The European Union’s new regulation protecting data and individual privacy could have an unintended consequence: hindering blockchain development. That’s according to one of its own groups.
The EU Blockchain Observatory and Forum of the European Commission, the EU’s regulatory body, has warned that the General Data Protection Regulation covering all EU member nations isn’t clear when it comes to blockchain and personal data. The regulation went into effect about two months ago.
CCN noted that while the law allows people to change their personal data to make it accurate or delete it altogether, blockchains can’t be changed and data can only be added, not deleted.
“As long as the legal framework around personal data and blockchain remains unclear, entrepreneurs and those designing and building blockchain-based platforms and applications in Europe face massive uncertainty. That can put a brake on innovation,” says the group’s report, “Blockchain Innovation in Europe.” Read more here.