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ARTICLE · 12 DECEMBER 2019

General Data Protection Regulation And Its Applicability To Blockchain Technology: Scope And Challenges

K Singhania & Co
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Blockchain technology has the potential to disrupt how the current online circulation of value works.

IndiaPrivacy
Krrishan Singhania
Krrishan Singhania
Vaibhav Pasi
Vaibhav Pasi

Introduction

As the world of blockchain technology is expanding and the usage of this technology is increasing, there is a need to harmonize the laws regarding the functioning of this technology and protecting rights of its users. Blockchain is a shared and synchronized digital database which works on the basis of a consensus algorithm where information is stored as local version on different nodes (computer). To simplify it further, blockchain could be said a chain of blocks. With the hashing process, information stored on a single block gets added in the existing chain of blocks. Hashing is a process that issues unique fingerprint to the data stored; in essence it is a cryptographic function which is irreversible. Blockchain technology has the potential to disrupt how the current online circulation of value works. It is anticipated that tax reporting, voting schemes, e-identity and other things may work on blockchain or other distributed ledger system by 2035.1 Con

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