Brave Blockchain Browser CEO Suggests Senate to Adopt General Data Protection Regulation (GDPR) Regulations
CEO of Brave Encourages Senate to Use General Data Protection Regulation (GDPR) As Influence for Regulations
CEO Brendan Eich of the Brave decentralized browser seems to have some ideas about how the Senate needs to handle regulatory measures about the cryptocurrency and blockchain technology. He has told them that the best way to handle this situation is to base the regulations off the General Data Protection Regulation (GDPR) from Europe.
Eich wrote out an open letter on September 29th to describe how this implementation would take place, which was actually proposed by the European Commission in 2012. The framework was created with the intention of promoting data protection, and it was put into play in May of this year. Along with establishing uniform data regulations, it also provides a way for consumers to control the way that their personal information is used and stored.
In the statement, Eich talks about the way that the GDPR principles match up with the United States’ goals. Most of the guidelines are based on an earlier document in the US called “OECD Guidelines on the Protection of Privacy and Transborder Flows of Personal Data.”
He said, “As regulators broaden their enforcement of the new rules in Europe, the GDPR’s principle of ‘purpose limitation’ will begin to prevent dominant platforms from using data that they have collected for one purpose […] to the benefit of other parts of their business in a way that currently disadvantages new entrants. In general, platform giants will need ‘opt-in’ consent for each purpose for which they want to use consumers’ data. This will create a breathing space for new entrants to emerge.”
While urging these regulatory measures, Eich also questioned what benefits there are to track the behavior of certain businesses. He even claimed that one report largely overamplified the economic value in doing so by comparing the ad tech revenue of Google and Facebook with the amount that behavioral tracking received by publishers.
Unfortunately, there are many experts that believe that the GDPR conflicts with the foundation of blockchain technology. Much of the reason is due to the fact that the GDPR requires that personal data has the ability to be revised or deleted by the owner, but the blockchain is designed as a permanent ledger, which wouldn’t allow those actions.