Why Business Owners Should Care About Privacy Regulation

Web3 Entrepreneur, Investor, CBDC Inventor and Founder Panther, Bitt, BaseTwo, Fluent, Elemental. Cooperation with the United Nations, MIT and IMF.

Regulating privacy is not a completely new idea. Nor is it limited to the information age.

The right to privacy has its roots in ancient Roman law and Greek philosophy. The distinction between the public realm (polis) and the private realm (citizens) originated in the same place as democracy, in ancient Greece. It subsequently influenced the Roman legal concept of “actio iniuriarum”. It established the inviolability of dwellings and punished attacks on dignity and reputation. This is the basis of individuality.

Modern privacy regulations will inevitably extend into the digital realm, so decisions made today will shape the future of everything. This article details how companies can play an active role in shaping these norms and standards while carefully adapting to change to remain competitive. As society settles on frameworks that have a tremendous impact on how virtual worlds look, we strongly advise against idly observing.

Privacy settings

Let’s start by tackling the often-overlooked truth. Consumers love privacy. A free society dictates the kind of laws it needs according to its needs, and consumers (who vote with their money) seem to be turning to data protection.

With some leeway, one report found that more than 79% of Internet users are unwilling to invest time and money in protecting their data, or to pay extra for products with better privacy features. is showing. Additionally, more than two-thirds of us believe that current privacy laws are outdated and need improvement to better protect data.

It is no coincidence that new data regulations are spreading all over the world, such uniform changes are only the result of changing public opinion. Another trend surrounding the EU’s General Data Protection Regulation (GDPR) (one of the few regulations that has successfully upheld user ownership of data) is that most users believe they are knowledgeable about their privacy rights. indicates that there is

Most modern consumers are increasingly concerned about poor handling and oversight of their data (download required) and are well informed about their rights to improve their experience. We spare no effort to This creates a perfect storm for privacy, which big companies have only recently begun to adjust for.

For example, Apple has turned privacy into a selling point for its devices. Google is also bringing privacy features to Android, recommending an alternative to his invasive but ubiquitous browser cookie model. By promoting privacy protections, these companies distance themselves and effectively humiliate those who do not. With privacy becoming the norm, doing nothing can be expensive in the public perception game.

Changing regulations in the age of cutting-edge technology

It’s not too difficult to understand why a regulatory framework is appropriate. Regulation must be effective in avoiding bad consequences (in this case, leakage or misuse of customer data) while keeping compliance costs reasonable. Ideally, even small businesses should be able to achieve compliance to avoid excessive barriers to entry. Also, it must not infringe on the rights of customers or companies.

Bad regulation can be devastating. It can destroy businesses, severely limit the ability of entire industries to compete in global markets, hinder improvement of the status quo, and hinder innovation in the long run.

And while regulation may seem like an area that won’t always change with the times, technology tools are beginning to emerge to bridge the gap between compliance and privacy. One possibility is to leverage technology to give users complete control over their data without bypassing the platform’s ability to set and deny rules.

Alternatives such as zero-knowledge techniques can fill these gaps and verify a user’s identity, funds and background while ensuring confidentiality. Implementing this technology in various aspects of digital life, for example, would prevent creditors from knowing the exact amount of money in a particular individual’s account, and social media platforms would store individual user her data. lose. Thanks to the development of (mostly open source) cryptographic technologies over the past few years, privacy and confidentiality may finally meet in a win-win scenario.

Business Can Influence Rulemaking

Fortunately, we don’t always need huge budgets to support regulatory change.

Political action committees and advocacy groups are a great way to take action without consuming a large amount of an organization’s time and resources. Union creates power. Intuitively, this also makes sense. If you don’t argue your case, someone else may and theirs may not be in your favor.

Publishing informational content and openly discussing issues is also important. Favorable public opinion does not guarantee the implementation of a particular policy, but research confirms that it has a significant impact on policy. It is an excellent medium- to long-term strategy to

Remember, policy drafters want to win. You can also win by influencing public opinion. If you have a successful business, you probably already know how to create compelling, informative, and shareable content. Go and make your privacy memorable.

Show off your support for privacy

If this article reminds you of one thing, it’s this: Experiment and action. The name of the game creates value.

In any market, you will be paid for a desirable service that is worth the right price. You can create privacy protection products for individuals, businesses, governments, and any niche you can think of. Existing privacy-enhancing technologies can be leveraged to create new products and services. The possibilities are endless.

If you’re already committed to privacy, flaunt this loud and often. As someone who has always spoken to the world about how to enhance user privacy, I can say that there are a lot more than you think.By creating value together, we will always Achieve a net positive for humanity.

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