Russian cybersecurity solutions company Kaspersky has said that it has received a patent from the US authorities for a Blockchain technology that can protect personal data from illegal transfer and processing. The technology would be handy for Know Your Customer and Client Due Diligence service providers, it said.
“Organisations can now refer to transaction records in the Blockchain network to confirm parties’ consent to the transfer and processing of personal data,” it said.
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“It eases the data management process and ensures lawful sending and processing of information. It also guarantees authentication reliability of parties involved during data transfers and ensures information confidentiality,” a Kaspersky executive said.
‘Systems and methods’
The US Patent and Trademark Office issued a patent for ‘Systems and methods’ for sending user data from a trusted party to a third party using a distributed registry.
“Data management technologies are a rapidly emerging worldwide trend. We were interested in developing methods that can contribute to the safety of those solutions,” Alexander Sazonov, inventor of the technology at Kaspersky, said.
“While working on the project, we solved this security problem by providing the technical ability to confirm the transfer of data while ensuring the protection of information by not storing it in the blockchain,” he said.
For other purposes
This technology may also be applicable in other scenarios, such as the exchange of trade supporting documents or the confirmation of employees’ authority to sign off on business-to-business electronic interactions.
Kaspersky’s latest patent helps service providers comply with legal requirements regarding the data safety protocols they must adhere to and deliver on the commitments they make to their clients, Sandra Lee, Managing Director of Kaspersky (Asia Pacific), said.