The Future Between Blockchain And General Data Protection Regulations (GDPR)
The Hard Fork Decentralized is a crypto and blockchain event that is expected to take place in just a few weeks. The event will be focusing on the challenges that are being faced within the industry, especially on the ways that the blockchain technology is able to stay GDPR compliant.
During the annual Ethereum conference that took place early this month, Vitalik Buterin took the opportunity to speak to Quartz on how they think the commercial blockchain offerings by IBM are not really the point. The reason being, the blockchain technology needs to be transparent and open and one that has been designed with the people in mind.
Once a system has been created and put behind closed doors, this really cannot be considered to be a blockchain. Thus, individuals who are in the same school of thought like Buterin will quickly conclude that the private blockchains are not entirely blockchains, but what we need to ask does all this really matter at the end of the day?
In the world that we are in, that is of GDPR and the data security, probably having the permissioned blockchains in the market is the only way we could be compliant.
But we can all agree that there is something wrong when we have the blockchains being controlled by a centralized company. For the decentralized purists, you will need to have more than the technology being decentralized if you are looking to leverage on the benefits that are enjoyed in the system. Thus, putting the blockchain technology within the metaphorical walls seems like it will be a little counter-intuitive.
The Private Blockchains Might Be Of Use After All
In some situations, we might find that the traditional or the public blockchains in the market might be ruined if they actually revealed the information they had that broke the GDPR, General Data Protection Regulations.
It can prove to be a difficult task, if not impossible if we are to go ahead and sanction the blockchains that broke the regulations that have been put in place. How can a government go ahead and fine a decentralized entity that does not have any known owner?
From this, it leads the EU to say that the private and permissioned blockchains could be the only way that the decentralized platforms could safely stay compliant with the GDPR. That means the private blockchains could be the only viable options for the cooperation’s within the market that would want to get in with the new technology in the market.
But it is important to note; it is not as simple as it might sound as there are still several hurdles that the company would need to overcome if they want to ensure they are compliant with the law.
More On The Event
At the event, they will ensure to look at the ways companies will be able to implement the blockchain technology and still be compliant with the GDPR, while still being able to maximize on the benefits that are offered. But the event is not just focused on private blockchains, just in case you are not interested in this.
The event will feature several other conversations taking place sessions and several workshops, one that will be hosted by the leading companies within the industry. Thus, ensure you are quick to sign up and book your spot, as they are quickly running out.