- Posted by: UKDE
- Category: Corp
Currently, EU General Data Protection and Blockchain are very debatable topics. GDPR became binding on 25thof May 2018 and it has dual objectives such as fundamental rights protection and facilitation of free movement of PD across the EU.
When discussing tension between the GDPR and BC it is crucially important to highlight that GDPR’s purpose is to centralize collection, storage and processing of personal data, whereas Blockchain decentralizes all of these processes. GDPR is based on the idea that data can be modified and deleted, but these actions are contradictory to the principle of Blockchain.
Moreover, the data minimization aspect should be taken into consideration. Only data absolutely necessary for the specific purpose must be collected and data must be deleted where no longer necessary.
GDPR applies to Blockchain because it is data that is related to an identified or identifiable person. The main question every investor wants to ask: ‘Who is the data controller on a Blockchain?’