In banking, open data, a common pool of customer data that can be freely used and redistributed by anyone, could provide a number of benefits to customers and could increase competition in banking in the UK as well as in other jurisdictions. For example, open data could be used to improve the ability to make effective decisions about the use and management of money, or enable comparison applications to make more detailed and accurate assessments of how customers can save money. Continue Reading The Development of Data Sharing and Open Data in Banking

Any digital record of bank deposits opens up the possibility that its underlying set of data may be copied and that the nominal amount deposited may be spent more than once. With conventional bank deposits, banks monitor the digital records and are trusted to ensure their validity. With so-called “digital currencies” like Bitcoin, by contrast, the ledger containing the record of all transactions by all users is available to the public. Rather than requiring users to have trust in a central third party, reliance is placed upon the network and the algorithmic rules established to reliably change the ledger. The authentication technologies underpinning Bitcoin – known as distributed ledger or Blockchain-technologies – enable multiple instances of data to be synchronized and updated. Continue Reading Blockchain Technologies Move further into the Mainstream

The final draft of the new European General Data Protection Regulation (GDPR) was agreed on 15 December 2015 and, once it has been approved by the European Parliament in early 2016, is expected to take effect by early 2018. This reform aims to update data protection law to address the challenges of the digital age while simultaneously protecting the rights of individuals and enabling businesses to utilise personal data in a more consistent manner across the European Union. The GDPR will be directly applicable in the same form in all EU Member States with the intention of reducing the burden on international organisations that, up until now, have had to vary their compliance to satisfy the particular data protection requirements of each Member State. Continue Reading The New European General Data Protection Regulation

In its judgment of 6 October 2015 (C-362/14), the Court of Justice of the European Union (“CJEU”) held that transfers of personal data of European citizens to the United States made under the so-called Safe Harbor scheme are subject to significant risks, and declared the corresponding decision of the European Commission to be invalid. As a consequence, EU entities of U.S. companies so far relying on Safe Harbor will need to revise their practice of submitting personal data to the U.S. to comply with EU data protection law. Continue Reading Redefining Data Protection? Court of Justice of the European Union Strikes Down the Commissions “Safe Harbor” Decision