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UK Research Shows That Private Blockchains And New EU Privacy Rules Might Go Well Together

Stefan by Stefan
11/11/2018
in Blockchain News
Reading Time: 2 mins read
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According to a study conducted by the Queen Mary University of London and the University of Cambridge in the UK, private blockchains have a great chance in being compatible with the new EU privacy policies, so it’s no wonder that this information is in the latest blockchain news today.

The General Data Protection Regulation act that regulates how personal data is stored for people within the European Union is now in effect since May this year. According to the GDPR act, data controllers are obliged to respect all citizens’ rights in terms of keeping their private information. If a certain controller doesn’t obey the law, the fines vary from 20 million Euros or 4% of global revenues.

According to the study, all crypto-related technologies could go under the rules contained in the GDPR since they publicly store private information about the citizens who live in the European Union thus:

 “There is a risk that this legal uncertainty will have a chilling effect on innovation, at least in the EU and potentially more broadly. For example, if all nodes and miners of a platform were to be deemed joint controllers, they would have joint and several liability, with potential penalties under the GDPR.”

However, blockchain operators could be treated like processors the same way the companies behind cloud technologies control the users’ data.

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Blockchain networks could store personal data externally to meet the rules of the privacy laws or allow nodes to delete the private key that has encrypted information.

GDPR rules are really hard to comply with especially for crypto mining businesses which are why the researches urge the European Data Protection Board to create a guide of the protection law that will be clearer.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: euPolicyprivacyPrivate blockchainregualtionResearchrulesstudyuk
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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