The New ‘American Data Privacy and Protection Act’ and Blockchain Technology

American Data Privacy and Protection Act

To be clear – there is no mention of blockchain technology and cryptocurrency in the new American Data Privacy and Protection Act (ADPPA). But, with its introduction, it may raise the question for some of when/where privacy can be a part of the blockchain discussion.

A track of content at last Saturday’s crypto conference Consensus 2022 in Austin, Texas said it “all” with its title: “Can We Solve Privacy?

Later in the day, Carole House, Director for Cybersecurity and Secure Digital Innovation for the White House National Security Council, told the audience she is hopeful that one day uniform KYC AML (Know-Your-Customer Anti-Money-Laundering) crypto rules can be applied globally for financial transactions – an application at the opposite end of privacy. Yet, she also indicated that consumer privacy is a conundrum that needs to be solved for today’s blockchain tech.

Similar to recent blockchain policy efforts such as the Responsible Financial Innovation Act in the Senate and the Digital Commodity Exchange Act in the House, creating a “a strong national framework” – and this time for a national government data privacy policy – is taking centerstage this week with hearings for the ADPPA.

The bill was released as a draft on June 3:
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The National Treasure: Our Data

Eye of Providence

What if there was privacy, but there was still identification -of everything?

SafeGraph CEO Auren Hoffman’s new treatise entitled, “It’s Our Moral Obligation to Make Data More Accessible,” sees a world of opportunity ahead if access to data troves can be unleashed to the innovators of today. Read it here.

As Hoffman begins to make his case, the Silicon Valley entrepreneur twists the knife of “morality” into the reader’s gut:

“We have a MORAL OBLIGATION to get this data into the hands of millions of innovators. Not doing so is a true failing of society. This data can save hundreds of millions of lives and help all of humanity … which means not using it hastens the death of hundreds of millions of people.”

No doubt privacy advocates and related special interests will initially convulse at the thought of opening data stores to hoodied entrepreneurs, well-meaning or not. But after being at the front lines of the digital data revolution, Hoffman has put his reputation on the line and seems ready to fight.

It should also be noted that the treatise fits well within his current company’s mission “towards making our vision (to democratize access to data) a reality.”

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Decentralization and Privacy Can Co-Exist on the Blockchain Says Privy CEO Stern

Henri Stern of Privy

With data flooding today’s blockchain infrastructure, speed and scalability have become an increasing bottleneck. Nevertheless, user privacy is a part of this equation and in the notoriously transparent world of blockchain, what’s a developer to do?

At ETH Denver 2022, Privy CEO Henri Stern – formerly of Filecoin – showed his hand on where his company will fit in as it looks to help blockchain developers thread the needle and maintain user privacy while continuing to offer improved decentralization and better user ownership.

For Privy, its API offering starts with effective management of user data off-chain by addressing compliance and infrastructure requirements. The company hopes that easy access to its API will somewhat relieve developer concern about the thorny thicket of user privacy and let them concentrate on their blockchain product and on chain mechanics.

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