Challenges In Security And Privacy Posed By Blockchain Technology

Abstract

Blockchain technology presents a promising future for protecting personal data. However, it does pose challenges concerning data security and risk that need to be overcome. This research focuses on investigating these challenges posed by blockchain technology and providing feasible solutions that regulators can take into account when drafting regulations on personal data protection guidelines. The security and privacy-related challenges derived from its progressive maturity, complexity, lack of standardization, and diversity of protocols are superimposed on the demands of a vibrant, competitive environment. It is difficult to align it with the GDPR concerning privacy. There is an urgent need to develop multidisciplinary teams that must ensure its participation from the beginning of the legal/regulatory area, cybersecurity, and company information systems.