An inside look:
While organizations have been sharing, posting, and transmitting data for decades with little regard for disclosure risks, public awareness of data protection is growing. Data privacy crisis events and regulations like GDPR, CCPA, and more coming soon, have ushered in the Protected Data Age. As a result, consumer privacy protection and data security have become integral to conducting business in the new data economy.
Of course, the need to share data and glean insights for personalized customer interactions is not going away. Still, this new Age demands that businesses adopt a new data-sharing method. The primary design consideration for this new approach must be protecting consumer privacy. Personal data rights is a rapidly evolving field with both both moral and legal implications. The risks, both financial and reputational, are significant if a brand does not upgrade its data-sharing practices to conform to new standards.
That’s where Cryptoidentity comes in. Karlsgate created Cryptoidentity to protect consumer privacy while enabling the free flow of consumer information between companies. Cryptoidentity uses advanced cryptography and information security best practices to enable privacy-compliant data sharing.
Cryptoidentity, in conjunction with Karlsgate Identity Exchange, supports an organization’s plan to build protections directly into its data-sharing practices. It’s a Zero-trust approach to data-sharing that eliminates the need to use unprotected personal identifiers to conduct commerce. This reduces many of the risks that negatively affect consumer privacy protection without inhibiting the use cases for data sharing. Because the privacy-by-design data-sharing approach eliminates transferring or disclosing any Personal Data, brands are enabled to thrive in the Protected Data Age.