Blockchain cryptocurrency technology is capturing all the sectors of the market within in a very short span of time. This was originally developed to lay a platform for the trading of virtual currency, however, it has disrupted quite a lot of other domain as well ranging from healthcare to supply chains. The unique feature of blockchain that is immutability has raised a debate in the international market over the policy of “right to be forgotten”.
The jurisdiction is known as “right to be forgotten” is mainly used by the companies to delete the data or information from the database network once their purpose is done. Bu this same unique USP of emerging technology has become a problem in the world of privacy. Even though, if the data is in a secured network there is no point of keeping so many records which are of no concern to anyone after a pint of time.
Blockchain cryptocurrency technology is sold in the market with several key features one of them is immutability of the data. This trustworthy characteristic makes the technology reliable and a prime selling idea in the market. Nevertheless, a new blockchain has been already designed which permits the user to remove their data from the record book sans violating the consistency of the network. (Via The Conversation)
Perhaps, this can help in eliminating the unnecessary data from the network. This can be understood with the idea of the Internet of Things devices that store so many things at one go right from self-driving cars to smart home devices, they constantly amass digital biographies which can be altered from time to time.
French’s Commission Nationale de l’informatique et des Libertés Guidance On The Right TO Be Forgotten
The eminent French agency mentioned in their report that private blockchains can be controlled and managed in a certain way, but public blockchains are free to be used which pose a threat for EU regulators as mentioned by CNIL.
Blockchain cryptocurrency technology as of now needs a strong regulation draft which can be practiced on an international level to avoid such challenges.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]