Blockchain can both enhance and undermine compliance but is not inherently at odds with EU privacy laws

Abstract

Purpose

To explain the authors’ position that the use of blockchain technology is not incompatible with European Union privacy laws and in particular the EU General Data Protection Regulation (GDPR).

Design/methodology/approach

Explains the basics of blockchain technology and the GDPR, several reasons why some scholars consider BC not to be compatible with the GDPR, and why the authors believe that the GDPR will be able to regulate the use of blockchain technology.

Findings

The current perception is that blockchain is not compatible with EU privacy laws. The authors disagree that this is the case and explain why none of the issues identified by legal scholars and stakeholders are likely to pose issues for blockchain technology. Their conclusion is that EU privacy laws are well able to regulate also this new technology. This does however not mean that blockchain will thus be suitable for all use and deployment cases.

Originality/value

Practical guidance and explanation of complex issues by lawyers with extensive experience and expertise in dealing with data protection, cybersecurity, privacy, intellectual property and related issues.

Citation

Moerel, L. and Storm, M. (2021), "Blockchain can both enhance and undermine compliance but is not inherently at odds with EU privacy laws", Journal of Investment Compliance, Vol. 22 No. 2, pp. 122-132. https://doi.org/10.1108/JOIC-10-2020-0037