MARAChain and ARK to Deliver Blockchain-Based GDPR-Compliant For Digital Documents in New Partnership
MARAChain And ARK Have Partnered To Bring a GDPR Blockchain Compliant Digital Document
The ARK has been considered as an all in one blockchain technology solution; they went ahead to announce the official partnership they have just gotten into with MARAChain. The partnership has been established to bring about a secure exchange of the GDPR-compliant digital documents for the blockchain.
MARAChain will use the ARK platform to be the basis of their blockchain solution; this is according to the partnership agreement. As a result, it should be able to contribute to the current development taking place for the custom IPFS module.
A Few Developments Taking Place In The Market
On May 25th of this year the EU, European Union, went ahead to issue a new series of the current regulatory standard that is referred to as GDPR, General Data Protection Regulation.
With the new regulations being put in place it will have a significant impact on both the businesses and individuals usually transmit their digital information plus the protection of private data for customers.
The GDPR has been designed in a manner it is able to protect the citizen’s personal data. It is important to note that the regulation does not only apply to the European businesses but any individual who is doing any kind of business within the European territory, or just handling some private data that is owned by EU citizens.
For most of the businesses in the market, this has forced the implementation of a rigorous review of the data privacy practices that have been put in place. This is not all as the implementation of new procedures has also undergone the stringent review. All this is to ensure business avoid the severe sanctions that might arise, which could amount to about 4% of the annual revenue or a fine of four million euros, whichever amount that is higher from the two.
A Solution Is In Place For The Small Companies
But for the small businesses or average users within the market, there is a simple solution that has been created to help in the transmission of data, while you are still staying within the set guidelines by GDPR. It is the solution MARAChain is looking to provide; this will be made possible through the utilization of the ARK blockchain platform plus the IPFS.
MARAChain has been designed to allow the transmission of secure and encrypted documents; thus, it is in a position to restrict access to third parties.
But this is not all as the system will also be able to offer access management to the creditable transfers that are taking place, all this will be made possible through an auditable, secure P2 verifiable transaction. The transactions that have been done on the platform will be made through the distributed network of nodes that have been located in the central European DPCs.
As a result, this will be able to guarantee availability around the clock of the needed information, plus adequate protection against any loss of information, it is all thanks to the redundancy that has been implemented into the MARAChain network.
A Few Comments From The Founder And CEO Of MARAChain
According to the founder and the CEO of MARAChain, A.J Melain, after they did an extensive research on the features being offered by the top blockchain technologies in the market ARK was the best platform to partner with as it will be in a position to full fill their requirements.
He continues to say that ARK has been designed with the potential of being the blockchain ecosystem for having high security in the data environment as the GDPR regulations have required it.
With all this coupled with the professionalism that is present within the organization, it is the reason MARAChain choose to collaborate with ARK.