Breaking Through the Privacy Illusion with Blockchain (Digitally Cognizant Blog)


What is modern-day privacy? With the extent of information sharing and connectivity prevalent today, the definition of what needs to be protected, at what level and from whom, seems elusive. For financial institutions, privacy compliance is the Gramm-Leach-Bliley Act and its implementing Regulation P, which require financial institutions to provide notice to customers about their privacy policies and practices; describe the conditions under which they may disclose nonpublic personal information about consumers to non-affiliated third parties; and, provide a method for consumers to prevent a financial institution from disclosing the information to most non-affiliated third parties by exercising the right to “opt out” of the disclosure.