Private Blockchains Could Be Compatible with EU Privacy Rules, Research Shows

Private blockchains, such as interbanking platforms set to share information on customers, could be compatible with new E.U. privacy rules, according to research published Nov. 6. The study was conducted by Queen Mary University of London and the University of Cambridge, U.K.

The General Data Protection Regulation (GDPR) act, a recent legislation that regulates the storage of personal data for all individuals within the European Union, came into effect this May. According to the law, all data controllers have to respect citizens’ rights in terms of keeping and transferring their private information. In case a data controller fails to do so, the potential fines are set as €20 million (about $22 million) or four percent of global turnover/revenues, whichever is higher.

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