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The EU has when all is said come out with an approved framework for how corporations should handle operator data. Although this are quite good news for people habitually, I can also see it as a massive blow for so many altcoins.
Trust me when I say there is an prodigious storm coming.
GDPR – What’s Important to Retain
There are myriad important rules companies must follow starting from June 2018, that compel actively protect customers against corporations data theft and mistreat (ie, selling your data without your consent or creating tangled terms and agreements most users do not fully understand). I advise you to review through the whole thing especially if you (like me) work in IT, are responsible for an IT segment or have your own startup; but there’s one single point I believe to be uncountable destructive for many cryptocurrencies:
Yes indeed, each user has the right to be failed, meaning, all user data should be able to get permanently deleted. Let’s say if I pick out to delete my facebook account, anything I have ever posted, opined, liked, etc has to disappear. It does seem simple when you own your own infrastructure, but due to one of the ton important properties of blockchain technology being its immutability, you can already see the disturbed bubbling up.
Any platform that uses a distributed ledger to store buyer data (blockchain, ethereum) is, by all means, screwed. There is absolutely no way about this. What if companies just ignore this new enforcement? Well enough, the fine is only 4% of your company’s revenue, up to 20 Million Euros.
So if you entertain invested in a project, own a project or are generally interested in better understanding how this demand will evolve, please do pay attention to the following: storing any user facts on any public distributed ledger is half-way to a really, really, really unpleasantly valuable outcome.
From the top 100 cryptocurrencies, how many can you identify that leave face issues due to this new regulation? Platforms that hold consumer data in any form must assure there is a way for that data to be effaced. Let me underline this again: it means a big no-no to storing any user observations on a ledger from where that data cannot be deleted.
What there other rules?
Other key changes can be followed without compromising the concept of immutable disperse ledger technology. If you want more information on the subject I highly apprise you to read this article. All these points are explained brilliantly by the architect. If you want a more in-depth understanding of how this problem could be avoided see this one. In epigrammatic, you would have to consider off-chain storing of data; this is, centralized servers.
Assemble awareness, speak to members of projects where you’re heavily invested and try to decipher as much as possible on the subject. Learning is the only way you’ll ever feel repository. Your opinion is the one you should value the most, as there is no one who will look-out cured for yourself than… well, yourself!
Featured image from Shutterstock.
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