, we believe we can give consumers control over their online data, while still enabling publishers and advertisers to thrive.

The consumer is in control

While there are a lot of rules and details, the core of the GDPR is that consumers will have more rights with regards to their personal data. They will have 5 rights. The right to access, change, eliminate, transfer and complain.

One law for the whole EU

The GDPR is Europe’s new framework for data protection laws and replaces current privacy laws in each individual country. Also, any company outside of the EU that processes a European’s personal data must comply with the Regulation.

A serious fine

If a company doesn’t process an individual’s data in the correct way, it can be fined. If a company requires and doesn’t have a data protection officer, it can be fined. If there’s a security breach, the company can be fined. These fines can be up to € 20 million or 4% of global revenue, whichever is greater.

IP and cookie data

The GDPR rules are relevant for all personal data which can identify a person. The definition of what qualifies as ‘personal data’ has been expanded to include a wider range of personal identifiers, including unique identifiers like cookies and advertising IDs. The GDPR also strengthens the conditions of consent, which will have a significant impact on online advertising.

Today, consumers accept cookie messages by simply clicking ‘ok’ to a text that they probably didn’t read. After May 25th, 2018, this process will change. Companies need to ask for permission and that also involves processors. Each technology platform, media agency and advertiser using personal data for advertising and profiling, needs to ask for permission. This will translate into people having to give their informed and explicit consent for a wide variety of purposes. For most companies and websites, it will be quite difficult to manage this in a consumer-friendly way. Therefore Faktor built a Privacy Manager.

Blockchain, the solution for the GDPR?

Blockchain presents us with a new way to transact value and information. At Faktor we created an accountability ledger to ensure auditability and trust. Our decentralised framework makes sure we are not the middleman and that everyone who uses Faktor products can feel comfortable to do so.

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