Abstract:
Many cloud users are heading into a potentially devastating regulatory disaster zone. A major unresolved cloud issue, namely the cloud forensic problem, this is likely to mean many cloud users will be unable to be compliant with the new EU General Data Protection Regulation. We consider the possible use of blockchain, a cryptocurrency based mechanism, to address the as yet unsolved cloud forensic problem. We believe that the underlying blockchain could be adopted to provide a robust mechanism for ensuring that cloud forensic and audit trail records can be securely maintained. This would ensure that cloud users would in turn be able to ensure they are compliant with the new EU General Data Protection Regulation, thus minimising their exposure to punitive levels of fines. We analyse the key risks in cryptocurrencies, namely the operational risk, market risk and cross contamination risk associated with co-movement of cryptocurrencies with other asset forms, using the most predominant and oldest of those, Bitcoin, to provide an example of how removing these risks might provide a far more effective solution to the cloud forensic problem. Our contribution is to demonstrate how this might be done, and by removing the incentive for attackers, to provide a much higher level of compliance with the EU General Data Protection Regulation for cloud users.