To ensure the data privacy that regulations and users require, blockchain solutions need to take non-traditional approaches. Our video outlines three data privacy challenges that are unique to blockchain, and how you can approach them:
Challenge 1: Ownership – By its nature, blockchain data is equally owned at each place where it’s distributed. But, for personal data, regulations require one owner who is accountable for all data privacy.
Challenge 2: Deletion – Blockchain records are permanent. If data changes, there is still a record of what it used to be. But many users want to be able to entirely delete their personal data from a system. And privacy regulations require that capability.
Challenge 3: Smart contracts – A blockchain can include little bits of code that automatically act upon the terms of a contract, such as transferring funds when an event occurs. These are called smart contracts. Privacy regulations require smart contracts to provide a way to report and correct any errors, but blockchain transactions are permanent.
How can blockchain solutions overcome these challenges?
Watch our video to see how solutions can include reasonable, appropriate and compliant protections for privacy. For more details, see our white paper: Can data privacy be achieved in blockchain?
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