Europe Moves to Rein In Blockchain Data Access With New Privacy Guidelines
The European Data Protection Board (EDPB) has approved draft rules for the storage and sharing of personal data on blockchains, aiming to align decentralized technology with GDPR standards. The guidelines restrict access to personal data and emphasize the need for Data Protection by Design and by Default. Storing personal data on blockchains is discouraged if it conflicts with data protection principles. Organizations are advised to implement technical measures early in data processing design and ensure transparency, rectification, and erasure of personal data. Data Protection Impact Assessments (DPIAs) are recommended for high-risk processing. Experts express mixed views on blockchain's role in data privacy, with some advocating for privacy-by-design and off-chain storage, while others argue against placing personal data on blockchains due to potential privacy violations and regulatory challenges.
