[BjoernKW]

> the process being too convoluted and risky turns off some corporations from storing data entirely (maybe it's not complicated enough yet in that regard)

This is a common misconception by people who never had to deal with GDPR in a business capacity (including the politicians who have caused this mess). Corporations either simply don't care or they have their legal department deal with this. It's the small companies and self-employed solo entrepreneurs that suffer.

As for the economic ramifications, there will certainly be a massive short-term upheaval. However, going all Luddite - or even just slowing down the process locally - won't help. Regulation doesn't generate wealth, after all (although EU politicians would like you to believe that), and for something like UBI we need massive wealth generation.