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Inside Internal Controls

News and discussion on implementing risk management

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blockchain technology

Blockchain and privacy: Transparency and innovation pose challenges for data protection

A blockchain is a peer network of nodes that use a distributed ledger that can be used to track transactions involving value including money, votes, property, etc. The most well-known application of blockchain technology is bitcoin. Transactions on a blockchain are not regulated by any central counterparty: the individuals involved in a given transaction provide their information (including personal information), a record is created that can be verified by nodes in the network. In this sense, the users forming the community act as their own regulators.

 

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