Bitcoin News — Blockchain
Posted by Marie Huillet on
Ethereum (ETH) co-founder and ConsenSys CEO Joe Lubin has said that with blockchain, society will move “from a scarcity to an abundance mindset.”
Ethereum (ETH) co-founder and ConsenSys CEO Joe Lubin has said that with blockchain, society will move “from a scarcity to an abundance mindset,” in a New York Times (NYT) interview published Nov. 12.
Lubin made his remarks at the NYT’s International Luxury Conference at the Intercontinental Hotel in Hong Kong, which runs Nov. 12-13 and brings together speakers that include the CEO of fashion brand Balenciaga, the president of Alibaba Group, and the CEO of luxury coat producer Moncler.
During the conference, Lubin spoke about how the advancements heralded by blockchain tech could potentially give control back to society, allowing for more individual “agency”:
“We are going to to be more in control of our identity and our agency on these different decentralized networks and I think that’s going to create more wealth [...] more interest in expressing ourselves, and I think there will be more appetite for luxury than less.”
Lubin’s comments last week on the present development of blockchain ecosystems — which he compared to the growth of the Internet — cast some light on his perspective that the technology’s disintermediation and decentralization can help to spur innovation across all levels of society and the economy by “enabl[ing] a self-determined, sovereign identity.”
This summer, Lubin outlined the processes of wealth generation in the new tokenized economy, noting that he has noticed a “qualitative shift in the nature of money” that has moved society towards a world of “global villages.”
Posted by William Suberg on
A new patent from IBM identifies the need for a blockchain-based science research safeguarding tool.
U.S. multinational IT company IBM plans to use blockchain to aid scientific research and provide a record of its results, a new patent application filed with the U.S. Patent and Trademark Office revealed Nov. 8.
IBM, originally filing the concept in December last year, says it foresees “integrating a blockchain and data collection and analysis for open scientific research.”
Now, an altogether more technical offshoot addresses what it describes as a lack of platforms offering “requisite controls and mechanisms” to safeguard scientific findings.
“Currently, there are limited platforms that allow for sharing information about scientific research and showing transparent data collection and analysis steps,” the patent application reads, adding:
“Platforms that do exist, lack the requisite controls and mechanisms to allow for trustworthy data, as there are few options for ensuring that data will be resistant to modification.”
More broadly, the science sector stands to benefit in multiple ways from the advent of the technology.
Posted by Guest Author on
i-House.com has revealed its plans to create a global real estate marketplace that combines blockchain technology with traditional real estate methods.
The real estate industry has seen significant growth since the recession. With market prices predicted to increase along with millennial demand in 2019, the industry is as welcoming as ever. Although the market is improving, it is still plagued by issues that make the investment process less convenient than it should be.
Major drawbacks of the real estate industry
Real estate investment has three major drawbacks: the presence of intermediaries, the lack of affordable funding options, and fraud.
Agents take up to six percent of the total payment made on a real estate asset. This means that intermediary fees would account for over $23,000 for a house that costs $400,000. Unfortunately, up to 80 percent of home buyers still use an intermediary and continue to pay these fees according to a report by the National Association of Realtors.
Real estate is also expensive and the prices continue to climb, limiting access for a greater part of the population. According to research by CNBC, an investment of $1 million will most likely buy about 270 square feet of prime property in New York. However, only about 10 percent of US residents can afford such a price tag.
Finally, the commercial real estate industry is rife with fraud, not just in the United States, but globally as well. According to a statement by the FBI, the internet crime complaint center saw a 480 percent increase in real estate fraud complaints filed in 2016. These crimes, including title fraud and online sale scams are aided by the rarity of trusted platforms where real estate documents can be verified.
How exactly can blockchain fix these issues?
A blockchain is an immutable ledger in which transaction data can be recorded. Its benefits include transparency, traceability, accessibility, and enhanced security. When implemented in the real estate industry, these properties can solve its major issues.
Blockchain real estate platforms eliminate the need for intermediaries like lawyers and agents by providing a means of property verification and payment to buyers. Paying for property using cryptocurrencies can also help buyers bypass bank fees. It cuts the fees associated with escrow by offering smart contracts that can be customized according to a users’ needs.
The tokenized nature of cryptocurrencies like Bitcoin and Ethereum makes crowd ownership of real estate possible. Those who cannot afford to purchase the whole property can simply buy a part of it, like buying shares in a company. Such investors would receive transferrable tokens that represent their shares and can be verified easily on a blockchain. This makes real estate investment accessible to more people.
Blockchain can also prevent fraud in the industry by providing a way to easily authenticate property documents. As these properties are transferred, their records are added to the blockchain and a comprehensive history is formed. In the event of a sale, buyers can easily check if property is fraudulent.
Bringing blockchain innovation to real estate
Several companies are working to bring these solutions to the commercial real estate industry. One such company is i-House.com, which implemented a series of ATO (Asset Tokenization Offering) projects in less than a one- year span. These projects allow users to crowdfund real estate development projects using IHT, the company’s cryptocurrency. So far, their reach has extended to the U.S., Japan, Thailand, and the Philippines.
The i-House ATO model provides real estate accessibility and a verifiable platform for related transactions. By Implementing such a concept in the industry, the i-House ATO platform is positioned to disrupt it positively. i-House.com Chairman and Founder, Ricky Ng., said:
"We aim to create a shared economy asset management ecosystem that spans across the globe, i-House ATO provides real estate owners, developers, and end users the means to own and share assets easily”
Cryptocurrency that empowers real estate investors worldwide
IHT was recently listed on the Bittrex exchange and South Korea’s largest exchange, UPbit. IHT is currently listed on nine other exchanges including Cashierest, KuCoin, Gate.io, Coinw, LBank, HitBTC, CoinBene, CoinTiger and Allbit. The company stated that it hopes to get listed on more top global exchanges in the future.
The future of blockchain real estate
Blockchain presents an opportunity to change how real estate transactions are handled. Everything from land registry to provenance and payment systems currently have a lot of room for improvement. With better systems in place, there will be more incentive to invest in the industry and further bolster economic growth.
As companies like i-House.com make these changes to the industry, the real question lies in how quickly others will follow suit. Will this be one of those things that don’t become mainstream until there is a crisis in the industry? We may have to sit back and watch.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
Hodler’s Digest, November 5-11: Star Trek’s Captain Kirk Defends ETH Decentralization, While Fake Elon Musks Overrun Twitter
Posted by Molly Jane Zuckerman on
The central bank is China comes out against crypto air drops, while a flood of fake Elon Musks take Twitter promising crypto giveaways.
Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.
Top Stories This Week
Elon Musk Impersonators Flood Twitter With Fake Crypto Giveaways
Although impersonators on Twitter pretending to be famous celebrities offering crypto giveaways are many, this week saw an influx of these crypto pretenders posing as Tesla CEO Elon Musk. After compromising verified accounts with the blue check mark, scammers would change the name and picture to appear to be Musk, asking in comment threads for people to send them small amounts of crypto in exchange for more crypto sent back in a fake “giveaway.” According to news reports, one fake Musk account received around $170,000.
China’s Central Bank Scrutinizes Crypto Airdrops, Questions Their Legality
The People’s Bank of China (PBoC), the country’s central bank, has begun to scrutinize crypto airdrops, which is refers to as “disguised” Initial Coin Offerings (ICO). This week’s report from the bank notes that the entity is strictly anti-ICO and crypto trading, noting the high risks of financial fraud and pyramid schemes. The report notes that “airdrops” are potentially evading the regulation concerning the public token sale model, adding that they capitalize on speculation in the market to drive their own profits.
Star Trek’s William Shatner Tweets Thumbs up in Support of Vitalik Buterin
William Shatner, the former Captain Kirk on popular American television show Star Trek, tweeted a thumbs up at Ethereum (ETH) co-founder Vitalik Buterin this week. The celebrity’s tweet led to backlash from crypto Twitter trolls that criticized the Ethereum network’s supposed centralization, leading Shatner to quote ERC standards in response. The 87-year-old Shatner then received kudos from other crypto Twitter participants for his seemingly in-depth knowledge of the network.
Apple Apparently Briefly Removes Crypto Podcast Reportedly Ranked #4 in Investing
The podcast “Off the Chain,” hosted by Morgan Creek Digital partner and crypto analyst Anthony “Pomp” Pompliano has apparently been removed from the U.S. iTunes store this week. According to a tweet from Pompliano, the podcast was ranked 4th in the “investing” category before it was “mysteriously” taken down. The episode, which contained an interview with “Bitcoin Maximalist” Murad Mahmudov about the current worldwide monetary system, is available by press time.
Joseph Lubin Thinks Blockchain Will Take “A Little Longer” to Develop Than the Internet
In an interview this week, Ethereum co-founder Joseph Lubin said that blockchain will “probably take a little longer” to develop than the Internet, because it is “much more complicated. Lubin, who is also the creator of ConsenSys, noted that blockchain is developing similar to the web, due to its exponential growth and the “hundred of projects” to date. Lubin also said that DLT will be able to “permeate society more than the Internet” and make way for Web3.0.
Most Memorable Quotations
“His viewpoints don’t take into account the fact that the code has to be audited by an auditing firm and approved by consortium or it doesn’t get accepted. He thinks it exists in a bubble.
That’s why we have ERC-20, ERC-721... ERC-1701”— William Shatner (Captain Kirk), defending the Ethereum network’s decentralization
“We are NOT tolerant. We will not capitulate. We will not surrender. We will not negotiate. We will not end,” — Craig Wright, speaking about his own Bitcoin Cash (BCH) faction before the upcoming hard fork
Laws and Taxes
Thai Revenue Department Plans to Use Blockchain to Track Tax Payments
Thailand’s Revenue Department is planning to track payments using blockchain and machine learning, utilizing the tech to verify the validity of taxes paid as well as increasing the speed of the tax refund process. The machine learning use will help to expose tax fraud and support more transparency, as a digital tax collection system based on modern technologies is a stated goal of Thailand’s government.
French Parliament Finance Committee Adopts Amendments to Crypto Tax Bill
The Finance Committee of the lower house of France’s parliament has adopted regulations this week that would ease taxes on cryptocurrency sales. The Finance Committee of the National Assembly has submitted a draft of the government finance bill for 2019, specifying that the tax on crypto sales will be equal to capital income tax. If the amendments to the budget are accepted in the hearings scheduled for next week, the rate will be reduced from 36.2 percent to 30 percent starting Jan. 1, 2019.
US Judge Ends Freeze on Charlie Shrem’s Assets Amidst Winklevoss Lawsuit
A U.S. judge has ruled this week to end the freeze on Charlie Shrem’s assets in a lawsuit brought against him by the Winklevoss twins. The twins alleged in their lawsuit that Shrem took part of their $250,000 investment in his now-defunct exchange BitInstant to buy 5,000 Bitcoins (BTC). Shrem’s lawyer has said that his client is innocent, and that the claims have “no basis in fact or law.” According to the Winklevoss’ lawyers, the freeze should continue as Shrem possess $12 million in crypto, real estate holdings, and other assets. However, at present time only $10 in assets have been identified.
Thailand’s Securities Regulator Promises to Certify One ICO Portal in November
The general secretary of the Thai Securities and Exchange Commission (SEC) said this week that “at least one” ICO “portal” will be able to operate legally in the country in November. Rapee Sucharitakul said that they “might” starting approving ICO offerings in December, noting that five such “operators” are currently under consideration by the Finance Ministry. Thailand’s legislation requires that the Thai SEC vet crypto entities like ICOs, exchanges, and “digital asset operators” who wish to operate in Thailand.
Wallet Provider Blockchain.Com to Airdrop $125 Mln in XLM After Adding Stellar Support
Crypto wallet provider Blockchain.com will now support altcoin Stellar (XLM), accompanied by an airdrop of $125 in XLM to its user base. The provider noted that the large airdrop is a “great way to drive decentralization and adoption for new networks,” noting that crypto airdrops allow consumers to “test, trade, and transact” newer crypto assets without need to mine or invest in them first. The choice to add support for Stellar was driven by the scalability of the token’s network, as well as its ability to create custom tokens that represent “real-world or virtual goods and services.”
Decentralized Network Bancor Partners With EOS for Cross-Blockchain Trading With ETH
Decentralized liquidity network Bancor said this week that it had partnered with EOS in order to allow for cross-blockchain swaps between Ethereum and EOS-based tokens. Bancor has now expanded to the EOS blockchain, using its DApp BancorX for the conversation. Bancor noted that the cross-blockchain DApp was built in collaboration with LiquidEOS, Bancor’s EOS “Block Producer.” According to the press release, this conversion DApp paves the way for “vastly more blockchain” to be included in cross-blockchain trading.
Trading Platform eToro Releases Crypto Wallet Supporting Bitcoin, Three Altcoins
Global crypto and fiat trading platform eToro has released its own cryptocurrency wallet this week with support for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The platform noted that they plan to add a “whole host of additional functionality” including additional crypto and fiat tokens, crypto-to-crypto conversion, and fiat deposits. eToro currently supports 14 total cryptocurrencies on its platform and has more than 10 million registered users.
Major Crypto Wallet Coinbase Launches Support for Basic Attention Token
Crypto exchange and wallet Coinbase announced this week that it would add support for a rollout of full trading of the Basic Attention Token (BAT) for its Android and iOS apps. As per the announcement, Coinbase customers can now buy, sell, send, receive, and store BAT on the platform, except for initially those residents of New York. Last week, Coinbase had noted the addition of inbound transfers of BAT to Coinbase Pro, specifying that the token would undergo four listing stages until it reached full access.
Mergers, Acquisitions, and Partnerships
Port of Valencia Integrates Maersk and IBM’s Blockchain Shipping Platform
The Port Authority of Valencia, Spain, has joined IBM and Maersk’s blockchain ecosystem, the TradeLens platform, which aims to apply blockchain tech to global supply chains. According to the announcement, the port has integrated into the platform as “Early Adopters,” meaning that the port will be a part of the platform’s early development. There are currently more than 20 participants in the TradeLens ecosystem, which has already reportedly processed 154 million “data-sending events.”
Deloitte Partners With Identity Management Startup for Digital ID System
“Big Four” accounting firm Deloitte has partnered with identity management firm Attest Inc. in order to create a blockchain-based digital identity system. The Chicago-based Attest offers a shared identity platform that allows its clients to conduct transactions, including its governmental customers, which can provide identity services to citizens. The partnership plans to develop a digital identity offering for government-compliant identifiers to be used for existing products, including a cryptographically secured identity storage wallet.
South Korea’s Bithumb Partners With E-Commerce Giant Qoo10 for Crypto Payments
South Korea’s leading virtual currency exchange Bithumb announced a partnership this week with Asian e-commerce fim Qoo10 to create a cryptocurrency payment service. Qoo10, which covers Asian markets including Singapore, Hong Kong, China, and Indonesia, will work with the Bithumb Cache system to purchase products through Qoo10. The two companies will use both the Qoo10 settlement service and the cache system, which is a password settlement service that allows Bithumb customers to convert their funds for use in payments with their password.
Nine Major Shipper Operators Launch Blockchain-Based Global Business Network
Nine major terminal operators and shipping companies have signed a Memorandum of Understanding (MoU) to develop an open digital platform based on DLT. The MoU is aimed at forming a consortium of shipping operators to develop the Global Shipping Business Network (GSBN), noting that the software solution will be provided by Hong Kong-based shipping and logistics firm CargotSmart. The new alliance includes such shipping giants as PSA International, a Singapore-based company and one of the world's largest port operators, and Shanghai International Port Group, leading operator of ports in China.
Major Mining Provider Bitfury Raises $80 Million in Closed Funding Round
Bitcoin mining infrastructure provider Bitfury raised $80 million this week in a closed funding round led by European venture capital fund Korelya Capital. Other participants in the funding round included South Korean Internet giant Naver Group, Asian institutions Macquarie Capital and Dentsu Japan, and Mike Novogratz’s Galaxy Digital. The funding round comes several weeks after rumors circled that Bitfury was considering an IPO.
Winners and Losers
The crypto markets are seeing mixed signals, with Bitcoin trading for around $6,404.13 and Ethereum at $211 by press time. Total market cap is around $212 billion.
The top three altcoin gainers of the week are Traco, Pedit, and the Internet of Things. The top three altcoin losers of the week are Simmitri, empowr coin, and OBXcoin.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
FUD of the Week
Turkish Police Arrest 11 in Reported Hack of Crypto Wallet Accounts
The Cybercrime Department of the Turkish National Police arrested 11 suspects this week while investing the alleged hack of crypto accounts, with victims reporting more than $80,000 in losses. 14 individuals so far have reported crypto wallet hacks to local prosecution authorities, noting that their Bitcoin had been transferred to other wallets. Police have since seized two fake identity cards, as well as a number of devices allegedly used in the hacks such as 18 mobile phones and SIM cards, 22 memory sticks, from the hackers. The investigation notes that it found the suspects by tracking new SIM cards registered to exchanges by the hackers.
Texas Regulator Issues Emergency Cease and Desist to Australian Cloud Mining Company
The Texas State Securities Board has issued an emergency cease and desist order this week to Australian cloud mining firm AWS Mining PTY LTD for selling unregistered securities. AWS Mining, along with many of its employees, are charged with violating the Texas Securities Acts by convincing Texas residents to purchase AWS’ unregistered cloud mining power contracts promising a “200 percent passive return on every investment.” The cease and desist notes that AWS did not follow through on its promised profits to investors, as well as failed to register as a securities broker-dealer.
Swiss Financial Regulator Recommends Banks to Set Crypto Risk Coverage at 800%
The Swiss Financial Market Supervisory Authority (FINMA) said in a report this week that banks and other financial institutions could calculate risk coverage for cryptocurrencies at 800 percent of their current market value. The confidential letter, seen by a local Swiss news outlet, noted that the recommendation for a flat risk weight at 800 percent are to "to cover market and credit risks, regardless of whether the positions are held in the banking or trading book.” The news outlet reports that 800 percent is at the upper end of the range, meaning that FINMA sees crypto as a volatile asset.
US SEC Charges EtherDelta Founder With Operating Unregistered Securities Exchange
Zachary Coburn, the founder of crypto token trading platform EtherDelta, has been charged by the U.S. Securities and Exchange Commission (SEC) with operating an unregistered securities exchange. EtherDelta has operated as a secondary marketplace for trading ERC20 tokens, letting users buy and sell digital assets using an order book and smart contracts on the ETH blockchain and placing a total of more than 3.6 million orders (some involving those considered securities) over an 18-month operating period. Coburn neither denied nor admitted the findings, but agreed to pay $300,00 in unlawful profits, as well as $13,000 in prejudgement interest and a $75,000 penalty.
Chinese Mining Giant Bitmain Sues Unknown Hacker for $5.5 Million Crypto Theft
China-based BTC mining firm Bitmain has sued an anonymous hacker for the reported theft of crypto work about $5.5 million from Bitmain’s account on Binance this April. As stated in the U.S. court documents, the “John Doe” hacker used stored Bitcoin after taking over Bitmain’s Binance account to manipulate the price of altcoin Decentraland (MANA) and then abscond with the profits. Bitmain notes that the hacker was able to steal $5.5 million in digital assets, including about 617 BTC. The documents also note that the hacker carried out transactions between BTC and MANA from Bitmain’s wallet and their own, completing the theft by transferring BTC from their Bitmain account into a digital wallet on Bittrex.
Prediction of the Week
Tim Draper Maintains Bitcoin Prediction of $250,000 by 2020
Venture capital investor Tim Draper said this week that he still believes that Bitcoin will experience 40 times returns and reach $250,000 by 2022. Although his initial prediction was for the coin to hit this price point in April of this year, Draper said that the industry merely needs to make it so that “Bitcoin could be used to buy Starbucks coffee” and the world will “open up.” Draper also added that he didn’t trust “political currencies” that are “determined by some weird political party,” adding that he sees a future with blockchain and smart contracts taking on a more prevalent role in states.
Best Cointelegraph Features
At the end of October, multinational investment bank and financial services firm Morgan Stanley released a report on how Bitcoin has been a new “institutional investment class” since 2018. The report, which shows a relatively bullish outlook for 2018, brings attention to the stablecoin phenomenon, noting that not all stablecoins active currently will survive.
Last week, the cryptoverse buzzed with misinformation that the U.S. SEC was finally going to make a decision about Bitcoin ETFs. However, last week’s deadline concerned a close to the acceptance of public comments, leaving the SEC to now make their decision on the nine BTC ETFs on their own. Cointelegraph delves into the possibilities for the SEC’s decision, as well as looks into the root of where this deadline confusion came from.
The U.S. saw midterm elections that week that led to the Democratic Party taking back the House, leaving the Republicans still in control of the Senate. Amidst the party lines, the governorships in both California and Colorado were won by crypto- and blockchain-friendly candidates Gavin Newsom and Jared Polis respectively. Beyond his strong blockchain policy push in his state, Polis (also the first openly gay elected governor), co-founded and co-chaired the Congressional Blockchain Caucus, a bipartisan group of Members of Congress. Electorally, the Caucus has done exceptionally well in the midterms: both of the co-chairs and 10 out of 12 regular members who stood for reelection retained their seats.
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- Tags: Altcoin, Android, Apple, Australia, Binance, Bitcoin Cash, Bithumb, Bitmain, Bittrex, Blockchain, China, Coinbase, ConsenSys, Cryptocurrencies, Cryptocurrency Exchange, Cryptocurrency Wallets, DApp, EOS, Ethereum, Hard Fork, Hong Kong, ICO, Indonesia, Internet, iOS, Joseph Lubin, Litecoin, Mining, New York, SEC, Singapore, Smart Contracts, South Korea, Stellar, Switzerland, Taxes, Texas, Tokens, Turkey, Twitter, USA, Vitalik Buterin, Winklevoss Twins
Posted by Ana Berman on
UK university researchers find that private blockchains with a sufficient level of centralization could comply with recent EU privacy rules.
Private blockchains, such as interbanking platforms set to share information on customers, could be compatible with new E.U. privacy rules, according to research published Nov. 6. The study was conducted by Queen Mary University of London and the University of Cambridge, U.K.
The General Data Protection Regulation (GDPR) act, a recent legislation that regulates the storage of personal data for all individuals within the European Union, came into effect this May. According to the law, all data controllers have to respect citizens’ rights in terms of keeping and transferring their private information. In case a data controller fails to do so, the potential fines are set as €20 million (about $22 million) or four percent of global turnover/revenues, whichever is higher.
The recent U.K. study, published in the Richmond Journal of Law and Technologies, views blockchain and its nodes through the length of GDPR. According to the researchers, crypto-related technologies could fall under these rules and be treated as “controllers,” given that they publicly store private information about E.U. citizens in the chain and allow third parties to operate it. This, the study reveals, might slow down technology implementation in EU:
“There is a risk that this legal uncertainty will have a chilling effect on innovation, at least in the EU and potentially more broadly. For example, if all nodes and miners of a platform were to be deemed joint controllers, they would have joint and several liability, with potential penalties under the GDPR.”
However, the researchers emphasize that blockchain operators could be treated like “processors” instead, the same as the companies behind cloud technologies who act on behalf of users rather than control their data. This, the study continues, is mostly applicable for Blockchain-as-a-Service (BaaS) offerings, where a third party provides the supporting infrastructure for the network while users store their data and control it personally.
As an example for such type of blockchain platform, the researchers cite centralized platforms for land registry and private interbanking solutions that set up “a closed, permissioned blockchain platform with a small number of trusted nodes.” Such closed systems could effectively comply with GDPR rules, the report continues.
To meet the privacy law, blockchain networks might also store personal data externally or allow trusted nodes to delete the private key for encrypted information, thus leaving indecipherable data on the chain, the researchers state.
However, the GDPR rules are extremely difficult to comply with for more decentralized nets, such as those concerned with mining and cryptocurrency. In this case, the nodes, operating with the data of E.U. citizens, might agree to fork a new version of the blockchain from time to time, thus reflecting mass requests for rectification or erasure. “However, in practice, this level of coordination may be difficult to achieve among potentially thousands of nodes,” the study reads.
As a conclusion, the researchers urge the European Data Protection Board, an independent regulatory body behind GDPR, to issue clearer guidance on the application of data protection law to various common blockchain models.
As Cointelegraph wrote earlier, the GDPR could both support and harm blockchain. Despite the fact that current E.U. legislation partially has the same goals as crypto-related technologies, such as decentralizing data control, blockchain companies could also face extremely high fees as data controllers.