ARK and MARAChain Partnership - Privacy Protection and Compliance on the Blockchain
The team at Ark has been quite busy lately with recent hires and the formation of new partnerships. The most recent partnership with MARAChain highlights the utility of Ark’s technology and how it can be adopted on a worldwide-scale.
A major problem area for businesses of varying sizes is complying with legal requirements set by government entities. In the age of privacy, many companies have come under fire for the mishandling and misuse of customer information. The European Union as of May 25th issued a series of regulations known as the General Data Protection Regulation (“GDPR”) in order to combat this problem. The GDPR not only extends businesses working within the European Union but to any businesses they may export data to worldwide. The main purpose of the regulation according to the act is “Data protection by design and by default.” In brief, this means businesses that handle and process personal data must be built with safeguards in place which protect user data. In addition, all data must be kept under the highest possible privacy settings by default, so that the data will not be available publically without the explicit, informed consent of the customer.
One of the main areas of contention that the GDPR has been criticised on is the administrative burden companies will face in order to meet compliance with the regulation. This is where MARAChain proves its utility. MARAChain allows the transmission of encrypted and secure documentation, restricting access to third parties and offering access to creditable transfers, through an auditable, verifiable and secure P2P transactions. Being billed as the First Secure Exchange of Digital Documents that are compliant with the GDPR solves a lot of the administrative hurdles that companies that work within and do business with the EU will soon face.
MARAChain’s decision to partner with Ark was not taken lightly and was built upon careful consideration. A.J. Melian, the Founder and CEO of MARAChain, stated:
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 the Secure Exchange of Digital Documents.
As government regulations change and the needs of businesses change, it is apparent that the foundation ARK has laid out with its team and technology is strong. The partnership with MARAChain looks to be the first in a long series of opportunities for the ARK ecosystem’s limitless potential.
To Find Out More About ARK: https://ark.io/
To Find Out More About MARAChain: https://www.marachain.eu/