How Much Will Crypto Be Fined With New G.D.P.R Rules?

The European Union General Data Protection Regulation (GDPR) was designed to harmonize data privacy laws across Europe, to protect and empower all citizens’ data privacy and to reshape the way organizations across the region approach data privacy; Replacing the Data Protection Directive 95/46/EC

From June 2018 companies must follow a set of guidelines set by the European Union.

Under these new laws and guidelines each user has the right to be forgotten, meaning all user data should be able to be forgotten

Any platform that uses a distributed ledger to store user data such as those crypto-currencies using Blockchain technology may need to implement new technologies as a Blockchain is a linked set of records called blocks that grows as new data is added to the system.

By design, a Blockchain is inherently   sacrosanct; once recorded, data on the Blockchain cannot be changed without the alteration of all subsequent blocks and a collusion of the network majority.

Platforms that hold user data in any form must assure there is a way for that data to be deleted; any user data on a ledger from where that data cannot be deleted is in breach of these new standards.

Any company in breach will face fines of 4% of the company’s revenue to the value of up to 20 Million Euros.

The key articles of the GDPR, as well as information on its business impact, can be found throughout this site https://www.eugdpr.org/