Blockchain is touted as the solution to everything, and at the same time, like any innovation, it has caught the attention of regulators. But that doesn't panic startups looking to disrupt a particular industry — instead, anyone using a distributed ledger would do well to call local regulators first.
This may contradict a view in start-up circles that innovation dies when regulators arrive, but Catherine Mulligan, a visiting researcher at Imperial College's Centre for Cryptocurrency Research (Catherine Mulligan) believes that in order for blockchain to work, lawmakers need to take a side.
Mulligan’s work focuses on building the structures that blockchains will rely on, taking into account the underlying standards and protocols in technology that will ensure systems are interoperable, as well as the social impact that blockchains bring. "What my research is trying to understand is what the real impact of blockchain is and how the industry will restructure," she said.
Regulators are already cleaning up bitcoin and ICOs, both of which use blockchain. But distributed ledger systems are also being considered and experimented with in various businesses. "Previous generations of technology were all about doing the same business processes faster, safer, and cheaper," Mulligan said, and blockchain requires you to completely redefine those business processes because to use blockchain, you have to Completely change the way your business works.
But applying blockchain to corporate processes requires a lot of work. Blockchain requires you to work across company boundaries. This creates all kinds of problems. When companies or trade associations ask Mulligan for help setting up their systems, she always starts with the same question: Have you checked with your local regulator?
She's not warning about the technology itself; because it depends on how the technology is used. David Gerard, author of The 50-Foot Blockchain Attack, said: “The use of blockchains within companies, so-called private blockchains, is a simple new way of storing data. Change the word to ‘Shared Excel’ Spreadsheets', you'll find that many of the proposals [for legislative reform] are basically stupid."
It's not just about the technology, it's about how it's used. More and more companies are considering blockchain as a way to organize entire industries, Mulligan said. “Many competitors have joined together to create a blockchain solution that allows them to exchange data or share transactions,†she said. This will have a range of implications, as competition regulators want to know when competitors cooperate. "That's because antitrust is something that cannot be ignored.
So it makes sense to involve industry regulators early, not to get the technology approved, but to avoid accusations of collusion. “I think regulators want to be on the first 'blockchain' projects just to be informed, and when they realize it's not about collusion or pricing, they're probably going to lose interest in these projects because it's about industry efficient."
This doesn't necessarily require new regulations; antitrust laws already exist, after all. “So, we don’t need blockchain regulation, we just need regulators and every industry to understand blockchain,†Mulligan said.
There are other laws that will conflict with blockchain, especially when it comes to data privacy. Gerard noted that the EU data watchdog GDPR, which came into effect in May, requires companies to be able to delete or update personal information, but a key selling point of blockchain is that it is immutable. "You can't put personal data in a database because you can't change it, that's the blockchain," Gerard said. "Anything with a Merkle tree structure, don't put (private data) in a Git repository. , and don’t put them on the blockchain, because one of the key elements of GDPR is that databases have to be mutable.â€
Rather than changing GDPR or requiring data exclusion rules, this structure is simply not used to store private data. “Some people are calling for a legislative breakthrough so you don’t have to edit the blockchain properly,†Gerard said. “Frankly, there’s no reason to change legislation just because the database you’re using uses a specific format. If you just want to use the blockchain as a database and you need to tamper or rewrite the law, maybe don't, he said.
Ferdinando Ametrano, from the University of Milan-Bicocca, said that blockchain itself is a problem — which limits its use cases. Are those private, permissioned blockchains touted as solutions for corporate data control? No, they don't actually exist. Ametrano said, "There are no production cases using them at all, noting that most of the examples are only in the development stage. So what should regulators regulate? Such a non-existent thing, isn't it embarrassing for others? Regulate ahead of time. will likely hinder innovation.
But sometimes, innovation requires regulation, such as changing legislation to allow driverless cars to be tested on the road. At other times, regulators have been slow to manage headwinds such as tensions between “gig economy†platforms and employment laws. "In all technology systems -- we've seen this with the Internet of Things, smart cities, Facebook or Google's privacy issues -- the problem with regulators is obviously that they're always a little bit behind the technology," Mulligan Say. "So a company like Uber, very openly, has a 'do this and apologize later' approach."
With blockchain, antitrust challenges could follow in the footsteps of driverless cars; you need to communicate with your regulator to try out a system that shares data among competitors. On the privacy front, we may have to wait and see what's going to happen next. "Let's see how it actually works first, or we can't control it," Ametrano said.
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