The social conversation is rampant around privacy, or lack of it, in our New Digital Era. A new regulatory frontier that is emerged from the notion that data could be used for the common purpose without the need to violate privacy.
As an enterprise that operates within this new digital ecosystem, our use of data, even internally, is carefully scrutinized. Compliance with new regulations is becoming so precise that the data become less accessible. Possible violations of data usage policies can mean not only steep fines but a reputational and overall ESG profile damage.
So, how do we comply? The average enterprise has written contracts as policies that are kept in document form somewhere in the organizations. Others add detailed and granular role-based entitlements. Is that not enough? I would say, not at all. API based access is not replacement for #Atomicity.
Honest re-sharing of data between internal departments is a daily activity that’s hard to stop. Mainly because most companies have no real clue of who is using what data and from which database? This get exacerbated with external cooperative sharing of data with non-trusting entities as you can imagine.
Today’s digital ecosystems are multidimensional and dynamic and entitlements systems alone, no matter how granular, can only appear to restrict access but on a bilateral basis only. E.g., “I can restrict John Smith to seeing only my address and age” but could not express the following rule using entitlement systems: “Only provide access to any party that is identified as John Smith and if he works for Bank of America and has a valid police warrant to see this data”. The latter being a daily possible situation today or in the future. I also hope this example explains the decentralized nature of data now and especially as we become more and more digital.
#Atomicity is something we will talk about in detail but for now; with #SmartContracts and a unique approach to encryption, you can achieve full transparency and leapfrog your competition with the insights gained from data usage transparency.