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In an era where data privacy is an increasing concern, blockchain technology is moving toward a more transparent and more verifiable security model. Blockchain is a decentralised database where any data stored is read and write and not editable. As such, any data is immutable, verifiable and traceable. That puts blockchain in direct opposition to the General Data Protection Regulation (GDPR) that goes into effect on May 25, 2018. With regulations pushing for more consumer control of personal data, can blockchain technology work within this new framework? Absolutely, but not as it currently processes data.
GDPR Data Rules Explained
GDPR regulation is designed to allow individuals greater control over their personally identifiable information. Specific to the EU, new rules require data storage to enforce consumer rights like:
Erasing personal data when the need for its storage expires, when you withdraw consent for the storage or when it is no longer legal to continue processing that data.
Corrections for incorrect data.
Restricted processing when data is under contention, awaiting an amendment or you withdraw permission.
Erase is the word that butts directly up against the blockchain. Under these new rules, all companies storing personally identifiable data must offer the required levels of control and must have an …
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