For example, the US state of Tennessee has passed a bill, which recognises that blockchain data and smart contracts have legal effects (De, 2018). Yet, a global coverage of this recognition will be a key success factor for blockchain-based networks. With the introduction of the European Union’s General Data Protection Regulation (GDPR), the question of blockchain technology’s compatibility with GDPR arose (Toth, 2018). The “EU Blockchain Observatory and Forum” created a dedicated working group for “blockchain and the GDPR” and launched a report end of 2018 stating that compliance can be achieved by blockchain initiatives but further investigations and rulings axe needed (EU Blockchain Observatory and Forum, 2018).