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Just over four months have passed since the European Union issued the General Data Protection Regulation (GDPR), a legislative act designed to protect the data of those living in the EU, but also one that contrasts directly with
blockchain
On the front cover of the regulation, reads: "The General Data Protection Regulation of the EU (GDPR) is the most important change in the regulation of data privacy in 20 years.The regulation will radically redesign the way data are handled in all sectors, from health care to banks and beyond. "
It is a fluctuating move that alludes to a far-sighted and potentially revolutionary data protection for citizens who, in the last decade or so, have freely and openly looted information and data from large companies on the Internet.
The GDPR has been under construction for some time and should have been a piece of legislation that would allow technology to be passed from the years 90 to 2018 and to keep under control the evolving landscape.
This evolving landscape has moved much faster than European legislators have been able to keep up with the past and now their forward-looking regulation is already at the root of the new blockchain technology.
In an almost direct clash of intentions, the GDPR effectively banned the use of blockchain technology in Europe because of its immutable nature. The GDPR offers the power to return to the individual to modify and eliminate data that fall into the hands of centralized authorities, but when there is no centralized authority, there is no need to move data. This is the crux of the GDPR clash with blockchain. So, what happens to Europe and the next technological wave?
A functional clash, but an ideological common ground
The GDPR is legislation that requires people to access and control over the use and maintenance of their data under certain circumstances, under the threat of a heavy fine – 20 million euros, or 4% of global revenue. The blockchain on the other hand is built on an immutability basis, protecting data on a distributed ledger.
It is a direct clash of functions, but, for ideological reasons, the goal of both the GDPR and the blockchain is data protection. Both seek greater data security as controllers, processors and data sub-processors under the GDPR are required to high standards and with blockchain, cryptography and decentralized structure make the network highly resistant to tampering.
Luigi Di Maio, Deputy Prime Minister of Italy and Minister of Economic Development, Labor and Social Policy, left, shakes hands with the European Commissioner for digital economy Mariya Gabriel after the signing of "Cooperation on a European blockchain partnership "during a meeting in Brussels, Thursday, 27 September 2018. (AP Photo / Virginia Mayo)
Users' control and visibility of their data are at the forefront of GDPR and, like the blockchain, its transparent nature offers clear and direct access to data. Furthermore, the & nbsp; reason & nbsp; for the entry into force of the GDPR was the loss of trust in large companies, when it came to accessing personal data, and with the blockchain, its decentralized nature totally removes the controller of that data.
If the intentions are the same, but the functions are in conflict, there must surely be a way for Europe to embrace the blockchain technology and not leave it in place while still appreciating the work that the GDPR does with regard to centralized control of data.
A new standard and a respectful label
At first glance, the blockchain and the GDPR relationship can work – because its ultimate goal is similar, but it's the way companies that promote blockchain technology behave as compliant and how the GDPR is interpreted.
Thomas Power, on the board of the Blockchain Industry Compliance and Regulation Association (BICRA), is respected voice blockchain with a special focus on GDPR, look at the blockchain as something that is & nbsp; going forward, but still has a long way to go.
"Blockchain is a new imminent standard that links everything – document and / or transaction – and everyone – personal data – together almost as Internet 2.0.GDPR is simply a" blockchain "label that people will choose to observe, respect and recognize It's a good label, "he said to Forbes
"However, blockchain requires from 15 to 18 years to hit the mainstream based on the bitcoin blockchain 2008. I see mainstream Blockchain in the period 2023-2026, post the economic crash 2020-2022, very similar to 2007-2009".
To this end, Power notes that there is indeed a level of compliance and flexible interpretation, which is helping the blockchain to remain relevant in Europe, while respecting the GDPR.Blockchain and the GDPR may seem like enemies, but in reality, they are more like the frenzy.
"[Compliance and interpretation] will continue to happen more and more once the first Blockchain – Bitcoin – has been recognized by The SEC, probably 2019, "Added Power." This event is the catalyst to recognize cryptographic assets as a class of activity here to stay, even if in embryo.
"Before them [GDPR and blockchain] they will fight and challenge, so they will harmonize because they are not enemies, rather frantic. What I like about GDPR is that it obliges the highest data standards for citizens who choose to publish, archive or record their documents and transactions on the blockchain. It also puts the same discipline on companies, governments and public and private institutions ".
"Blockchain is a 30-year-old movement, all this will seem like a banality in 2038 and personally I'm a fan of GDPR … and of course Blockchain, I like the highest data standards for citizens and businesses."
Will the GDPR take stock of its position?
With the legal interpretation, it often follows the amendments to the regulations and the law, as these two entities feel and the blockchain becomes more recognized and legitimized, while the GDPR finds its feet, there are changes in the law along the line .
"Data is a moving party, privacy is a moving party, and product tracking from the mines to the shelves requires a record of every document and transaction on a blockchain." Yes, huge changes will be needed once people understand # 39; is a blockchain and which recording and tracking require all documents and transactions.We could finally see the paperless office in 2038 and we were promised this over the years & # 39; 80, but we print more now than so … "Power concluded.
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Just over four months have passed since the European Union issued the General Data Protection Regulation (GDPR), a legislative act designed to protect the data of those living in the EU, but also one that contrasts directly with
On the front cover of the regulation reads: "The general regulation on data protection of the EU (GDPR) is the most important change in the regulation of data privacy in 20 years.The regulation will radically redesign the way in which the data they are managed in all sectors, from health care to banks and beyond. "
It is a fluctuating move that alludes to a far-sighted and potentially revolutionary data protection for citizens who, in the last decade or so, have freely and openly looted information and data from large companies on the Internet.
The GDPR has been under construction for some time and should have been a piece of legislation that would allow technology to be passed from the years 90 to 2018 and to keep under control the evolving landscape.
This evolving landscape has moved much faster than European legislators have been able to keep up with the past, and now their forward-looking regulation is already behind the new blockchain technology.
In an almost direct clash of intentions, the GDPR effectively banned the use of blockchain technology in Europe because of its immutable nature. The GDPR offers the power to return to the individual to modify and eliminate data that fall into the hands of centralized authorities, but when there is no centralized authority, there is no need to move data. This is the crux of the GDPR clash with blockchain. So, what happens to Europe and the next technological wave?
A functional clash, but an ideological common ground
The GDPR is legislation that requires people to access and control over the use and maintenance of their data under certain circumstances, under the threat of a heavy fine – 20 million euros, or 4% of global revenue. The blockchain on the other hand is built on an immutability basis, protecting data on a distributed ledger.
It is a direct clash of functions, but, for ideological reasons, the goal of both the GDPR and the blockchain is data protection. Both seek greater data security as controllers, processors and data sub-processors under the GDPR are required to high standards and with blockchain, cryptography and decentralized structure make the network highly resistant to tampering.
Luigi Di Maio, Deputy Prime Minister of Italy and Minister of Economic Development, Labor and Social Policy, left, shakes hands with the European Commissioner for digital economy Mariya Gabriel after the signing of "Cooperation on a European blockchain partnership "during a meeting in Brussels, Thursday, 27 September 2018. (AP Photo / Virginia Mayo)
Users' control and visibility of their data are at the forefront of GDPR and, like the blockchain, its transparent nature offers clear and direct access to data. Moreover, the reason why the GDPR came into being was a loss of trust in large companies when it came to accessing personal data, and with the blockchain, its decentralized nature totally removes the controller of that data anyway.
If the intentions are the same, but the functions are in conflict, there must surely be a way for Europe to embrace the blockchain technology and not leave it in place while still appreciating the work that the GDPR does with regard to centralized control of data.
A new standard and a respectful label
At first glance, the blockchain and the GDPR relationship can work – because its ultimate goal is similar, but it's the way companies that promote blockchain technology behave as compliant and how the GDPR is interpreted.
Thomas Power, on the board of the Blockchain Industry Compliance and Regulation Association (BICRA), and respected blockchain voice with a special focus on GDPR, sees the blockchain as something that goes on, but still has a long way to go.
"Blockchain is a new imminent standard that links everything – document and / or transaction – and everyone – personal data – together almost as Internet 2.0.GDPR is simply a" blockchain "label that people will choose to observe, respect and recognize It's a good label, "he told Forbes
"However, blockchain requires from 15 to 18 years to hit the mainstream based on the bitcoin blockchain 2008. I see mainstream Blockchain in the period 2023-2026, post the economic crash 2020-2022, very similar to 2007-2009".
To this end, Power notes that there is indeed a level of compliance and flexible interpretation, which is helping the blockchain to remain relevant in Europe, while respecting the GDPR.Blockchain and the GDPR may seem like enemies, but in reality, they are more like the frenzy.
"[Compliance and interpretation] will continue to happen more and more once the first Blockchain – Bitcoin – has been recognized by The SEC, probably 2019, "Added Power." This event is the catalyst to recognize cryptographic assets as a class of activity here to stay, even if in embryo.
"Before them [GDPR and blockchain] they will fight and challenge, so they will harmonize because they are not enemies, rather frantic. What I like about GDPR is that it obliges the highest data standards for citizens who choose to publish, archive or record their documents and transactions on the blockchain. It also puts the same discipline on companies, governments and public and private institutions ".
"Blockchain is a 30-year-old movement, all this will seem like a banality in 2038 and personally I'm a fan of GDPR … and of course Blockchain, I like the highest data standards for citizens and businesses."
Will the GDPR take stock of its position?
With the legal interpretation, it often follows the amendments to the regulations and the law, as these two entities feel each other and blockchain becomes more recognized and legitimized, while the GDPR finds its feet, there are inevitable changes in the law along the line.
"Data is a moving party, privacy is a moving party, and product tracking from the mines to the shelves requires a record of every document and transaction on a blockchain." Yes, huge changes will be needed once people understand # 39; is a blockchain and which recording and tracking require all documents and transactions.We could finally see the paperless office in 2038 and we were promised this over the years & # 39; 80, but we print more now than so … "Power concluded.
