• Latest
  • Trending
  • All
  • Litecoin
  • Ethereum
  • Market
Lawmakers Finally Took Data Privacy Seriously — 2019 Regulatory Roundup

Lawmakers Finally Took Data Privacy Seriously — 2019 Regulatory Roundup

January 13, 2020
White House office seeks public opinion on crypto-climate implications

White House office seeks public opinion on crypto-climate implications

March 26, 2022
Love it or hate it, crypto’s vibe shift is now imminent

Love it or hate it, crypto’s vibe shift is now imminent

March 26, 2022
Save on your hotel - hotelscombined.com
ADVERTISEMENT
BTC, ETH Begin Weekend Close to Key Resistance Levels – Market Updates Bitcoin News

BTC, ETH Begin Weekend Close to Key Resistance Levels – Market Updates Bitcoin News

March 26, 2022
Cryptocurrency Adoption to Grow Significantly This Year in Latam – Bitcoin News

Cryptocurrency Adoption to Grow Significantly This Year in Latam – Bitcoin News

March 26, 2022
Crypto Market Cap Reclaims $2 Trillion as Bitcoin Touched $45K (Weekend Watch)

Crypto Market Cap Reclaims $2 Trillion as Bitcoin Touched $45K (Weekend Watch)

March 26, 2022
3 Metrics to Analyze GameFi Projects

3 Metrics to Analyze GameFi Projects

March 26, 2022
PUBG Developer Krafton Partners With Solana Labs to Build Blockchain Games and Services – Bitcoin News

PUBG Developer Krafton Partners With Solana Labs to Build Blockchain Games and Services – Bitcoin News

March 26, 2022
Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

March 26, 2022
Nevada Man Pleads Guilty In $722 Million Bogus Crypto Investment

Nevada Man Pleads Guilty In $722 Million Bogus Crypto Investment

March 26, 2022
Luxury Italian Retailer Michele Franzese Moda Reveals Fashion Brand Accepts Crypto Payments – Bitcoin News

Luxury Italian Retailer Michele Franzese Moda Reveals Fashion Brand Accepts Crypto Payments – Bitcoin News

March 26, 2022
Decentralization, DAOs and the current Web3 concerns

Decentralization, DAOs and the current Web3 concerns

March 26, 2022
Behind the bipartisan crypto bill that’s coming to Congress

Behind the bipartisan crypto bill that’s coming to Congress

March 26, 2022
  • About Us
  • Privacy Policy
  • Newsletter
  • Contact Us
Sunday, May 29, 2022
Crypto Top News
Save on your hotel - hotelscombined.com
  • Home
  • Altcoin
    Bitcoin at $44.9k as ETFs touch new highs, altcoins continue green rampage

    Bitcoin at $44.9k as ETFs touch new highs, altcoins continue green rampage

    5 “next bitcoins” that weren’t

    5 “next bitcoins” that weren’t

    Where Does Bitcoin Stand With Depleting Dollar Dominance

    Where Does Bitcoin Stand With Depleting Dollar Dominance

    Crypto Corner: The Sports Slice

    Crypto Corner: The Sports Slice

    Polygon (MATIC) suffers network outage sparking a wave of angry users

    Polygon (MATIC) suffers network outage sparking a wave of angry users

    Goldman Sachs Will Now Offer Its Clients Ethereum Funds Via Galaxy Digital

    Goldman Sachs Will Now Offer Its Clients Ethereum Funds Via Galaxy Digital

    Kava adds EVM support to the network with Ethereum co-chain alpha launch

    Kava adds EVM support to the network with Ethereum co-chain alpha launch

    Crypto Corner: The Sports Slice

    Crypto Corner: The Sports Slice

    Fantom Foundation Responds To Andre Conje’s Departure

    Fantom Foundation Responds To Andre Conje’s Departure

    Total amount of Luna tokens staked down 62% from ATH even amid massive price rally

    Total amount of Luna tokens staked down 62% from ATH even amid massive price rally

  • Bitcoin
    White House office seeks public opinion on crypto-climate implications

    White House office seeks public opinion on crypto-climate implications

    BTC, ETH Begin Weekend Close to Key Resistance Levels – Market Updates Bitcoin News

    BTC, ETH Begin Weekend Close to Key Resistance Levels – Market Updates Bitcoin News

    Cryptocurrency Adoption to Grow Significantly This Year in Latam – Bitcoin News

    Cryptocurrency Adoption to Grow Significantly This Year in Latam – Bitcoin News

    PUBG Developer Krafton Partners With Solana Labs to Build Blockchain Games and Services – Bitcoin News

    PUBG Developer Krafton Partners With Solana Labs to Build Blockchain Games and Services – Bitcoin News

    Nevada Man Pleads Guilty In $722 Million Bogus Crypto Investment

    Nevada Man Pleads Guilty In $722 Million Bogus Crypto Investment

    Luxury Italian Retailer Michele Franzese Moda Reveals Fashion Brand Accepts Crypto Payments – Bitcoin News

    Luxury Italian Retailer Michele Franzese Moda Reveals Fashion Brand Accepts Crypto Payments – Bitcoin News

    APENFT Marketplace Makes NFT Drops in the TRON Ecosystem Accessible – Press release Bitcoin News

    APENFT Marketplace Makes NFT Drops in the TRON Ecosystem Accessible – Press release Bitcoin News

    DOJ Charges Two People in Million-Dollar Scheme to Defraud Investors – Regulation Bitcoin News

    DOJ Charges Two People in Million-Dollar Scheme to Defraud Investors – Regulation Bitcoin News

    After years of doubts and concerns, it is finally Bitcoin’s time to shine

    After years of doubts and concerns, it is finally Bitcoin’s time to shine

  • Cryptocurrency
    • Ethereum
    • Litecoin
  • Blockchain
    Decentralization, DAOs and the current Web3 concerns

    Decentralization, DAOs and the current Web3 concerns

    MIT adds the Bank of England to its stable of CBDC digital currency research partners

    MIT adds the Bank of England to its stable of CBDC digital currency research partners

    Learn about Web3 and how it aims to transform internet services

    Learn about Web3 and how it aims to transform internet services

    European crypto regulatory framework goes to three-way consideration without PoW ban

    European crypto regulatory framework goes to three-way consideration without PoW ban

    Jamaica’s central bank digital currency and the problems it hopes to solve

    Jamaica’s central bank digital currency and the problems it hopes to solve

    LG Electronics adds blockchain and crypto as new areas of business

    LG Electronics adds blockchain and crypto as new areas of business

    Powers On… Biden accepts blockchain technology, recognizes its benefits and pushes for adoption – Cointelegraph Magazine

    Powers On… Biden accepts blockchain technology, recognizes its benefits and pushes for adoption – Cointelegraph Magazine

    IOSCO says DeFi is quickly evolving and ‘cloning financial markets’

    IOSCO says DeFi is quickly evolving and ‘cloning financial markets’

    Stargate Finance attracts $1.9B in six days

    Stargate Finance attracts $1.9B in six days

  • Regulation
    Love it or hate it, crypto’s vibe shift is now imminent

    Love it or hate it, crypto’s vibe shift is now imminent

    Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

    Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

    Behind the bipartisan crypto bill that’s coming to Congress

    Behind the bipartisan crypto bill that’s coming to Congress

    US Treasury Secretary Janet Yellen says upcoming crypto regulations will nourish healthy innovation

    US Treasury Secretary Janet Yellen says upcoming crypto regulations will nourish healthy innovation

    Secretary Yellen recognizes ‘benefits of crypto’ despite lingering skepticism

    Secretary Yellen recognizes ‘benefits of crypto’ despite lingering skepticism

    Crypto tax policy framework passes India’s parliament despite pushback from lawmakers

    Crypto tax policy framework passes India’s parliament despite pushback from lawmakers

    US senators Lummis, Gillibrand reveal working on bipartisan crypto legislation

    US senators Lummis, Gillibrand reveal working on bipartisan crypto legislation

    Finally, a proof of work ban is off the table in Europe

    Finally, a proof of work ban is off the table in Europe

    Korean crypto exchanges are now in compliance with the Travel Rule

    Korean crypto exchanges are now in compliance with the Travel Rule

  • Market
    3 Metrics to Analyze GameFi Projects

    3 Metrics to Analyze GameFi Projects

    Coinbase to Label Some Assets as ‘Experimental’ In Bid to Boost Transparency

    Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

    ‘We Have Entered a Period of Pain,’ Says WazirX CEO of India’s New Tax Laws

    ‘We Have Entered a Period of Pain,’ Says WazirX CEO of India’s New Tax Laws

    White House Wants Public Comments on Crypto’s Energy Use and Environmental Impact

    White House Wants Public Comments on Crypto’s Energy Use and Environmental Impact

    Greener Bitcoin Mining Could Be China’s ‘Trillion-Dollar Present’ to the US

    Greener Bitcoin Mining Could Be China’s ‘Trillion-Dollar Present’ to the US

    Bitcoin Tops $44K Amid Rumors of Terra's LFG Accumulating BTC

    Bitcoin supera los $44.000 entre rumores de compra de BTC por parte de Fundación Terra

    Bitcoin Outperforms as Crypto Bulls Take a Breather

    Bitcoin Outperforms as Crypto Bulls Take a Breather

    4 Reasons Why Bitcoiners Should Pass on El Salvador’s Bitcoin Bond

    4 Reasons Why Bitcoiners Should Pass on El Salvador’s Bitcoin Bond

    Bitcoin Faces Initial Resistance at $46K; Support at $42K

    Bitcoin Faces Initial Resistance at $46K; Support at $42K

  • Prices
  • ICO
  • Travel Websites
No Result
View All Result
Crypto Top News
No Result
View All Result
Home Blockchain

Lawmakers Finally Took Data Privacy Seriously — 2019 Regulatory Roundup

by Admin
January 13, 2020
in Blockchain
0
Lawmakers Finally Took Data Privacy Seriously — 2019 Regulatory Roundup
728*90
ADVERTISEMENT



Data privacy has long been seen as one of the major non-monetary usages of blockchain technology. Many governments and corporations are already running recordkeeping systems based on distributed ledgers to securely store internal data.

Tech enthusiasts believe that blockchain has the potential to revolutionize personal data and identity management for private citizens as well, yet these hopes remain largely aspirational so far. One of the reasons for that is regulatory uncertainty: Lawmakers around the globe are having a hard time catching up with data security challenges that the sprawling online economy poses.

In 2019, the regulators accelerated their efforts to reinforce and standardize data security policies amid the growing realization of the economic value of data in several key jurisdictions. The field of privacy-enhancing technology continued to bear new solutions that will shape the industry as the new decade kicks off.

GDPR effect

Virtually all observers agree that the European Union’s General Data Protection Regulation coming into effect has been a major influence on the global privacy landscape this past year. Although the process formally began in 2018, it was last year that saw the bulk of compliance and enforcement effort pick up real steam.

British Airways and Marriott became the first corporations to face multi-million fines under the statute’s provisions. The legislation’s global aftermath included many other jurisdictions seeking to attain a GDPR-compliant status to enable cross-border data exchange. Dean Steinbeck, General Counsel at cryptocurrency project Horizen, told Cointelegraph:

“As expected, many non-EU countries are following the EU’s lead and implementing rules similar to GDPR in their jurisdictions. For example, Argentina, Australia and Brazil have all moved to implement data privacy laws that closely resemble GDPR.”

Over in the U.S., legislators have been fiercely debating matters of data usage as well. A November hearing on the issue held by the Congressional Task Force on Financial Technologies revealed that neither Democratic nor Republican members were content with the state of the nation’s laws governing financial data practices. It appears, however, that federal-level regulation is unlikely to come along before the takeaways from the California experiment are in.

The Golden State moved to become the first to adopt its own regulatory framework, the California’s Consumer Privacy Act (CCPA), which Steinbeck calls the most comprehensive data privacy law in the U.S to date. The law came into effect at the start of 2020, with CCPA-related notices pouring into compliance officers’ inboxes immediately.

Several state legislatures — Massachusetts, New York and New Jersey among them — have already moved or announced plans to consider their own privacy regulations. This has sparked concerns that data privacy landscape in the United States can soon become a patchwork of disparate laws, each one posing its own compliance requirements, said Yarno Vanto, a partner in the Privacy & Cybersecurity Group of the law firm Crowell & Moring.

Vanto doesn’t believe in adoption of a unified federal regulation as early as in 2020, as it will take time for California’s groundbreaking regulation to become operational before it can yield lessons for federal regulators to heed. He noted that CCPA seems to be off to a rather rocky start, too:

“A federal personal information protection bill is unlikely in 2020. The California State Attorney General did not finalize the implementing regulations relating to CCPA by the end of 2019 year, leaving companies seeking to comply with CCPA with some uncomfortable choices during the spring of 2020, particularly as the Attorney General has communicated that while enforcement will not begin until mid-2020, activities that have taken place during the first half of 2020 could also be subject to enforcement action.”

GDPR has also set a model in terms of the severity of fines. By instituting a hefty price for allowing data breaches and mishandling user data, regulators signal that they treat privacy seriously. For their part, corporations realize that the alternative to massive compliance costs is a comparably sized penalty charge. Michael Loewy, co-founder of privacy-focused protocol Tide, told Cointelegraph:

“The CCPA carries fines of $2,500 – $7,500 per record / breach which means embracing privacy is now mission critical for businesses in California specifically and more generally in the U.S. The projected CCPA compliance costs of $55B reflects this. We’re seeing enterprise businesses going through privacy-open-heart-surgery, investing heavily to reduce the liability of handling sensitive consumer data.”

Cryptography on the rise

As stakeholders come to attach increased significance to data security, various subfields of cryptography — blockchain being just one of the technologies that make use of it — are seeing explosive growth of enterprise-oriented applications. Practitioners in the space expect the coming decade to be a boon to the industry.

Lilin Sun, the founder and CEO of cryptographic computing network PlatON, observed to Cointelegraph that cutting-edge technologies such as big data, artificial intelligence, the internet of things, cloud computing and blockchain ensure that data is being reorganized, and thus, more data scandals will emerge in the near future:

“Privacy-preserving computation, with its profound potentials, will reach a breakthrough in this new decade. Secure Multi-Party Computation (MPC), Homomorphic Encryption (HE), zero-knowledge proof (ZKP) and other subfields of cryptography, provide the provable security guarantee for data privacy.”

Jonathan Rouach, CEO and co-founder at blockchain firm QEDIT, also sees that the rise of Privacy-Enhancing Technology (PET) and a zero-knowledge proof will be of a huge significance following the events of 2019:

“Regulatory shifts have taken place alongside significant developments within the Privacy-Enhancing Technology (PET) space – as acknowledged by a recent World Economic Forum report – with a groundswell of momentum powering the ascent of Zero-Knowledge Proof (ZKP) cryptography among the enterprise community.”

Blockchain proponents believe that solutions based on the technology are ripe for solving the most pressing issues of data security while maintaining the balance between strong protection and providing third parties, such as law enforcement, with a measure of access, if necessary. Tide’s Loewy shared his sanguine outlook:

“Blockchain technology presents a significant opportunity to provide a killer application to address civil-rights / humanitarian protection aspects such as privacy, by providing ‘trustless’ handling of sensitive data. For the first time, there’s a technology that removes much of the risk surrounding the access and storage of sensitive data, including the human element, while remaining transparent and auditable to prevent abuse of power.”

Rouach offered another interesting spin on the relationship between blockchain and privacy. He suggested that DLT-based solutions might not only be seen as privacy-enhancing tools; in fact, some of them could use improved data security for their own sake. Rouach argued that insufficient privacy protections have historically impeded blockchain adoption:

“For example, without an added privacy layer, it is not practical for a supply chain consortium to deploy a blockchain for asset tracking along a supply route. From a competitive perspective, manufacturers in the consortiums cannot broadcast sensitive transactional details that reveal confidential information about their sales volume, pricing or trade partners.“

Challenges, old and new

Certain features inherent to blockchain technology do not align well with some foundational principles of data privacy central to the new personal information protection laws. The most conspicuous points of contention are blockchains’ immutability, meaning that sensitive, or “bad,” data that makes it to a distributed ledger cannot be removed if necessary. The second is the decentralized nature of true blockchains that makes it difficult to identify a party responsible for a violation. Crowell & Moring’s Vanto told Cointelegraph:

“Immutability prevents deletion, and lack of an identifiable “controller” (GDPR) or “business” (CCPA) is challenging, if not impossible. Solutions presented by regulators and various working groups such as the encryption of all data in a blockchain, or keeping all personal information outside the blockchain, are often technically challenging and difficult to implement in practice, and whether such solutions actually offer compliance is uncertain. This legal uncertainty creates a complex environment in particular for blockchain startups.”

There is, however, an ever deeper question lurking from behind these particular collisions with the law: Can a decentralized blockchain protocol be, say, GDPR-compliant at all? Or should it be? Paul Schmitzer, director of marketing strategy at privacy-focused Particl Project, believes that the answer is no. Schmitzer argues that pure blockchains are open-source and are not controlled by any particular entity. Therefore, they should not be required to follow GDPR or other similar regulations:

“There is no authority which can force regulations to be integrated into open code if the majority of node operators disagree with the changes. Truly decentralized blockchains really are at the edge of what’s been done in the past and it’s going to be a huge challenge for regulators to properly determine how to regulate these open protocols.”

Schmitzer also noted that blockchain projects vary widely in the level of decentralization, some of them being structured more like traditional, top-down financial service businesses. Regulators, such as the Securities and Exchange Commission, should apply their own judgement to determine the degree of centralization that characterizes a particular project on a case-by-case basis.

New frontiers

What are some big-picture takeaways that the 2019 privacy regulations trends hold for the blockchain industry? On its face, the general turn toward better protection of private data should be empowering for the space. Horizen’s Steinbeck shares this sentiment:

“I’m seeing renewed regulatory acceptance of encryption and a deeper understanding that privacy is important. I think the current trend of increased consumer data privacy protection bodes well for blockchain and projects that enable privacy.”

Privacy lawyer Vanto remains concerned about the tensions between blockchain projects’ essential affordances and the universal requirements of the emerging regulatory frameworks. Yet, he believes that there are ways for regulators to mitigate the adverse effects of this collision:

“Since virtually all of the information privacy laws that have been adopted or are now in the process of being adopted are to varying degrees incompatible with blockchain, we will likely see regulators adopting ‘safe harbors’ where blockchains that meet certain requirements such as encryption of personal information, will not be subject to enforcement action. Industry will play a significant role in ensuring that these safe harbors are compatible with technical developments surrounding blockchain.”

At any rate, given the current pace, at which encryption technologies develop, as well as major regulators’ newfound commitment to ensuring sufficient levels of personal data protection, 2020 is certainly poised to be an exciting year to watch regulatory developments in the privacy space.





Source link

300*250
ADVERTISEMENT
Admin

Admin

300*250
ADVERTISEMENT
300*250
ADVERTISEMENT
300*250
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Circle Captures $440 Million in Financing, Rumors of SPAC Deal Follow – Finance Bitcoin News

Circle Captures $440 Million in Financing, Rumors of SPAC Deal Follow – Finance Bitcoin News

May 29, 2021
Grayscale Parent Company to Purchase Ethereum Classic Trust Shares Worth $50 Million

Grayscale Parent Company to Purchase Ethereum Classic Trust Shares Worth $50 Million

June 22, 2021
Spain’s Largest Asset Managers Still Reluctant to Invest in Cryptocurrencies – News Bitcoin News

Spain’s Largest Asset Managers Still Reluctant to Invest in Cryptocurrencies – News Bitcoin News

May 29, 2021
White House office seeks public opinion on crypto-climate implications

White House office seeks public opinion on crypto-climate implications

0
Ethereum Plunges 10% in 48 hours

Ethereum Plunges 10% in 48 hours

0
Public vs Private Blockchain | Ernst & Young’s New Blockchain Prototype

Public vs Private Blockchain | Ernst & Young’s New Blockchain Prototype

0
White House office seeks public opinion on crypto-climate implications

White House office seeks public opinion on crypto-climate implications

March 26, 2022
Love it or hate it, crypto’s vibe shift is now imminent

Love it or hate it, crypto’s vibe shift is now imminent

March 26, 2022
BTC, ETH Begin Weekend Close to Key Resistance Levels – Market Updates Bitcoin News

BTC, ETH Begin Weekend Close to Key Resistance Levels – Market Updates Bitcoin News

March 26, 2022
Crypto Top News

Copyright © 2019 cryptotopnews.com

Navigate Site

  • About Us
  • Privacy Policy
  • Newsletter
  • Contact Us

Follow Us

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Cryptocurrency
    • Ethereum
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
  • Travel Websites

Copyright © 2019 cryptotopnews.com

  • bitcoinBitcoin (BTC) $ 28,950.00
  • ethereumEthereum (ETH) $ 1,771.79
  • tetherTether (USDT) $ 1.00
  • usd-coinUSD Coin (USDC) $ 1.00
  • bnbBNB (BNB) $ 302.60
  • xrpXRP (XRP) $ 0.381930
  • binance-usdBinance USD (BUSD) $ 1.00
  • cardanoCardano (ADA) $ 0.459846
  • solanaSolana (SOL) $ 42.53
  • dogecoinDogecoin (DOGE) $ 0.080888