It's an open question whether blockchain can develop in a way to meet the requirements of contemporary digital privacy laws while still preserving the attributes that make it successful. AntoniZolciak for PrivacyWeek:
Given the stupendous amount of personal information stored and transferred online, it's good that regulators are moving to bolster consumer privacy. But these rules – ranging from the"right to be forgotten" to the ability query a database to see what information they keep about you on file – may bump up against the web the blockchain industry is building, sometimes called Web 3.
This policy towards personal data is sometimes called privacy “by design” or “by default,” and applies to both software and hardware. It has major implications for blockchains that are, generally speaking, publicly auditable protocols. “After all, blockchains do not forget,” Michael Kunz, senior legal associate at MME, a Swiss law firm specialized in crypto and fintech, said during our after-hours chat. “So it is essential that developers get it right from the get-go.”
Decentralized networks don’t necessarily need to be data operators, similarly to how decentralized exchanges might not be classified as financial intermediaries. However, by definition, system decentralization needs to be agreed upon.
Zero-knowledge proofs and multi-party computation are technical solutions to this problem. As they are deployed today, zk-proofs and MPC offer ways to keep data recognizable and verifiable on-chain, without being explicitly tied to an identity.
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