How to Improve Smart Contracts in the European Union Data Act
Federico Casolari, Mariarosaria Taddeo, Aina Turillazzi, Luciano Floridi
Abstract
Abstract The article analyses the role of smart contracts in the architecture of the European Union’s Data Act proposal. It identifies five difficulties: lack of flexibility in terms of both content and operation; dependence on oracles which could lead to errors; vulnerability to bugs and changes in architecture; immutability and privacy; and problems of enforcement. It then offers some recommendations about how to address them to improve the Data Act.
Topics & Concepts
ImmutabilityEnforcementFlexibility (engineering)European unionArchitectureComputer securityVulnerability (computing)Computer scienceInternet privacyRisk analysis (engineering)Data Protection Act 1998Data retentionBusinessPolitical scienceLawInternational tradeEconomicsBlockchainManagementVisual artsArtBlockchain Technology Applications and SecurityFinTech, Crowdfunding, Digital FinanceDigital Platforms and Economics