VeChain takes compliance and security extremely seriously evident from the fact that it took significant measure to test the security of its mainnet launch and is now working on compliance with the EU’s GDPR rules. The aim is to make VeChainThor blockchain the “vanguard” for mass adoption.
Taking step towards GDPR compliance
The world’s 18th largest cryptocurrency that prioritizes security and compliance is taking another step forward to ensure a secure network. Right from the time, the VeChain foundation team started working on the mainnet launch of VeChainThor blockchain, they employed serious security measures for the successful and secured launch.
As soon as GDPR was introduced, we began working with the world’s best consultants to ensure the VeChainThor Blockchain would remain usable by our clients under these potential regulations. See how – https://t.co/hbcLlmYhDU
— VeChain Foundation (@vechainofficial) July 7, 2018
Since that time only, they have been working on making sure their products and internal controls comply with the regulatory requirements. The team explains,
“once we read about the GDPR proposal we knew it would be a regulatory task that we needed to critically analyze as a public blockchain protocol.”
VeChain has been in talks with consultants and experts for making the appropriate changes to their protocol as per the regulatory compliance so that they can maintain their clients and scope as they enter into global partnerships.
On May 25, this year, General Data Protection Regulation (GDPR) came into effect. Being one of the most stringent data privacy protection laws of today’s, it garnered a lot of attention and became the point of the topic.
The regulation basically aims to ensure the transparency of personal data processing and the effectiveness of personal data security as per the official VeChain blog. Moreover, it also aims to empower the EU citizens to have more control over their own data. And any company that offers their products or services to EU citizens have to comply with GDPR.
Working on a solution for GDPR compliance
The reason behind exploring the GDPR according to VeChain Foundation is their aim for mass enterprise adoption. Apparently, VeChain has been pursuing the right measures to ensure GDPR compliance way back as its anti-counterfeiting and traceability Blockchain solution has been used by a French luxury brand for commercial purposes since 2016.
As the commercial use cases of VeChain keep on increasing, it became a prerequisite for the company to adopt the relevant regulatory requirements like GDPR. Mass adoption of VeChainThor platform has been integral to GDPR compliance.
However, being a distributed and immutable characteristic of Blockchain technology, GDPR compliance by commercial blockchain solutions has yet to be seen and explored. VeChain Foundation also addresses the fact that public blockchain and GDPR seems to have a direct contradiction, however, the team declares they both share many common goals.
By working with law firms and professional service firm, VeChain has followed a phased approach where they asses the current state of VeChain solutions and then determine the applicability of GDPR. The team identified any gaps and risks then took the remediate approach to enhance the compliance.
VeChainThor platform plans to be the “vanguard” for mass adoption through its top-tier partnerships, governance structure and forward-thinking approach to GDPR like issues.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.