Blockchain and GDPR: is a clash really inevitable?

Blockchain will revolutionise a range of sectors – especially those involving intermediaries – from finance to law ..

What is blockchain?

Blockchain is probably the best known distributed ledger technology (DLT). Whereas a ledger in accounting is known as the principal book of accounts, in the context of DLT a ledger is a database which keeps a final and definitive record of transactions. Blockchain and/or DLT enable a ledger to be held in a network across a series of nodes, which avoids one central party and the need for intermediaries’ services.

While its obvious application relates to securities transfers and cryptocurrencies, blockchain is increasingly being considered for a far wider range of uses, from electronic voting, to storing health records or property contracts, or even evidence for criminal trials. There is a lot of potential for blockchain to be used in many different areas.

Sector-specific blockchain expertise

Blockchain and/or DLT technology will revolutionise a very wide range of sectors – especially those involving intermediaries – from finance to law, insurance, real estate, healthcare, logistics, media and the public sector.

As a result, almost every type of organisation will find that this technology impacts their business in some way, as well as the markets that they operate in.

Our experts are here to help. We can provide guidance, helping you to understand and navigate the rapidly evolving blockchain environment – and the risks and opportunities it represents.

Developing a legal framework

Our team is involved in several national and international groups for the purpose of developing a legal framework for DLT technologies, such as the DLT working group of the Luxembourg Banking Association (ABBL) or the discussion group lead by the Luxembourg House of Financial Technologies (LHoFT) regarding the legal framework of ICOs.

Exclusive Legal Partner Odysse

Loyens & Loeff is the exclusive Legal Partner of Odysse.
Odyssey connects innovative ideas with governmental, corporate, and non-profit partners to address complex societal challenges using blockchain, AI, and other emerging technologies. Through a series of industry events, hackathons, and a decentralised incubation program, we mobilize a global ecosystem of more than 6,000 members, among whom developers, creatives, startups, corporates, investors, governmental bodies, legal experts, regulators, scientists, and other key stakeholders.
Odysse is the largest open blockchain innovation program in the world. Furthermore it hosts the Odysse Hackathon, the largest blockchain hackathon in the world.