Blockchain has now become one of the pillars of the 4.0 industrial revolution, especially after Bitcoin, one of the blockchain-based cryptocurrencies, boomed at the end of 2020. This technology is believed to open new business models or strengthen existing business models with their characteristics related to security, accountability, and transparency.
It should be noted that when we talk about accountability and transparency, of course, the protection of user data is essential. This will significantly affect the trust given by users to the blockchain-based application or platform.
To be used as a development guide by all stakeholders regarding how to apply the principles of protecting user data in decentralized applications, in May 2020, the World Economic Forum issued the Presidio Principles, which can be used as a guide for Blockchain-based business developers or business owners.
One of the advantages that will be obtained by applying these principles is, of course, increased user trust in the application being made. Parties committed to implementing these principles can also display a symbol provided by the World Economic Forum, which indicates that the platform in question has met all the principles of good consumer protection.
The Presidio Principles consist of 16 points divided into four categories, namely transparency and accessibility, agency and interoperability, privacy and security, and accountability and governance. More detail can be seen in the image below: