The recent data leaks by Equifax and Cambridge Analytica (/Facebook), along with regulation such as the GDPR demonstrate the need by individuals to centrally store and control access to their data. Today, a person’s data may be spread among companies and services all across the globe with no way to remember where you had to submit it, and no way to know which companies are sharing that data. Further compounding this data governance problem are organizations who don’t know how best to comply with data privacy regulations like GDPR to know when, how, and what personal data to remove across their many systems.
Enter DERO smart contracts. Perhaps a lifespan can be given on data access as part of the smart contract. For example, colleges would get access to your personal data they need for 2 years, universities for 4 years. After that, the smart contract automatically revokes such access and there’s no residual on education institutional systems to clean since all data is stored encrypted on the blockchain. Credit agencies would only need 30 days of access and banks 90 days. At any time, if you intend to extend your time with an organization (for example, going to graduate school or refinancing your mortgage), you and the institution can agree to re-up their access period to your data, but only with your approval.
DERO smart contracts can help consumers take back control of their data and help businesses comply with important data privacy acts.