Data privacy laws like the European Union (EU) General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) are complicating business for retailers. While these regulations improve consumer privacy, they also present significant risk for retailers who handle an increasing amount of personal data.
And the impact of these new rules goes beyond e-commerce. The legislation also has important implications for in-person transactions, requiring an effective data protection and management system integrated into all company point-of-sale (POS) systems.
To address these issues, retailers are turning to blockchain technology. Vendors of consumer goods and services are now installing it on physical and online POS systems to ensure proper data handling, from initial transaction throughout the information lifecycle.
Blockchain for Retail POS
Modern retail environments engage customers in multiple ways over the course of time. Common touchpoints include social media check-ins, online and in-person advertising, POS transactions, and loyalty payments.
To bring all of these interactions in compliance with regulations, IntraEdge offers a blockchain-based solution called Truyo, previously GDPR Edge. Built in partnership with Intel®, Truyo is designed to help retailers integrate data management, protection, and compliance into their business systems. It addresses POS, e-commerce platforms, call centers, mobile apps, kiosks, or any Internet-based interaction mechanism.
With the solution in place, retailers can map data use, track consent agreements, maintain version control, and view service orders down to the individual user. In addition, Truyo stores opt-out lists and “forget me” requests to prevent retailers from sending marketing messages to the wrong person.
Truyo technology components include a blockchain ledger, centralized data lake, API workflow engine, and custom user portal, each of which can be tailored to deployments of any size