Decentralized Data and Privacy

Abstract

Our personal information, or “digital footprint,” is gathered and used in today's digital age. Digital footprints are kept, unlike snow footprints. There is a large market for this data, which businesses utilize to analyze consumer preferences. Businesses collecting a lot of data in one place pose a privacy risk. Thus, people are worried. Businesses prefer not to utilize intermediaries to manage client data to save money. Therefore, new technology is needed to make online interactions safer and more efficient. We're considering “distributed ledger technology.” This technology is interesting because it securely collects, stores, and processes data without central authority. It has data immutability, transparency, and safety. A problem exists. The European GDPR (general data protection regulation) may conflict with this technology. This chapter will examine this tension, focusing on the right to be forgotten, which permits people to delete their data. It will examine how this new technology and existing privacy policies can function together or need tweaking.