Blockchains are touted as next generation databases that promise to facilitate secure and efficient transactions between unknown parties. However, one of the primary pillars of a blockchain’s security is the fact that people with access to the blockchain can see the entire history of transactions executed on the blockchain – the result being that each party has an equal opportunity to verify the accuracy of information stored. But if all the information stored on the blockchain can be viewed by anyone with access to the blockchain, what happens when that information qualifies as “personal information” under Canadian privacy laws? Organizations that collect use or disclose “personal information” are subject to a variety of compliance obligations, which as we set out below, can be difficult to reconcile with certain blockchain fundamentals.
About Noah Walters
Noah Walters (He/Him/His) is an associate in the Banking and Finance group at Dentons. His practice involves representing blockchain, FinTech and other emerging technology companies on financing and regulatory matters. Prior to joining Dentons Noah co-founded two technology businesses where he held roles as Head of Sales and CEO respectively. Noah’s experience with technology and corporate strategy not only allows him to grasp a deeper understanding of clients’ business, but also gives clients’ the benefit of his practical insight into how their business can best achieve its objectives. Noah joined Dentons as a summer student in 2019 and articled with the Firm in 2020.
About Sasha Coutu
Sasha Coutu is an associate in the Privacy and Cybersecurity group and the Litigation and Dispute Resolution group at Dentons.