BDO USA and IntraEdge launched a blockchain-based solution called GDPR Edge, to support the General Data Protection Regulation (GDPR). This solution is being supported by Intel and Microsoft.
GDPR data protection rules will apply to all the businesses operating in the EU, even if they do not have any physical presence within the EU. Any company that stores or processes personal information about European citizens within or outside EU states will need to comply with GDPR.
The GDPR will be effective from 25th May 2018, and the companies who miss compliance deadline will be fined up to €20 million or 4% of annual revenue. GDPR Edge is ready-to-deploy solution that can help companies to operationalize some elements of compliance.
It has been especially designed for organizations which have highly complex environments with enormous number of data sources, customer touch points, and multiple point-of-sale systems.
The new solution will integrate GDPR into the business processes, mitigate the risks and streamline the compliance efforts on an ongoing basis. Organizations will be able to view all the transactional data at a centralized location, while providing external consent mechanism to consumers.
GDPR Edge will allow the end-users to review their personal information collected by the organizations. They will be able to modify the information and even ask for removal.
“This centralized repository can be made available to data protection authorities, auditors and data governance professionals, as well as any other data collector or processor, meaning increased accountability, information transparency, accuracy, efficiency and auditability,” says Stephanie Giammarco, Partner and National Leader of BDO’s Technology and Business Transformation Services practice.
It will run on Intel Software Guard Extensions (SGX), and will be integrated with Azure cloud and Microsoft Business Intelligence offerings. The Intel SGX is an architecture extension which increases the security of application code and data.
Furthermore, the GDPR Edge leverages distributed ledge technology of Hyperledger Sawtooth to enable trusted governing parties, and provide consumer access and transparency. BDO has contributed its data governance, privacy and auditing capabilities to the new solution.