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?