Laws already exists and the job of politicians is to bring new ones,I do not think this one will change anything.When I see what is the maximum punishment it makes me want to just laugh-20 million EUR for company such as Facebook,Twitter,Google or any similar company is actually nothing.Will this law change anything to protect the data of users?Of course that will not,this is just a smokescreen for naive consumers.
I do not know how EU will force USA based companies to protect user data from EU,it is well known thing that american security agencies have access to all data anytime, anywhere.Also FB case is just top of the iceberg,the privacy of the data it's just an illusion.
Regarding blockchain and cryptocurrency,I think this law has no effect.
Topic: [2018-03-24] GDPR: A Game Changer Is Coming for Cryptocurrency (Read 154 times)
Wait and see how this develops as the policy is mainly aimed at limiting the way social media and internet giants have been exploiting data to produce a calculated outcome. It's the scandal rocking FB right now. Blockchains on the other hand do have immutability but blockchains were not programmed to collect data the way social media apps do. Blockchain is mainly a ledger for the transactions happening within the system. It is robust in tracking down the transactions within its algorithm and not much else outside of that. Blockchain does not spy on you nor does it mine your online activities to get to know you more and make marketing efforts to you. Though people can track the activities of a wallet, it is still more private compared to FB or the other social media giants out there.
The war over who and how to control users data is just beginning, with scandals such as the one where Facebook exposed data on 50 million Facebook users to a researcher who worked at Cambridge Analytica, and the claims it was used to work for the Trump campaign. Such Eu approved framework will continue to pop out everywhere.
What I do not seem to understand is how this affects blockchain? Blockchain does not store users data neither does ethereum does! I don't understand why they are both mentioned in the article!
What I do not seem to understand is how this affects blockchain? Blockchain does not store users data neither does ethereum does! I don't understand why they are both mentioned in the article!
This is saying, " Well, the fine is only 4% of your company’s revenue, up to 20 Million Euros. " - So who is going to pay this for Satoshi? The Blockchain is not suddenly going to delete people's data, because some law wants to enforce that. The whole idea behind Crypto currencies like Bitcoin is for transactions to be immutable. < unchanging over time or unable to be changed >
Let them change the laws, we will adapt with more unchangeable and decentralized technologies to protect our freedom.
Let them change the laws, we will adapt with more unchangeable and decentralized technologies to protect our freedom.
The EU has finally come out with an approved framework for how corporations should handle user data. Although this are quite good news for people generally, I can also see it as a massive blow for so many altcoins.
Trust me when I say there is an enormous storm coming.
GDPR – What’s Important to Retain
There are many important rules companies must follow starting from June 2018, that will actively protect customers against corporations data theft and abuse (ie, selling your data without your consent or creating complicated terms and agreements most users do not fully understand). I advise you to read through the whole thing especially if you (like me) work in IT, are responsible for an IT department or have your own startup; but there’s one single point I believe to be most destructive for many cryptocurrencies:
Yes indeed, each user has the right to be forgotten, meaning, all user data should be able to get permanently deleted. Let’s say if I chose to delete my facebook account, anything I have ever posted, commented, liked, etc has to disappear. It does seem simple when you own your own infrastructure, but due to one of the most important properties of blockchain technology being its immutability, you can already see the problem bubbling up.
Any platform that uses a distributed ledger to store user data (blockchain, ethereum) is, by all means, screwed. There is absolutely no way around this. What if companies just ignore this new enforcement? Well, the fine is only 4% of your company’s revenue, up to 20 Million Euros.
So if you have invested in a project, own a project or are generally interested in better understanding how this market will evolve, please do pay attention to the following: storing any user data on any public distributed ledger is half-way to a really, really, really unpleasantly expensive outcome.
From the top 100 cryptocurrencies, how many can you identify that will face issues due to this new regulation? Platforms that hold user data in any form must assure there is a way for that data to be deleted. Let me underline this again: it means a big no-no to storing any user data on a ledger from where that data cannot be deleted.
Other key changes can be followed without compromising the concept of immutable distributed ledger technology. If you want more information on the subject I highly advise you to read this article. All these points are explained brilliantly by the author. If you want a more in-depth understanding of how this problem could be avoided see this one. In short, you would have to consider off-chain storing of data; this is, centralized servers.
Raise awareness, speak to members of projects where you’re heavily invested and try to read as much as possible on the subject. Learning is the only way you’ll ever feel safe. Your opinion is the one you should value the most, as there is no one who will look-out better for yourself than… well, yourself!
https://www.ccn.com/gdpr-a-game-changer-is-coming-for-cryptocurrency/
Trust me when I say there is an enormous storm coming.
GDPR – What’s Important to Retain
There are many important rules companies must follow starting from June 2018, that will actively protect customers against corporations data theft and abuse (ie, selling your data without your consent or creating complicated terms and agreements most users do not fully understand). I advise you to read through the whole thing especially if you (like me) work in IT, are responsible for an IT department or have your own startup; but there’s one single point I believe to be most destructive for many cryptocurrencies:
Yes indeed, each user has the right to be forgotten, meaning, all user data should be able to get permanently deleted. Let’s say if I chose to delete my facebook account, anything I have ever posted, commented, liked, etc has to disappear. It does seem simple when you own your own infrastructure, but due to one of the most important properties of blockchain technology being its immutability, you can already see the problem bubbling up.
Any platform that uses a distributed ledger to store user data (blockchain, ethereum) is, by all means, screwed. There is absolutely no way around this. What if companies just ignore this new enforcement? Well, the fine is only 4% of your company’s revenue, up to 20 Million Euros.
So if you have invested in a project, own a project or are generally interested in better understanding how this market will evolve, please do pay attention to the following: storing any user data on any public distributed ledger is half-way to a really, really, really unpleasantly expensive outcome.
From the top 100 cryptocurrencies, how many can you identify that will face issues due to this new regulation? Platforms that hold user data in any form must assure there is a way for that data to be deleted. Let me underline this again: it means a big no-no to storing any user data on a ledger from where that data cannot be deleted.
What about other rules?
Other key changes can be followed without compromising the concept of immutable distributed ledger technology. If you want more information on the subject I highly advise you to read this article. All these points are explained brilliantly by the author. If you want a more in-depth understanding of how this problem could be avoided see this one. In short, you would have to consider off-chain storing of data; this is, centralized servers.
Now what?
Raise awareness, speak to members of projects where you’re heavily invested and try to read as much as possible on the subject. Learning is the only way you’ll ever feel safe. Your opinion is the one you should value the most, as there is no one who will look-out better for yourself than… well, yourself!
https://www.ccn.com/gdpr-a-game-changer-is-coming-for-cryptocurrency/
Jump to: