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Even though GDPR comes into effect soon, many of the companies, organization and website owners are not ready for GDPR. In fact, The Compliance, Governance, and Oversight Council (CGOC) survey found that only 6% of the companies are actually ready for GDPR.
Another research by Spiceworks found out that 43 percent of U.S.-based IT pros incorrectly assume they do not believe GDPR will affect their organization. It is clear by the official document that if you process or retain any data on EU citizens and residents, you will need to comply with GDPR. This is regardless of whether or not your company operates in European Union. Even if your company registered and operates in elsewhere. GDPR aims to protect the privacy of all European Union citizens and residents and it applies to all businesses that hold and process personal data collected in the European Union, regardless of their industry or location.
Here is the most common reasons that business owners cite often as main reasons why they are not preparing for GDPR.
Lack of information - I don’t understand the requirements, I do not understand how if affects my organization
GDPR is a hard legal matter. It is not very hard to understand the confusion about GDPR as it is very complex legal procedure and there is lots of confusions about it. The official GDPR document is 88 pages long and takes quite a bit time to read it and understand it fully.
Lack of time and resources - hard technical solutions Being GDPR complaint is not a small task for many companies and organizations: big and small. It will demand a major change in their approach, no matter if for those who already have a privacy program.
Lack of IT budget - It is estimated that Fortune's Global 500 companies will spend roughly $7.8 billion to be GDPR compliant. However, many of the small business owners do not have a big budget to spend to be GDPR complaint.
I do not know where to find support -Many business owners and officers feel like they do not know where to find GDPR related services and products and even if they do, they do not know how to vet them.
Scam and fake experts and solutions - Another common complaint of business and online service owners is that, even though there are quite a few GPDR experts and GDPR services solutions on the marketplace, they are unsure about which of those experts and services and solutions could provide a real solution for them since almost none of them have a work history because of the nature of any GDPR solutions business.
GDPR.CASH is a public network of GDPR experts. We not only verify and list the experts we work with but also provide a marketplace where business owners can request audits and help to achieve GDPR compliance. They can define their budget and requirements and the interested experts can contact them and help them directly. We grant the process through an escrow smart contract. At the end when the process is finished we issue digitally signed certificate for GDPR verification process which the client can put on his website. The certificate is also uploaded to the public Ethereum blockchain. The network and its services are driven by ERC20 token called GDPR Cash.
Besides that we provide the webmasters with free tools and widgets to help them inform the user about the privacy terms and to provide necessary functionality according to the GDPR.
Our main service is the marketplace where any business especially online can post a GDPR verification request with a fixed or floating budget and to receive help from the experts in our network. This service is suitable for small websites, blogs and e-commerce. The process is paid using our ERC20 token - GDPR Cash.
GDPR.CASH is a platform for GDPR compliance. It will bring GDPR experts - lawyers, software engineers, data experts, IT experts and more, so whoever needs an advice, audit or help to achieve GDPR compliance will have easy and cheaper access to professional services. The network operates with a special Ethereum based token, used as a compensation for the experts’ services.
We provide all parties with a secure escrow contract, implemented through a smart contract on the Ethereum blockchain which grants the transactions between them. Once the expert’s part is fulfilled and confirmed by the client the payment for them will be released. Then we are going to issue an unique digital certificate proving the process, date and time and the result. We write this certificate to the blockchain as a immutable proof and give the client a special badge and widget with which he can show this proof to his users or any interested party.
Our token - GDPR Cash, with a symbol - GDPR, is a ERC20 standard Ethereum token. It is pre-minted and distributed between users and experts through a presale and initial coin offering. Once the ICO has ended the token can be bought or received only from its respective owner e.g. participant in the ICO. The services we provide will be solely purchasable via tokens.
GDPR Experts can register in our platform for free. They will be listed in our websites. By registration they will receive bonus tokens. They accept to receive tokens as a compensation for part of their services such as consultation or audition process through our marketplace. When we evolve our platform we are going to start charging the experts for better positioning and advertisement of their services. However with the bonus we provide all experts will be free of charge at least for the first months after the ICO. This will also motivate them to provide better services to their clients.
Clients will be website owners, mobile applications or any other business whether online or offline that works with personal data of EU citizens. They will receive access to a huge list of experts and services. They can work with an expert directly by contacting him or through our platform or post help request through the marketplace. Using our platform could give many benefits. For example a question can be answered by multiple experts since all of them will be motivated to take a reward in tokens.
Also we simplify the GDPR compliance process by providing webmasters with an instruments to integrate functionality that are mandatory by the regulation.
If the website is verified by an expert it will receive a badge issued by us that will give additional form of thrust to the user.
The process of verification works like this:
A website owner wants to be verified if his website is compliant with the regulation. He uses our marketplace to create a request for verification. He sets a budget and makes a deposit in our escrow contract using GDPR Cash. All experts in our network can see and apply for the request. Those who want to participate answer the request and we exchange their contacts with the client. After the consultation and verification by the expert(s) is done and all parties agree with that the escrow will release the funds to the experts. Also our system will issue a digital verification certificate which will be written on the blockchain. The website owner will be provided with a widget (code/plugin) which he can put on his website thus proving the verification process to his users (Proof of Service). The certificate has a validity of 1 year.
Right to be Forgotten
If a user wants a given website or data broker to erase their personal information, the user can declare this wish through our platform and their declaration will be registered in a public blockchain. Our GDPR verified widget will provide an interface for this purpose. The data stored in the public blockchain will be hashed so that no plain text is revealed. However, third parties can check whether the user has opted out of their services
GPDR requires all the data collected by the websites to be stored with the user’s consent. By definition personal data means information that can lead to an exact person. So IP address is not personal data. Except this IP address is bound with a name, address or phone number.
Almost every personal blog has form for newsletter subscription or some kind of contact form, which requires name and phone number of the user.
99% of the websites log the IP addresses of their visitors and store that indefinitely.
That means no website will be compliant with the GPDR when it comes in effect. And hiring expensive lawyers and auditors and purchase special software will not be an option for millions of small bloggers and e-comerses.
We provide them with an easy solution - we develop series widgets and plugins, supporting all major CMS - Wordpress, Joomla, Magento etc. that the small webmaster can use to inform the user about his rights and to give him interface for consciously agree or disagree with the website’s data policy. Also we provide interface for the user to be forgotten.
GDPR Job Board
After the GDPR comes into effect, many companies and organizations will need to hire a Data Protection Officer (DPO), which is a requirement for companies operating with more than 10,000 subjects. Also they may need legal professionals, engineers, or managers with knowledge and experience in the regulations. GDPR.CASH will create a Job Board that companies can announce their full-time GDPR related jobs openings and people can apply to those jobs.
GDPR Experts Community
GDPR.CASH will also build an GDPR experts community where they can exchange latest information, happenings and news, build and improve their professional network and keep up with the recent regulations.
Event sponsorship and organization, free educational videos and podcasts.
GDPR.CASH organizes and sponsors GDPR related events around the world, where GDPR experts and related industry professionals can gather together.
With the possible heavy fines under new GDPR framework; up to €20 million or 4% of the company's global annual turnover of the previous financial year, whichever is higher, in the horizon, businesses have no choice but to prepare. It is obvious that once GDPR.CASH platform is live, the demand will be there.
What makes GDPR.CASH significant is that it is going to be a "one-stop" solution for everything related to GDPR, be it products, services, experts and online GDPR learning platform.
The business model that GDPR.CASH will implement will be a combination of namely "marketplace commissions" and "subscription charges" and "advertising model".
GDPR.CASH will act as an intermediary between the GDPR-compliance experts and solutions providers and companies that are looking to utilize those services in order to be GDPR-compliant. Companies that receive the services from the experts and service providers will pay using our native token (GDPR).
All experts and companies in GDPR.CASH network can use its services for free with some limitations. If they want to have better positioning, customized look and access full functionality they can order a premium membership using GDPR tokens.
GDPR.CASH will provide advertising space where companies and experts can promote their GDPR related services and products with CPM (cost per thousand), CPC (cost per click) and CPA (cost per action) offerings paid using GDPR tokens.
Any company or organization that their online services serve to European Union citizens and residents.
There are no GDPR-related network or comprehensive platforms as of yet, hence no competitions. Companies and organizations that offer GDPR-compliance or any other GDPR related services and products are not competitors, rather they are part of the business.
Guaranteed Token Demand
Experts will receive some tokens in advance. All interested parties can participate in the ICO. Once the ICO is over unsold tokens will be burned and no new tokens can be created. When an user wants to be audited he can either pay with tokens if having some or can pay with cash. If he pays with cash we need to exchange that for tokens. We can do that either by our reserve or by purchasing tokens from the exchanges. This will create a demand for the token.
GDPR.CASH's team members.
Chief GDPR Expert