Privacy and Blockchain
- TYPE: Combined Session DATE: Tuesday, November 28, 2017 TIME: 14:00-15:00 LOCATION: New York
Consumer Identity & privacy has been in headlines in recent times. Identity federation has fuelled the proliferation of personal data across tons of web sites & they in turn get hacked. Thereby, lot of consumer personal data are now available on dark web. If we start with "privacy by design", businesses can explore using anonymous or pseudonymous identity, which could help reduce the risk to consumer identity & help meet data protection obligations of GDPR. In this presentation, I will show how blockchain can help with orchestrating pseudo identity federation. Leveraging PSD2 Open Banking APIs, bank login can power Smart Pseudo Identity Contracts. This zero knowledge contracts help to prove consumer's identity without actually revealing their personal details.
Blockchain development has long reached the field of financial markets. In 2017, a major German automotive company has executed the first Schuldschein loan on a blockchain-based platform. This presentation will look at this particular use case of a corporate Schuldschein transaction. We will address the questions what are the characteristics of the transferred digital asset, how does the existing law apply to the blockchain-based activities and how could blockchain be regulated. The aim is to show how the technological process can enhance financial processes and improve banking services for customers. Privacy of the transmitted data is an important aspect of such transaction and calls for a re-conceptualization of how we think about and manage identity on a blockchain-based platform