About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Provectus Offers GDPR Solution Based on Distributed Key Management and Blockchain

Subscribe to our newsletter

Provectus will bring an automated General Data Protection Regulation (GDPR) compliance solution to market this month. The solution focuses on data related aspects of the regulation, particularly interactions between individuals and organisations, and is based on distributed key management and blockchain based audit.

The solution is designed for start-ups and small to medium sized businesses that need to comply with GDPR, but don’t have resources for consultants and legal, or expertise in building robust compliance processes and policies. Customers do need to be relatively tech-savvy as the solution is provided as a suite of application programming interfaces (APIs) and requires some technical acumen to be integrated, although help can be provided by Squadex, Provectus’s parent and a technology consultancy and software engineering specialist.

Dima Kanevsky, product manager of Provectus, says: “Large companies are spending millions of dollars on GDPR compliance, but smaller companies can’t do that, so we have built an automated solution that is more efficient than manual processes, allows individuals to exert their rights under GDPR, logs data for audit purposes and doesn’t require expensive human input.”

The GDPR solution’s technology is tried and tested, and already in use in the US ensuring the privacy of sensitive financial data required for corporate tax purposes. GDPR compliance is limited to data interactions between individuals and organisations, which must fulfil their own Data Protection Impact Assessments (DPIA) and decide whether they need to appoint a Data Protection Officer in line with the regulation’s requirements.

Organisations and individuals interact through APIs, with individuals using devices such as mobile phones or a web application, and a key provided by the organisation to turn on or off consent to access their personal data. The key management solution encrypts data on a record-by-record basis and records of processing activities are kept on a cloud-based blockchain that keeps a log of users’ decisions on their data in an immutable way. Data from the blockchain can be extracted by users or authorities automatically, while the data encryption element of the key management system means any breaches of personal data lead only to anonymised data.

Yuri Vizitei, chief technology officer of Provectus, explains: “The core of the solution is distributed key management that allows individuals to control what personal data they provide to an organisation and access the information. The blockchain model is fit for purpose here as it provides an audit log rather than data storage that is subject to change.”

Provectus plans to price its GDPR solution on bands of numbers of active data users and says it has customers in the pipeline that will be up and running in time for GDPR compliance on May 25, 2018.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to simplify and modernize data architecture to unleash data value and innovation

The data needs of financial institutions are growing at pace as new formats and greater volumes of information are integrated into their systems. With this has come greater complexity in managing and governing that data, amplifying pain points along data pipelines. In response, innovative new streamlined and flexible architectures have emerged that can absorb and...

BLOG

Rethinking Data Management in Financial Services: Virtualisation Over Static Storage

By Thomas McHugh, Co-Founder and Chief Executive, FINBOURNE Technology. In Financial Services (FS), data management has long been centred around traditional database storage. However, this approach is fundamentally misaligned with the nature of FS data, which is process-driven rather than static. The industry needs a shift in perspective – one that prioritises virtualisation over rigid...

EVENT

Buy AND Build: The Future of Capital Markets Technology

Buy AND Build: The Future of Capital Markets Technology London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...