The General Data Protection Regulation went into effect in the European Union this year, but the full impact of the groundbreaking legislation still remains to be seen. The new rules were enacted to further protect consumer data rights in regards to data storage and businesses were required to comply. However, one of the major provisions requires companies to allow consumers to withdraw or edit their personal data from a database, which poses a challenge to the immutable nature of blockchain.
Andrew Arnold, a contributor to Forbes, believes compliance is still possible. Blockchain simply offers a new, more secure method of processing and storing large amounts of data. In his words: “In fact, embracing blockchain-based identity management means assuming ‘privacy by design’ – the biggest demand from the regulators. And blockchain technology can become businesses’ strongest ally in meeting GDPR regulations without many troubles.” To read more about possible solutions for aligning blockchain with the GDPR, click here.