Smart Contracts & Personal Data Protection: A Legal Perspective on Potential Issues

Abstract

Blockchain is an innovative technology that allows for a more efficient life for people, through a variety of actions, including enabling trustworthy transactions and reducing operating costs. In relation to Blockchain, Smart Contracts have emerged, revolutionizing the field of contracts. There are great expectations surrounding these technological advances for various sectors such as finance or registration. However, despite the obvious benefits, some obstacles are being identified regarding compliance with regulations on personal data protection in the service of smart contracts, specifically in relation to privacy/confidentiality controls and the right to be forgotten due to the governing principles of Blockchain. Throughout the course of this paper, we will analyze the different facets that arise within the presented issue, as well as explore various global scenarios and the regulations, doctrine, and jurisprudence, both from Argentina and internationally, in order to envision potential solutions to the identified problems. It is our duty as legal professionals to delve into the revolutionary and disruptive technologies that are currently emerging, so that they can be used as allies both in the daily lives of citizens and in more complex scenarios. Furthermore, we must anticipate potential problems that may arise regarding their use in order to effectively address them.