As you may already know, blockchain technology has massive potential to disrupt numerous industries throughout the world. However, the worldwide adoption of the technology is only possible with a supportive regulatory framework.
A study carried out by the University of Cambridge in partnership with the Queen Mary University of London, discusses whether private blockchains are compatible with the recently-adopted European Union GDPR privacy law.
To put things better into perspective, the GDPR law is responsible for regulating how personal data of EU citizens is stored and processed. As such, all companies that control personal data operating within the EU must respect a set of rules concerning the storage, transfer and use of personal data. Failure to do so leads to a fine as large as €20 million EUR, or a percentage of the global revenues obtained by the company breaching the law.