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How GDPR Impacts Tech Innovations?
Here’s an effort to determine whether regulations in Europe are repressing or stimulating tech innovations.
FREMONT, CA: The interrelationship between regulations and innovations is complex. While regulations might sound like a deterrent to technological innovations from the outset, a more in-depth look can reveal a different story. By formulating and implementing the General Data Privacy Regulation (GDPR), Europe has changed the dynamics of the tech revolution in the region. Today, every company originating or operating in Europe has to comply with stringent data privacy norms under GDPR. Whether GDPR has facilitated Europe's rise in the global race for technological supremacy or limited its prospects is being discussed extensively today.
Europe has traditionally essayed the role of a technology consumer. While Silicon Valley in the US prospered and gave some pioneering innovations under significant amounts of deregulation, Europe fell behind in the technology race. The European approach of driving tech innovations through government-backed incentives did not give the desired boost either.
However, Europe has managed to get back in the technology innovations race today, and the impetus for which seems to have come from an unconventional source- the GDPR. While the legal framework under GDPR sought to foster data privacy in the digital age, it has become an innovation facilitator. Before GDPR rolled out, the business ecosystem was distraught about its impacts. But, GDPR has ended up as a facilitator helping European technology firms compete with global tech giants. An article about regulations and innovations in Europe published in Podium states that Europe’s tech industry is flourishing under heavy regulations.
To negate the impact of restrictions on data usage, technology firms in Europe have started modernising legacy systems. Tech infrastructure is getting an overhaul. As companies vie to use the data that is still available, innovations and digitalisation have become a necessity. Young entrepreneurs today have new opportunities, and leading European cities are becoming startup hubs. Thus, GDPR has unintentionally paved the way for rapid technology innovations across Europe, pushing it ahead in the technology race.
See Also :- Top GDPR Solution Companies in Europe