Navigating the Intersection of Blockchain and Data Privacy Laws

Blockchain technology offers fund managers many benefits, including resiliency; permanence; and elimination of traditional intermediaries and data repositories. Certain of those qualities, however, may conflict with the requirements of data privacy laws, especially the E.U. General Data Protection Regulation (GDPR), which includes, for example, data minimization requirements and deletion rights. During a recent program at the 2022 IAPP Global Privacy Summit, attorneys from Baker McKenzie and Protocol Labs discussed the principal features and applications of blockchain technology, including smart contracts, cryptocurrency, non-fungible tokens, decentralized autonomous organizations and decentralized data storage, as well as the applicability of data privacy laws – particularly the GDPR and the California Consumer Privacy Act of 2018 – to blockchain applications. This article synthesizes their insights and provides ten takeaways. See “Opportunities and Challenges Posed by Three Asset Classes on the Frontier of Alternative Investing: Blockchain, Cannabis and Litigation Finance” (Dec. 14, 2017).

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