Compliance with Data Protection Regulations by Applying the Blockchain Technology
By Bartłomiej Klinger · 2019
One of the most promising approaches seems to be the application of blockchain to regulatory technology. More and more demanding regulations and consequences of not being compliant generate serious operational risks for companies around the globe. At the same time, customers are more and more aware of their rights, and the regulations require a high level of compliance from service providers. Distributed processing and transparency are very important characteristics of the blockchain network. Key features of the blockchain that determine the strength of this technology are immutability and being tamper-proof. Such a distributed ledger is resistant to any change of historical data. These features play a key role in compliance solutions. Another important and built-in mechanism of the blockchain is the security based on strong cryptography. Current blockchain networks, both public and private, are based on the most advanced cryptographic algorithms.