The narrative around blockchain technology as a great enabler of cross-sector innovation has endured since the technology’s perceived potential was assertively decoupled from fluctuations in the price of Bitcoin (BTC) in 2018.
The game of word association that intrinsically linked Bitcoin to blockchain has evolved significantly since then, broadening the scope of understanding around the transformative potential of blockchain on a global scale, with dynamic use cases permeating a wide range of industry verticals.
The principles of immutability, transparency and efficiency that are deeply ingrained in the fabric of blockchain align with the groundswell of data-savvy citizens who are acutely aware of the threats to their personally identifiable information and are keen to explore avenues to protect their proprietary data. This sentiment also extends to swathes of content creators who have grown weary of the fragmented copyright law landscape and the challenges they face when it comes to maintaining ownership rights over their work.
Using a decentralized, distributed model built around an immutable ledger for securely recording entries that are consensus verified, blockchain can be the constant that mitigates the risk of copyright infringement. Content creators can timestamp a bespoke piece of original work on the ledger to ensure proof of ownership at the moment of creation, providing a watertight guard against potential tampering by malicious actors.
For content authors and advocates of greater data privacy more broadly, the 2018 implementation of the General Data Protection Regulation, otherwise known as GDPR, represented a firm signal of intent from European Union regulators to prioritize the data integrity of the individual over vested corporate interests.
Under normal circumstances, the two-year anniversary of GDPR this month would be heralded as an opportunity to retrospectively assess the impact of the landmark legislatio...