European privacy regulators are working to bring blockchain technology in line with existing data protection rules.
The European Data Protection Board (EDPB) has approved a set of draft guidelines that outline how personal information should be handled on blockchains. These rules are meant to support the General Data Protection Regulation (GDPR), which protects the privacy of individuals across the EU.
The guidelines are now open for public feedback until June 9. They aim to limit how personal data is stored and accessed on blockchain networks.
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The EDPB suggests that organizations plan for privacy early in the development of blockchain systems. This includes using tools and methods that reduce how much personal data is stored directly on-chain.
The draft also stated that people should clearly understand how their data is being used, who has access to it, and how they can request changes or deletion. Since blockchain records are permanent, the guidelines suggest workarounds, such as deleting encryption keys or storing data off-chain, to help meet these privacy requests.
Additionally, businesses must be clear about who is responsible for each part of the data-handling process. Before launching any system that uses blockchain to manage personal data, they should complete a Data Protection Impact Assessment.
The EDPB also warns against making personal data openly available on a blockchain where anyone can access it. Instead, access should be limited and controlled to prevent misuse or accidental exposure.
Meanwhile, New York Assembly member Clyde Vanel recently introduced a new proposal, Assembly Bill A7716. What does it entail? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
