The Interactive Advertising Bureau's (IAB) Tech Lab has announced that it has launched a pilot version of PrivacyChain, a blockchain-based protocol developed by LiveRamp. The aim of this protocol is to simplify consent-management across complex supply chains and to assist publishers and advertisers in building more trusting relationships with their customers. The current version is now available for public comment.
The protocol's aim is to assist companies in managing and controlling how they handle and share users' personal data. The use of blockchain, in this case, effectively provides a shared, immutable and distributed ledger, which ensures all of PrivacyChain's participants have a single, consistent and up-to-date view of a consumer's opt-ins or opt-outs. As a result, companies will be able to build more trusting relationships with their customers. The protocol will also enable them to easily demonstrate compliance with several privacy regulations worldwide, including the GDPR.
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