Blockchain Privacy

Blockchain Tech May Be the Solution to Privacy

Several data breaches, such as the Cambridge Analytica scandal, have raised questions about how businesses and governments should treat the data entrusted to them, and they have also increased the search for the development of new technologies to preserve confidentiality. companies and users.

As a result, countries and regulators have been quick to set new compliance requirements to manage user privacy and data collection – such as the General Data Protection Regulation in Europe or the General Protection Law. data in Brazil, to name a few. Along with that, there has been a new trend to research new technologies like blockchain to solve privacy issues.

In this regard, contrary to the initial perception of many, blockchain technology can not only be compatible with the GDPR, but can also help increase levels of privacy and data protection, and restore ownership of the data to individuals.  As such, blockchain technology can be used as a privacy tool. For this reason, many players in the industry have started to compete for leadership in this area.

Blockchain technology makes it possible to codify a large number of interactions and increases reliability, thereby eliminating the political and commercial risks associated with the process managed by a central entity. In addition, they reduce the need for traditional authenticity validators (intermediaries).

In addition to blockchain architecture, it is possible to run applications from different companies and even several types together. This allows for extremely efficient and continuous interaction. An audit trail is now possible where anyone can check and ensure that the processing is correct.

However, in discussions with companies regarding the creation of applications in the blockchain, two main questions always arise: scalability and confidentiality. When it comes to privacy, there are already countless blockchain projects in development for implementation (as we’ll see in the second part of this series). Many of them are fully compatible with the current state of legislation and technology. However, it is essential to know what privacy is.

Businesses and consumers have very different privacy requirements. Businesses generally require confidentiality in the form of transaction data. Examples include product name, amount, price, address, personally identifiable financial information, etc.

Network participants are generally known. However, depending on the functions they exercise in the company, they may have access to specific system data which is blocked or selectively limited to other participants.

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