Blockchain framework  145

Reference: A – Regulations

Regulations surrounding blockchain are one of the main concerns that are

slowing its adoption. There are three barriers that are slowing blockchain

adoption within the industry.

1. Regulatory rules uncertainty:

• Concerns: Concerns surrounding blockchain regulatory laws as they

are still maturing

• Recommendations:

⚬

⚬As the regulatory laws are changing, businesses need to monitor

them carefully

⚬

⚬A continuous interaction with the appropriate regulators based on

our business jurisdictions

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⚬Contribution and collaboration with regulators on draft regula-

tion papers and making sure to provide appropriate feedback

2. Audit/Compliance concerns:

• Concerns: Audit and compliance concerns to comply with local and

global jurisdiction for blockchain projects

• Recommendations:

⚬

⚬The regulatory domain is still not mature enough for blockchain

technology. My recommendation for businesses is to comply with

existing audit and compliance laws for the business use cases to be

on the safe side.

⚬

⚬For instance, we must comply with financial, payment and risk

regulations if our business case is related to any of the concerned

existing regulated use case.

⚬

⚬By following the above point, businesses will be in a good position

when regulators firm up new laws to govern and regulate block-

chain use cases.

3. Data Protection rules concerns:

• Concerns: Concerns on compliance of data protection laws for block-

chain projects

• Recommendations:

⚬

⚬Recently due to digitisation, governments around the globe have

come up with multiple data protection laws to protect consumer

personal data. Some of the notable laws are GDPR and CCPA.

These laws were established to make sure that consumers PII are

not used improperly and consumers have the right to provide con-

sent before businesses use their personal data.

⚬

⚬My recommendation for businesses, who are on the journey of adopt-

ing blockchain for existing and new use cases, is to follow the data

protection laws carefully. Regulators are still learning and in the

process of constructing new laws, so it is in businesses interested to

adopt the existing data protection laws. Otherwise, it will be a diffi-

cult, lengthy and costly process to reverse engineer the production use

cases to comply with data protection laws for blockchain use cases.