ARK, the all-in-one blockchain solutions provider today announced an official partnership with Marachain to bring the secure exchange of GDPR-compliant digital documents to the blockchain. As part of the partnership, Marachain will be using the ARK platform as the basis for their custom blockchain solution and will contribute to the development of a custom IPFS module.
As of May 25th of this year, the European Union (EU) issued a new series of regulatory standards known as the General Data Protection Regulation or GDPR. These regulations have a major impact on how both individuals and businesses transmit digital information and protect the private data of customers. The GDPR protects citizens’ personal data and applies not only to European businesses, but anyone doing business in the European territory or handling private data of EU citizens.
For many businesses, this forced a stringent review of data privacy practices and implementation of new procedures to avoid severe sanctions that can amount to four percent of annual revenue or four million euros, whichever is higher. For the average user and small business owner, a simplified solution is necessary for transmitting data, while staying within the guidelines of the GDPR. By utilizing the power of the ARK blockchain platform and IPFS, Marachain looks to provide that solution.
MARAChain allows transmission of encrypted and secure documentation, restricting access to third parties and offering access management to these creditable transfers, through an auditable, verifiable and secure P2P transaction. These transmissions will be made through a distributed network of nodes located in the main European DPCs, which guarantees 24/7 availability of information as well as protection against information loss thanks to the redundancy of the MARAChain network.
“After extensive analysis of the features of the top blockchain technologies available in the market today, we have concluded that ARK best fulfills the requirements for Marachain. In our view, ARK has the potential to become the blockchain ecosystem for high-security data environments, as required for compliance with the EU-GDPR regulations. This, in combination with the professionalism of the organization and people behind ARK, is why MARAChain has chosen to collaborate with ARK to develop the future of Secure Exchange of Digital Documents.”