Former IBM Chairman & CEO Sam Palmisano spoke to Bloomberg Markets about reconciling blockchain technology with the European Union’s GDPR laws. Palmisano now chairs the Center for Global Enterprise which recently studied the compatibility issues facing blockchain. GDPR guarantees the “right to be forgotten,” requiring companies to delete user data after a person leaves the network or face hefty fines. Most public blockchain networks are incapable of deleting data, and therefore, are in direct conflict with GDPR.
The Center for Global Enterprise’s inquiry, spearheaded by David Kappos, former director of the U.S. Patent and Trademark Office, found that no current public blockchains were able to comply with the GDPR. They did, however, lay down guidelines for a compliant platform.