When it comes to data privacy laws and your personal data, blockchain technology does not fully comply with the Four Corners of the Law (Four Corners of the Law, refers to the intersection of Conference Street and Broad Street in Charleston, South Carolina).
If you haven't heard of blockchain technology yet, you may not have noticed yet. It promises to change everything from currency to supply chain management. Blockchain (also known as distributed ledger technology, also known as DLT) provides an independent, distributed, and secure mechanism for traceability and Operate and process a large number of records in a verifiable manner. In other words, data can be composed of many different elements, including personally identifiable information (referred to in this article as "personal data" in a broad sense). However, in the process of promoting this technology, there are some issues that need to be resolved, such as the possibility of personal data being uploaded to the blockchain, and how the technology will comply with current U.S. and international data privacy laws. Needless to say, it is difficult to answer this question, and it is more difficult to solve than you think.
I have written articles about this technology before. I believe this will be an effective technology, even though it is a challenging technology legally. Most people understand blockchain in the context of cryptocurrencies such as Bitcoin, but this technology can also power private, permissioned blockchain applications. Technology precedes the law, and blockchain is no exception in this regard. In terms of data privacy, blockchain is no exception. The law and your personal data, this technology is a bit incompatible, and it does not fully comply with the framework of the law.
On the surface, blockchain technology seems very suitable for the privacy of personal data. First of all, blockchain technology uses encryption to protect and verify the data in the chain, but this is a two-way authentication technology (usually using public and private keys). If others obtain the private key, they can decrypt personal data. . Using a hash-one-way function, this function can input different lengths to create a fixed-length output, which can be used as a digital fingerprint. In less detailed cases, a hash function is used to "hash" the data in each block, and subsequent blocks merge the previous hashes to verify the chain and add new data. Any changes to the data in a block will change the hash of that block and all subsequent hashes in the block chain. In terms of data privacy, these features are a great advantage, but for other features of the blockchain, they are not so important.
First, the blockchain record is immutable, once a record is added, it is designed to remain unchanged. This is inconsistent with the EU's "General Data Protection Regulation" (GDPR) requirements. The GDPR stipulates that if the data subject requests it, the personal data of the "data subject" should be changed or deleted (sometimes referred to as the "right to be forgotten"). In addition, California’s recently promulgated Consumer Protection Act (CCPA) seems to have borrowed from GDPR, giving consumers the right to delete their personal information under CAL. -"Civil Code" Article 1798.105 stipulates. Blockchain applications that attempt to incorporate personal data into the blockchain will need to solve this dilemma, for example by "forking" to a new chain (IMHO, it is not actually a viable long-term solution). Become a “side chain†(it will weaken a powerful function of the blockchain), or place such personal data outside the blockchain in other ways (some people may think that this will first use the purpose of the blockchain) Failed).
In addition, the blockchain is a highly distributed design, which creates some interesting jurisdictional issues. Whether it is public or private, the blockchain is composed of many different nodes. Does each node need to comply with the GDPR? If so, who is responsible for ensuring that each node complies with GDPR? If personal information is violated, what is the appropriate jurisdiction and applicable law? How will EU regulators view (and answer) these questions? These are puzzling questions, but the answers are necessary. The penalty for non-compliance with the GDPR is as high as 20 million euros or 4% of the total annual turnover, whichever is greater (yes, you read that right).
Nevertheless, I don't think these questions will have no answers, because the blockchain has already arrived and is just getting started. The advantages of the technology far outweigh the disadvantages at this point. Nevertheless, the answer will be challenging and will promote the development of blockchain technology and related laws. Given that the National Data Privacy Protection Act (CCPA) was recently passed (effective in January 2020), the United States is now pushing for national data privacy regulation (because of the need to coordinate multiple state data privacy laws and regulations, the future must have attracted everyone’s attention ). It remains to be seen whether this will happen, but I have a hunch that when it comes to GPDR and blockchain, a good show is about to be staged.
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