Zcash (ZEC) Privacy Coin's Shielded Addresses Claim to be Compliant by European GDPR Standards

The GDPR (General Data Protection Regulation) was created by the European Union in 2018 in order to protect EU citizens and their private data. The purpose of the GDPR is to assist in providing regulation for the gathering, analysis, and distribution of sensitive personal details outside the EU boundaries.

Zcash recently published a post on its blogging platform indicating that by default, all its shielded addresses have been designed to be GDPR compliant.

The Compliance Case As Presented By Zcash

As mentioned above, Zcash in one of its numerous blog posts recently noted that it has designed all its shielded addresses to be compliant with the GDPR. It is worth noting that offerings being made by blockchain based platforms will also be affected by the privacy regulations.

This is mainly due to the fact that most of the data transmitted by these applications tend to be public in nature. There is, therefore, a possibility that the identification data being transmitted by these platforms can be traced back to its original user.

As a result, Zcash has seen it necessary to start using Shielded Addresses. The reason for using these addresses is based on the fact that Zcash is a digital asset that cares a lot about the privacy of its user community.

Making use of the shielded addressed will make it possible for individuals to obscure vital data pertaining to the transactions that they are making online. The data to be hidden will include the addresses linked to their wallets as well as the total amount of money that has been transacted by each wallet.

The digital currency platform states that it recently conducted an analysis of how its community used the Zcash payment system. Their analysis showed that the use of these addresses makes it almost impossible for information to be traced back to a given person. As such, this shows that the platform has fully complied with the EU GDPR.

Users Need Their Data To Be Protected

Zcash noted that there is a big risk that comes with processing and holding on to personal details. When such sensitive information is stolen in a data breach, it ends up altering the lives of very many people for many years to come. In some cases, the consequences cannot be undone, and as such, leads to many lives being ruined.

Looking at the risks associated with a data breach, many clients have now started to demand better protection of their information as it is the only way to safeguard their identities as well as the security of the people that they care about. Past information breaches have led to the loss of billions of dollars and to unprecedented public outcries.

By providing individuals with proper control of their data, organizations will be empowering their clients, as well as reducing the liability that comes with massive data breaches. According to Zcash, Least Authority, a German-based company only included shielded addresses when designing P4 payment protocols to ensure that they were GDPR compliant.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,229FansLike
2,560FollowersFollow
4,073FollowersFollow

Live Bitcoin Price & Latest BTC Chart News

Today's Latest Crypto News

BitMEX Adds Native SegWit Support to Bitcoin Withdrawals, Non-Native Support Coming to Wallets

BitMEX adds native segwit address support, Bech32 to reduce transactions fees The exchange will add Segwit non-native support to its wallet that will...

Equilibrium’s EOSDT Stablecoin Backed By Stability Fund Smart Contract, With Automatic Payouts

The insurance payout is programmed into a smart contract, requiring certain activities to take place to trigger it. CEO Alex Melikhov hopes that...

Hackers Take Over Amazon Ring Camera, Demanding 50 Bitcoin Ransom While Setting Off the Alarm

The hackers infiltrated the Ring doorbell to make it seem as though they were outside of the couple’s home. Tania Amador was threatened...

Binance To Launch Fiat Gateway, Latamex, In Brazil And Argentina; Can Buy BTC, BNB, BUSD, ETH

The world’s largest cryptocurrency exchange platform is expanding its services in Latin America. Binance announced on 12th December via press release shared with CryptoGlobe...

All Roads Lead To Bitcoin (BTC) Price Dropping Back Down

Analyst Magic is extremely bearish, predicting a 60% drop in April 2020 After the first week of trading sideways, Bitcoin has started slowly making...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.