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Hard Fork Decentralized is a crypto and blockchain event that should take place in a few weeks. The event will focus on the challenges that are being faced in the industry, particularly on the ways in which the blockchain technology is able to remain compliant with GDPR.
During the annual Ethereum conference that was held this month, Vitalik Buterin took the opportunity to talk to Quartz about how they think IBM's commercial blockchain offerings are not really the point. The reason is that blockchain technology must be transparent and open and designed specifically for people.
Once a system has been created and placed behind closed doors, this can not be regarded as a blockchain. So, individuals who are in the same school of thought as Buterin will quickly conclude that private blockchains are not entirely blockchain, but what we have to ask is really important at the end of the day?
In the world in which we find ourselves, that is, in GDPR and data security, probably the blockchains authorized on the market are the only way we can conform.
But we all agree that there is something wrong when the blockchains are controlled by a centralized company. For decentralized purists, you need more decentralized technology if you want to take advantage of the system. So, putting the blockchain technology inside the metaphorical walls seems a little counter-intuitive.
Private Blockchains could be useful after all
In some situations, we may find that the traditional or public blockchains on the market could be ruined if they actually revealed the information that had broken the GDPR, the General Data Protection Regulation.
It can be a difficult task, if not impossible, if we want to go ahead and sanction the blockchains that have broken the regulations that have been put in place. How can a government go on and fine a decentralized entity that does not have a known owner?
From this, it leads the EU to say that private and licensed blockchains could be the only way decentralized platforms could easily comply with GDPR. This means that private blockchain could be the only viable options for co-operation within the market that would like to enter with the new technology on the market.
But it is important to note; It is not as simple as it may seem that there are still several obstacles that the company would need to overcome if they want to make sure they are compliant with the law.
More on the event
At the event, they will make sure to look at ways in which companies will be able to implement blockchain technology and will still conform to GDPR, while continuing to maximize the benefits offered. But the event does not just focus on private blockchains, in case you do not care.
The event will feature several other conversations that will be held sessions and several workshops, one that will be hosted by leading companies in the field. So make sure you are quick to sign up and reserve your seat, as they are quickly running out.
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