VeChain Takes GDPR Compliance Seriously To Make Sure VeChainThor is the “Vanguard” for Mass Adoption
GDPR Compliance is very important to VeChain, and now that they tested the security of their mainnet launch, they plan on ensuring compliance with the GDPR rules in the EU. This is part of their mass adoption plan, where VeChainThor blockchain is the “vanguard.”
VeChain is now the 18th largest cryptocurrency. Their priority is to have a secure network, working hard to successfully and securely launch the mainnet. They are now making sure that all the internal controls and products comply with EU’s regulations. The VeChain 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 partnered with consultants and experts to change their protocol to be in accord with the new GDPR rules, in order to maintain their clients and purpose. This way, they plan to enter into global partnerships.
General Data Protection Regulation (GDPR) took effect on 25 May, this year. It is a very tough law on protecting data privacy, and it has gathered a lot of attention until now. The regulation wants to make sure that personal data processing happens transparently. The official VeChain blog announced that they will ensure that the personal data of their users is secure, aiming to let EU citizens control their data.
How to Comply With the General Data Protection Regulation?
VeChain Foundation aims to adopt mass enterprise, so complying with GDPR is one of the steps forward. Their Blockchain solution was used for commercial purposes in 2016 by a French luxury brand, and this is when VeChain started focusing on ensuring compliance with specific regulations. The company realized they had to adopt regulatory requirements for the increase of VeChain in commercial use.
But there is one issue: public blockchain and GDPR contradict themselves, but the team behind VeChain Foundation found some shared goals. This is where law firms and professional service firms came to help VeChain assess the applicability of GDPR. There are some risks and gaps so far, but the team is working on solving them and enhancing the compliance.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.