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“GDPR and Identity Management through Blockchain technology” at Digital Finance World 2018

01/03/2018 Digital Finance World 2018, Frankfurt Germany
Povilas Žinys, Product Portfolio Manager, LuxTrust

 

Yesterday, I attended Digital Finance World 2018 in Frankfurt.

Amongst the key themes discussed were:

  • New technologies like Artificial intelligence, Biometrics and Blockchain that are to enable new customer experiences, save costs and increase privacy and security for tomorrow’s consumers of financial services
  • Upcoming regulation such as GDPR, PSD2, AML4 and MiFID II that demand more transparency, openness and responsibility from financial service providers.

 

This leads to a great mix of issues and solutions to be discussed and addressed from legal, technical but also business model perspectives.

 

During the conference, I had the opportunity to participate and share LuxTrust’s vision on addressing GDPR and Identity Management through Blockchain technology.

 

Giving back control to the end user is one of key drivers today.  By allowing end users to manage their personal data, companies can increase user experiences, get higher quality, up-to-date and verified data on-demand and at the same time monetize their compliance processes by re-using and sharing validations with other companies.

 

In order to achieve this, I presented a semi-decentralized system that could leverage both high accountability and responsibility of a Trusted Service Provider and immutability and traceability of permissioned distributed ledger technology.

At LuxTrust we believe that this proposed model is the right balance between centralization and decentralization and we hope that an Open Trusted Ecosystem of Identity Management and Personal Data Exchange can benefit Service Providers, End Users and Validating Authorities.

 

If you have any comments or if you would like to receive the slides used during the event, please get in touch at povilas.zinys@luxtrust.lu

 

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