Identillect advances Blockchain to ensure the greatest protection for New European and Canadian Regulations

Identillect Technologies (TSXV:ID) has announced that it has advanced its blockchain technology to handle pending demand from the new European data handling regulation, General Data Protection Regulation (GDPR).

As quoted in the press release:

This regulation is pervasive across all of Europe and affects companies in the United States and Canada that do business in Europe.  The regulation becomes active in May 2018 and is one of the strictest data handling regulations ever written requiring companies to protect customer information.

As regulations advance across Europe, the development of security technology is critical for businesses to comply with the GDPR. Identillect has continued to advance technology and works to progress partnerships to make Delivery Trust® a top selected product when businesses are looking to meet GDPR requirements.  Blockchain has been recognized as a technology which is sought after to assist businesses to meet and exceed GDPR regulations. Identillect has made recent developments with blockchain technology to enable companies across Europe to meet GDPR regulations which will imminently affect businesses.

A BBN Times article stated, “To meet GDPR compliance, the creation of permissioned blockchain networks has proved helpful. With permissioned blockchain networks, a consumer can sign on the provision of information to a vendor with their digital identity.” The regulatory demands of the GDPR places significant requirements on businesses to ensure the protection of personal identifying information and the use of email security and blockchain management of information provides this.

A recent Computer Weekly article, How to improve security against email attacks and for GDPR compliance, quoted alarming statistics from Symantec’s 2017 report, “email malware rate has increased to 1 in every 359 emails. Phishing emails have also increased to 1 in every 1,968 emails.” The security of email is a critical component to protecting client information and complying with the GDPR.

Click here to read the full press release.