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 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 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.