The YourBlock personal digital filing cabinet will give the consumer much needed peace of mind and assurance by putting personal data back into the control of the individual. With the General Data Protection Regulation (GDPR) coming into force in May 2018, the YourBlock platform will provide a solution to allow for compliance to Service Providers, the significance of this change should not be underestimated. While consumers will input and manage their own data, Service Providers will upload details of plans and offers, with YourBlock operating as a two-sided piece of technology, connecting both parties through transparency and trust, using Blockchain technology. With Service Providers inputting information, consumers will be able to directly renew, modify or cancel plans and receive tailored quotes specific to their needs, cutting out the middle man (price comparison websites). By participating within the platform, there will be a fundamental change in relationship with the consumer, empowering them to shop for insurance and utilities by being in control of their data and rewarded for doing so. This new ‘privacy bank’ will also close the gap on the collection of personally identifiable information (PII), which has been a serious issue with information phished on the internet, leading at times to identity theft. Zero personal data will be sold to third parties, minimising unwanted third party marketing calls, e-mails and SMS.
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