For a long time, companies have been collecting personal data from their customers and using it without consent. The personal data includes names, address, date of birth, occupation, age and telephone numbers. Recently, online identifiers such as IP addresses have been included within the definition of personal data. Although there are data protection laws in place, it is still a process that customers have to undergo in order to eliminate the chance of a company using their data without consent.

Legally, consumers should give consent for their data to be used in marketing but there are certain exceptions. For instance, when a customer buys something and gives their details without opting out of marketing messages or negotiates to make a purchase by asking for a quote or more clarity and fails to opt out of marketing messages.

The number of people without information about the practice of processing personal data, or that their consent is required for their data to be used by a company is very large. It is therefore important that organizations make it a priority to protect the personal data of their users, even without the users’ efforts.

Blockchain technology has been used as a way to introduce fair information practices as it encourages privacy practices. Data inputted into the blockchain is controlled by a user through their private and public keys, allowing the user to own said data. Therefore, without the consent of a user, the data cannot be accessed. Owners of personal data therefore, have the power to control when and how third parties can access their data.

For NeoInsured, this feature means that users can authorize insurance companies to use their data for marketing or research campaigns. Without this consent, all power lies with the user. This is unlike traditional companies whereby users have to follow up to gain information on the use of their personal data, giving companies power.

As opposed to other means of accessing insurance information, NeoInsured aggregates data from various players into one platform. Therefore, a user seeking insurance information on any area does not need to input a lot of personal data. Basic features of each insurance offer are listed on the platform. Therefore, the user has the power to choose the information to provide as well as withhold without missing out. The integration of the blockchain into NeoInsured will further allow users to have more rights with their information and identity by protecting them.

Blockchain technology allows users to attain online identities in form of private keys. A user does not have to input any personal information to create an account in most platforms. However, when they do, the information is solely protected by the platform and cannot be shared by the platform. NeoInsured will protect the information of its users by keeping their data private, and only needing such data when KYC requirements are needed and when users sign a contract allowing them access to expert advice. Therefore, a user can access free insurance information on the platform without revealing any of their personal information.