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Using the Boyce Data platform, your business is compliant with LGPD, GDPR, and CCPA. Boyce Data allows for the collection of consents and verification evidence, making the audit processes easier.
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The Consent Economy is in constant development. I believe that in a world driven by Open Ecosystems and with privacy laws that genuinely penalize data misuse and leaks, companies will be even more cautious in handling and using data. The significant challenge will be to create truly beneficial use cases for the end user to the point where they willingly renew their consent during the data sharing journey.
A simplified and frictionless data sharing journey is of utmost importance for the success of Open Ecosystems. Consumers are getting used to the idea that their data holds value for companies, and businesses will become even more competitive, not only for customer data but also for their consent.
Recently, the Central Bank of Brazil made changes to the rules regarding the validity of data sharing consent. When we look at other ecosystems, such as the United Kingdom, similar changes have also occurred.
Previously, in the UK, consumers using Account Information Service Providers (AISPs) had to re-authenticate access to their bank data every 90 days, which required providing authentication credentials to banks periodically.
In November 2021, some regulatory changes eliminated the need for reauthentication every 90 days in the UK. Now, consumers only need to provide a reconfirmation of consent for their data to be accessed, simplifying the process.
In Brazil, before the changes, consent for data sharing had a 12-month limit. After 12 months, consumers had to go through a complex renewal process, including redirection to the institution that transmitted the data.
The recent changes introduced by the Central Bank of Brazil 🇧🇷 removed the 12-month limit. Now, consent depends on agreements between the parties, as long as it aligns with the purpose and complies with the LGPD (Brazilian data protection law).
I believe that as companies adapt to open ecosystems and stringent privacy regulations, consent will become even more valuable. Simplifying data sharing journeys, as seen in the UK and Brazil, is crucial to reduce friction and make the user experience more user-friendly. The future success of the Consent Economy depends on companies' ability to innovate, ensuring that consumers remain in control of their data and that data sharing is beneficial and transparent.
Until the next!