The EU has developed an approved framework for corporations to process user data. Although this is good news for people in general, there is a negative aspect for a large number of altcoys and blockchain projects.
Since June 2018, companies have to follow many important rules that will actively protect customers from corporate thefts and abuses (Sell personal data without consent or create complex terms and agreements that most users do not fully understand).
The properties of blockchain technology do not fit the rules
Yes, indeed, every user has the right to be forgotten, that is, all user data must be permanently deleted. In this case, when deleting an account on facebook, everything that the user has ever published, commented on, or marked as liked, should disappear. The problem is that one of the most important properties of blockchain technology is its immutability.
What happens if companies simply ignore this new rule? They expect a fine - 4% of the company's income, up to 20 million euros.
Which of the top 100 crypto currencies will face problems due to this new regulation? Platforms that store user data in any form must ensure that this data is deleted. This means a large ban on storing any user data in the register, from which these data can not be deleted.
