GDPR is about to hit Europe. The regulation is designed to reverse the power dynamic between large tech and finance companies, that gather and save user data, and the individuals whose data is at stake. The regulation creates a right to be forgotten (on the Internet!), the right to move personal data between companies, data protection standards, and other consumer-friendly amendments. The implementation of such regulation is massive, and IBM and Mastercard are teaming up by creating a company in Ireland called Truata to deal with the change.
Mastercard has immense amounts of financial data. IBM has cloud, blockchain and artificial intelligence capabilities. Will it thus be the tech and finance giants that solve the very problem the industry has created? Or can this be done better by the Crypto economy? Open source movements have for decades tried to solve the data question in favor of consumers -- see for example the FreedomBox project or the Ello social network. But there was not the financial leverage to re-engineer the entire direction of power and information on the web.
Crypto projects like Pillar, on the other hand, are motivated to create user-controlled wallets of private data which can be tokenized and then submitted as part of some particular economic activity. This can include medical records, financial activity, KYC/AML and government data, attention and browsing information, and so on. When such information sits at an address controlled by a particular owner with a particular wallet on a blockchain run by a decentralized, shared, distributed network (rather than one company), the promise of what GDPR is trying to accomplish becomes technically trivial. Of course the user can allow or revoke access to her data at will, and move it between different services securely! We think regulators would be well served in understanding this data architecture instead of being upset about the enabled rise of digital assets.