22. April 2018
In just a few weeks the new privacy regulation by the European Union known as the General Data Protection Regulation (GDPR) will take effect. But it seems that most companies are still in a state of denial and burying their heads in the sand, waiting until the last moment and hoping for a miracle to happen where their governments will relinquish the alignment of the national legislation with those GDPR requirements. While there are many implications for various companies worldwide, we are more interested in one particular GDPR case, namely in companies that offer solutions based on blockchain technology, given that it was one of the most emerging technologies in 2017. Many promising implementations have been catapulted over the last years ranging from new cryptocurrencies, tokens, company shares representation, and identity directory to copyright and Intellectual property protection. Some of these new solutions should meet the GDPR requirements if European residents use them. From the above examples of blockchain technology implementations, let’s take a closer look at how cryptocurrencies, specifically the leading cryptocurrency Bitcoin and the privacy-oriented cryptocurrency Monero, are impacted by GDPR. While there are many requirements in GDPR, we will look only at a few key requirements to show the impact of GDPR.