Can Blockchain comply with GDP?

Main notes

• EDPB provides guidelines that address the Challenges of GDP that has been presented by the effectiveness and decentralization in Blockchain.
• It is recommended to store the chain and advanced encryption to protect personal data on Blockchain systems.
• Data protection assessments and mechanisms are assigned to transfer international data for Blockchain projects. .

The European Data Protection Panel (EDPB) has unveiled new strict guidelines aimed at managing personal data processing within Blockchain technologies. The compliance of the gross domestic product confirms amid increased Blockchain’s dependence.

in New step It has entered on April 14, EDPB highlights the important complications of the Blockchain integration with the principles of GDP. These guidelines emphasize the challenges in the inherent BLOCKCHAIN ​​inability, on the one hand, and decentralization with the requirements of personal data protection, on the other hand.

Store data outside the chain

EDPB stresses avoiding direct storage of Personal data on BlockchainRecommend the storage outside the chain, along with strong encryption methods to protect privacy. Advanced technologies, such as encrypted storage, salted retail, and encryption obligations, suggest to ensure that personal data is not tracked or abused easily.

The instructions require comprehensive reviews of the effect of data protection (DPIAS) before the implementation of Blockchain solutions. Control units should be documented with the need to use Blockchain and suit them on other technologies, and detailing specific technical and regulatory measures.

“Blockchain technology provides innovative but unique risk of privacy rights,” EDPB edited. “Compliance with the principles of data protection should be negotiable.”

A difficult time for international transfers

Special attention is drawn to international transfers, especially those that involve the general Blockchains with the contract outside the European Union, which require mechanisms such as standard contractual items to comply with the fifth semester of GDP.

Moreover, EDPB has strengthened explicit obligations to support data subject rights, including correction, erasure and the right to object to mechanical decisions, despite the technical restrictions of Blockchain.

The guidelines, currently open to public consultation, are the recent European Union’s move towards ensuring the official Blockchain is the official who respects the rights to protect basic data, determining a precedent for international standards.

Issues of encryption companies with gross domestic product

Many encrypted currency companies have faced audit and legal procedures for alleged violations of the European Union’s gross domestic product. Prospel cases include:

Worldcoin (2024)

The Sam Altman’s WorldCOIN project, which includes a survey of the iris of individuals in exchange for digital identity and cryptocurrencies, was temporarily banned in Spain for up to three months. The Spanish data protection regulator, AEPD, concerns about the insufficient information provided to users, the collection of possible data from minors, and the lack of mechanisms to withdraw approval. Other countries, such as Spain and France, have temporarily prevented WorldCoin from working in their countries due to privacy concerns. as a result of, WorldCOIN axis to Asia and Latin America As its basic markets.

Crypto.com (2022)

Crypto.com He suffered a security breach This affects about 483 user accounts, which leads to unauthorized withdrawals of a total of millions of dollars in various encrypted currencies. Although the company has paid influential users and the implementation of additional security measures, the accident raised concerns about the adequacy and security of data protection protocols, which may include the obligations of GDP.

Stake.com (2024)

Crypto Glambling Platform.com Issues related to GDP compliance have been reportedIncluding the difficulties in exercising their rights to access data and erasure. These allegations indicate a possible non -compliance with the provisions of GDP of user data and transparency.

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