Category: Blockchain

A document written in 2008 by a fictitious author going by name of “Satoshi Nakamoto” helped launch the new internet revolution of digital currency.

The publication “Bitcoin: A Peer-to-Peer Electronic Cash System” paved the door for a wholly new method of data sharing. It is called Blockchain, and despite the lack of information on the author’s identity, whether it was a single individual or a group of visionaries.

Blockchain developed over the following ten years into one of the most ground-breaking technologies. Moreover, its potential is possible to spark transformations in all spheres of intellectual and economic life. The fundamental idea was, and still is, faith in the public storage of information in the digital world without the possibility of its removal or modification.

It didn’t take long for people to recognize that Bitcoin was the only possible use for cutting-edge technology. Blockchain is fundamentally an open and decentralized ledger. It records transactions between two partners without requiring external verification. The participants are considered third-party auditors/validators. The Bank is the party in the example financial transaction.

The General Data Protection Regulation (GDPR or GDPR1) is the world’s strictest personal data protection law. It was implemented by the European Union (EU) ten years after Nakamoto’s work in response to the growing need for digital security. It is backed by a framework of harsh penalties and requires an immediate and widespread application. GDPR1 aims to uphold data protection rights for all EU citizens. At first glance, any Blockchain-based application cannot adhere to a framework that requires notions.