TripleBlind Response to NYT Article: The Era of Borderless Data is Ending
A recent New York Times article highlights a shift in attitudes among leaders in more than 50 countries regarding sharing data across borders. Driven by security and privacy concerns, these policymakers are increasingly regulating the transnational use and movement of data.
Countries are in effect moving further toward establishing borders for data. Regulations include rules and standards to prevent national rivals from gaining access to citizens’ data, more stringent data privacy requirements and rules for artificial intelligence, limitations on what data could leave a nation, and policies that require certain digital information to be stored in a specific country.
There are obvious and subtle ramifications of stricter digital privacy laws. Among the obvious ones are the potential to reduce collaboration, slow productivity, and increase prices for affected industries. More subtle impacts include greater rates of sickness stemming from smaller data sets used to validate diagnostic algorithms and increased fraud in financial services from an ability to gain a whole view of citizens’ investing behaviors.
The trend of “digital sovereignty” mirrors that of economic nationalism where national governments are “rethinking their reliance on foreign assembly lines after supply chains sputtered in the pandemic …” Recently, the French government killed a deal with Microsoft to manage health-related data after negative comments about giving the contract to a U.S. company.
Microsoft and others are also rethinking where data resides and creating infrastructure that enables customers to keep data within specific countries. However, innovation is addressing this new trend in a much more effective and elegant way.
Privacy Enhancing Technology, A Catalyst for Innovation
Privacy Enhancing Technologies (PETs) include a series of solutions designed to facilitate the collaboration of sensitive and protected data while remaining in compliance with the growing number of data privacy and residency regulations in place. In recent years there have been significant advancements in PETs that allow organizations to preserve data privacy and ensure compliance – thus unlocking the inherent value of data collaboration. One such solution is TripleBlind’s privacy-enhancing innovation.
TripleBlind offers the most complete and scalable solution for privacy-enhancing computation. The solution is being used by organizations in the healthcare and financial services industries to ease the pains, pressures, and risks involved in working with sensitive and protected data. TripleBlind is a software-only solution delivered via a simple API. It solves for a broad range of data science use cases, compares favorably to other PETs, and enables organizations to share data across borders while remaining in compliance with many data privacy regulations in place today.
Nations Can Collaborate to Ensure Digital Commerce
Data collaboration across borders that is effectively privacy-enforced unlocks the tremendous potential that is currently trapped in private data stores, proprietary algorithms, and behind national data restrictions. PETs, such as TripleBlind, serve as much more effective solutions to enable data collaboration than by creating new data centers or other strategies to address data regulations as software-based solutions can easily evolve as regulations change.