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Blockchain and the General Data Protection Regulation: Reconciling protection and innovation

Author

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  • Munier, Lucie
  • Kemball-Cook, Ashley

Abstract

The General Data Protection Regulation (GDPR) came into force in May 2018 and has stimulated many conversations but importantly has strengthened individuals’ data protection rights. Blockchain as a technology is steadily advancing with great potential for delivering efficiencies to many processes due to its novel methods for storing and transfer of data. The GDPR and Blockchain have been seen to be clashing by many, and there are fears that the regulation will stifle the innovation of this emerging technology. This paper describes the relationship and concludes that the issues arising in this context do not indicate the termination of innovation but rather that with sustained communication between regulators and technologists, and with continued responsible innovation, the GDPR and Blockchain will prosper.

Suggested Citation

  • Munier, Lucie & Kemball-Cook, Ashley, 2019. "Blockchain and the General Data Protection Regulation: Reconciling protection and innovation," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 11(2), pages 145-157, March.
    • Handle: RePEc:aza:jsoc00:y:2019:v:11:i:2:p:145-157
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    More about this item

    Keywords

    Blockchain; data protection; pacing problem; technology; GDPR; policy;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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