GDPR Compliance Of Blockchain Technology In Hungary

  • 10 Jun 2018 12:12 PM
GDPR Compliance Of Blockchain Technology In Hungary
Special news update by Gobert & Partner Attorneys at Law. “We had a panel discussion with legislators about blockchain technology on the 23rd May 2018 at the International Blockchain Conference (organized by Blockchaineum) held in Budapest, as in the modern world blockchains are already being used to collect, store data of natural persons for example in property and asset management, digital rights management, transportation systems management, medical sector management and other tracking systems.”  

“We would like to draw your kind attention, that if you implement blockchain into your business model, e.g. develop blockchain to track customer purchases, to trade energy between different electricity providers, prove ownership of assets, or any other applications that require personal data, you as an organization developing and launching such blockchain based systems will have to abide by the GDPR.

The GDPR has profound significance to blockchain systems in three regards: 

* Data stored on a blockchain is tamper proof, thus, the GDPR “right to be forgotten” (deletion) is not an option currently
* Blockchains are distributed ledgers issued and controlled by a community, meaning control of the data put on them is relinquished. 
* Smart contracts created with blockchain will fall under the auspices of automated decision-making, and may therefore be contested. 

To resolve the paradoxon of the blockchain technology, smart contracts and GDPR, we gladly advise you on possible legal solutions.”

For more information contact:
Gobert & Partner Attorneys at Law
Kossuth Lajos u. 14-16. floor 2.,
Budapest, Hungary
Phone: +36 1 270 1 9900

Dr. Veronika Francis-Hegedűs LLM, attorney, GDPR expert, & Tamás Czeglédi MBA, Founder of Blockchaineum

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