Abstract:
The potential for revolutionizing data storage and sharing through blockchain technology is immense. However, the decentralized and permanent nature of blockchains presents a significant challenge to user data privacy. Our research paper aims to tackle this issue head-on by thoroughly examining various blockchain platforms and applications methods of handling user data. We have explored privacy-enhancing technologies and protocols available for blockchain, discussed the trade-offs involved in maintaining user privacy, and analyzed legal and regulatory frameworks such as the GDPR, CCPA, and the Australian Privacy Act that apply to user data privacy in the blockchain context. Our findings have culminated in the establishment of a user data privacy policy for blockchain platforms and applications, outlining best practices for collecting, using, and safeguarding user data on the blockchain. Our policy considers technical, legal, and regulatory considerations to provide a comprehensive and assertive approach to user data privacy in the blockchain ecosystem. Lastly, we have identified further challenges and opportunities for research and provided expert recommendations for enhancing data privacy in blockchain-based systems.
