By examining blockchain activity closely, companies focused on combating cryptocurrency related crimes can pinpoint accounts that appear to belong to the same Bitcoin wallet and are controlled by the same entity. This process is known as “clustering.”
Because user data on the blockchain is pseudonymized, it is subject to the GDPR. GDPR compliance is not about the technology, but rather how the technology is used to process personal data.
The Global Legal Blockchain Consortium (GLBC) appears to provide an excellent and collaborative forum for legal industry professionals, to include those in the eDiscovery ecosystem, seeking to learn, develop, and deploy blockchain-centric solutions and services.
The CNIL’s recently released guidance does offer some solutions in allowing blockchain to exist under the GDPR, however, it may create more questions about how these solutions would work in practice.
Attorneys now need to recognize blockchain transactions as a source of ESI that needs to be considered in preparing and responding to discovery requests, in the same manner as text, social media, and other electronic data sources.
Cloudflare’s IPFS Gateway provides an easy way to access content from the InterPlanetary File System that doesn’t require installing and running any special software on your computer.
Cloud platforms are beginning to create blockchain public ledgers of transactions and activities that occur on their platforms and distribute copies of those ledgers to the edge of their networks (and beyond).
The goal of IPFS is to “re-decentralize” the web by replacing the location-oriented HTTP with a content-oriented protocol that does not require trust of third parties.
Nearly 40% of the Deloitte respondents said their organisation will spend $5 million or more on blockchain technology in the coming year. Experts say the technology can provide substantial benefits for users who match blockchain with the right business cases.
Switching to blockchain could eliminate inefficient processes and unnecessary costs, but the digital transformation comes with risks.