"Privacy is central to consumers and anyone working with their data; and GDPR has only highlighted this further. Measure Protocol’s Paul Neto discusses how this affects blockchain technology." Paul's most recent article on Research-live was inspired by Gartner's latest privacy predictions, which focus on blockchain's potential role in meeting transparency and customer assurance demands. He takes a closer look at predictions surrounding blockchain and GDPR, further defining what it means to store information in this environment.
He writes: "Truthfully, there really is no such thing as GDPR compliant blockchain, only GDPR and privacy compliant applications. Sensitive user-based information should never be stored on a public blockchain. The benefits of blockchain in this environment are not around storing of user data directly, but instead providing immutable proof of permissions and transactions."
The article, called "Blockchain Under GDPR", examines compliance issues with blockchain technology, indicating that there is not a "one size fits all" solution. As with many industries, blockchain introduces "new challenges for legislation that could not have been foreseen." He cautions readers against taking any kind of sweeping assumptions as this space continues to mature. Despite challenges, Paul clearly outlines the overarching benefits of blockchain, including:
" - Providing an unchangeable record of permissioned data disclosure and sharing, showing data ranging from denial of access, use of personal data and consent, as well as providing open audit mechanisms
- Helping ensure privacy through emerging cryptographic activity and developments based on the blockchain technology
- Meeting upcoming consumer demands in the new era of privacy, such as needs surrounding compliance and audits."
In short, legislation surrounding blockchain promises to mature along with the industry, so it is important to keep a good perspective on its challenges and benefits. Applying blockchain in a market research setting holds great promise for addressing consumer privacy concerns, and we should keep the conversation going when it comes to things like GDPR.