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While this initiative addresses some of the fundamental demands of the EU's new GDPR regulation on the storage of data, we believe the BIT initiative is relevant to all companies and not merely those which store data about EU citizens. This is why Dativa is supporting the community efforts in both Hyperledger Indy and here at Kantara. Barely a week goes by without some new story appearing about a data breach after some criminals have hacked into a database and extracted PII data which they can then use in ways negatively impact those about whom the company has stored data. With BIT in place, the now encrypted data which the thieves have , will contain none of the valuable PII data the hackers are desperate to obtain. Not all data require encryption, and BIT identifies which data require a cryptographic process and which do not. While any data breach is serious, if customers lose out, not only will they require compensation, they are also much less likely ever to trust the company or purchase its products or services again.
The essence of the BIT initiative is in the 49 elements (as of 2019-12/17 to include new BIT element Link Secret) which require encryption when they are stored in databases, regardless regardless of whether these are on the cloud, in local servers or anywhere else.
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