The rise of blockchain technology over the past couple of years has been phenomenal. In just three years, a total 562 startups and incumbents have jumped into the fray to create solutions based on the distributed ledger. The introduction of the General Data Protection Regulations (GDPR) rules has, however, put the cat among the pigeons by kicking off debates on secrecy, privacy, and even what counts as private information. Research by Simon Schwerin of the Berlin School of Economics and Law sheds light on the various points of contention in this ongoing tussle. Part One gave an overview of the research findings. This installment takes a deep dive into the results and looks at the way forward for the EU and blockchain developers.
Blockchains Impact Personal Data
Creating an electronic identity layer that allows individuals increased control over their own personal data is an idea that found consensus among the respondents. Nevertheless, this comes with major risks in the form of lost keys, carelessness and an inability to manage keys properly. Blockchain is also seen as potentially having a major impact on the enforcement of consent requirements as set by the individual. Additionally, this will also impact businesses in areas such as entitlements, reputation management and privacy-enhancing business solutions where disruptive companies are already offering solutions.