Dec 05 2019 16:07 languageCryptAssets
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The deployment of blockchain and other distributed ledger technologies in supply chains offers considerable advantages. Nevertheless, their deployment and implementation can raise concerns about how best to both meet data protection laws and protect commercially sensitive data.1 Supply chain actors may be unwilling to take on what they perceive as additional legal risk, especially if data protection obligations become, or are seen to become, unduly burdensome. The European Union’s General Data Protection Regulation, for example, is at the forefront of a new wave of data protection legislation globally, and brings with it important practical and regulatory obligations, with the potential for significant fines in cases of non-compliance.
With respect to safeguarding commercially sensitive data in supply chain transactions, the deployment of blockchain may lead to a perceived loss of control, raising questions about security, access rights and how to structure blockchain solutions: e.g. whether only some subsets of data should be shared on the blockchain and/or whether data sharing should be limited to only those parties involved in the transaction.
Within this context, this paper provides practical introductory guidance to supply chain actors who seek greater confidence as they navigate the implications for the protection of data when deploying blockchain solutions.
This is the fourth white paper in a series and part of a broader project focused on the co-creation of new tools and frameworks to shape the deployment of distributed ledger technology in supply chains towards interoperability, integrity and inclusivity. The World Economic Forum’s Centre for the Fourth Industrial Revolution is working with a multistakeholder group to produce a project that includes:
–A series of white papers published in 2019. Collectively and individually, these papers will offer insights and investigations into specific considerations for decision-makers to harness blockchain technology responsibly.
–A concise, easy-to-use toolkit to be released at the beginning of 2020 covering important topics for supply chain decision-makers to consider for responsible blockchain deployment, including a section on data protection to meet commercial and compliance considerations.
A blockchain and distributed ledger technology primer is available in Part 1 of this white paper series, Inclusive Deployment of Blockchain for Supply Chains: Part 1 – Introduction (April 2019),3 which readers may find useful to read in conjunction.
This paper builds on that work in order to articulate, in simple terms, important blockchain and distributed ledger technology concepts as they relate to data protection compliance and commercial data confidentiality considerations.
Dec 05 2019 16:07 language