LOOMUSD Loom Network

Bitcoin Global News (BGN)

There is way more to the Mark Zuckerberg Trial than Facebook. This trial has implication across the board for internet use, personal rights, and interest in adopting blockchain technology. The EU has already set a date to enact GPDR (General Protection Data Regulation) - which they call “the most important change in data privacy regulation in 20 years.” U.S. Senators have proposed a bill called the “CONSENT Act,” to adapt to what social media platforms have been doing with data of user’s habits.
 

Future of Social Media

The Mark Zuckerberg trial is bringing many of the problems associated with the rapid growth of technology when governments don’t keep up. The founding individual principles of Bitcoin and cryptocurrencies are individual rights and transparency - the power to hold sole control over the wealth you possess and the history of transactions available to be seen on a public ledger

Social media websites have become a social ledger for the most important things in our lives. Pictures, conversations videos, check-ins that remind us of gatherings with family and friends. It’s hard to imagine that it could all just go away. However, when data is stored through a private entity, this is entirely possible.

Blockchain options: Steem, SocialX, Mithril, Loom, Obsidian, Akasha, Yours

User Data Trading Market Place: Liberdy

EU - GPDR

• Increased Territorial Scope - affect any company if the user resides in the EU

• Penalties - 4% of annual global turnover or €20 Million (whichever is greater)

• Consent - language used for terms and conditions must be clear and understandable

• Breach Notification - if one occurs, users must be notified within 72 hours

• Right to Access - a copy of the personal data, free of charge, in an electronic format

• Right to be Forgotten - option to erase his/her personal data, cease further dissemination

• Data Portability - provided data must be 'commonly used and machine readable format'

• Privacy by Design - inclusion of data protection onset of the designing of systems

• Data Protection Officers - internal record keeping requirements

U.S - CONSENT Act Requirements of Providors

• to obtain opt-in consent from users to use, share, or sell users’ personal information

• to develop reasonable data security practices

• to notify users about all collection, use, and sharing of users’ personal information

• to notify users in the event of a breach

• to comply as enforced by the FTC

By: BGN Editorial Staff