Blocknitive, a commitment to data protection thanks to the blockchain

The startup, Blocknitive, develops Asentify Data, a solution that facilitates data interoperability by centralizing the different consents that an individual gives to an entity and tracing the movements that are made thanks to the blockchain.

Data protection It is one of the great concerns of organizations today. However, a Spanish startup has developed a solution that allows the interoperability of the data, the management of the consents of personal information, or any other data of a business network and trace its movements both inside and outside the organization.

This is Asentify Data, a proposal for Blocknitive, ‘spin off’ of the consulting firm specializing in technology, M&GT Consulting. This innovative product integrates blockchain technology with the data protection law (RGPD) in a way that guarantees the privacy and security of the data that flows between companies.

Thus, Asentify Data manages the right of access to data, the right to deletion and the right to be forgotten without affecting the security and immutability of the new technology. As Miguel Peco Perea, Director of Business Development points out, with this solution they get that personal data is kept outside the block chain so that “It allows us to protect them and activate security and privacy filters”.

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In this sense, the person in charge highlights that “Blockchain is a business opportunity to add value to the objectives of the RGPD, to protect user data and give them power over its treatment and interoperability. The key is to find an effective platform where technology and standards can coexist, and that is Asentify “.

In this sense, Miguel Peco explains that the management of consents through solutions such as Asentify Data contributes to reducing economic risks and also in the reputation of the company due to the lack of traceability, transparency and improper use of data.

With this, Blocknitive manages to streamline processes by increasing collaboration between suppliers and reducing technological and operational costs. The firm highlights that thanks to the use of blockchain, not only are information processes optimized, making them more secure and transparent, but they also manage to reduce costs by 50%, and time and dedication by 80%.

Blocknitive boosts its international expansion

Blocknitive’s commitment to supporting companies in their digital transformation and data privacy management is leading this startup, which currently has 16 employees, to an expansion process from its headquarters in Madrid to international markets such as Germany , France, the United States, Mexico or Switzerland.

The wide network of collaborators in these markets is already allowing collaboration with public entities for the implementation of traceability solutions based on blockchain. In addition, the company is in the process of expansion, with projects in 8 markets and a forecast turnover of 1.1 million euros in 2022

In the words of Miguel Ángel García Gil, partner and CEO of Blocknitive, this highlights the enormous transformation that companies are going to experience when it comes to governing the data they share and how they manage processes, which will change the way they do business . “In the B2B arena, there are three fundamental applications that harness the power of technology directly: digital identity, data governance and auditing”, Garcia holds for whom “Blockchain has come to change everything and we are only seeing the tip of the iceberg”.

Undoubtedly, a trend that will have an enormous development in implementation in the coming years as confirmed by the report “The State of the Art of Blockchain in Spanish companies”, by AMETIC, according to which, this technology will have a sustained growth of 54 % until 2023, when it reaches 339.2 million euros.

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