This article was first published on Zcash
The European Union’s General Data Protection Regulation (GDPR) came into force earlier this year. It establishes the rights of EU citizens with regard to data protection and privacy, and it regulates the collection, processing and export of personal data outside the region. Sweeping data privacy regulation like the GDPR is soon to be the rule — not the exception. This has sparked a necessary discussion about how blockchain-based technologies apply within the context of the regulation, due to the public nature of transaction data in most applications, where there is a credible risk of identifiable information being linked back to a specific individual.
Consumers demanding protection of data
The risks associated with storing and processing personal data result in information being stolen from millions of people each year, sometimes with life-altering consequences. As a result, consumers are increasingly demanding better protection and care of their data, and businesses are awakening to the fact that such protection is critical. With breaches leading to public outcry and revenue losses in the billions of dollars, putting the control of data back into the hands of customers reduces liability while empowering individuals.
Zcash supports regulatory requirements
As a privacy-protecting digital currency, Zcash is particularly well-positioned to support the regulatory requirements. Shielded addresses enable users to send and receive Zcash without publicly disclosing their addresses or the amount transacted. According to a recent TechGDPR report contracted by the Zcash Company to analyze the use of Zcash within a subscription payment system, these private addresses prevent publicly transmitted information from being linked back to an individual, therefore making them compliant for GDPR purposes and out of the scope of the regulatory requirements.
GDPR compliant by default
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