VeChain Wants the Thor Blockchain to Be GDPR Compliant
VeChain (VET), a Singapore-based enterprise blockchain platform for financial services and supply chain management, believes that compliance with relevant regulatory requirements including General Data Protection Regulation (GDPR) is an essential element for the mass adoption of its Thor blockchain.
According to a recent Medium post by the VeChain Foundation, the project has been working with a professional service firm and a law firm to develop a framework to stay up to date with E.U. regulatory requirements as they come out.
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
To properly reach compliance, VeChain has developed a phased approach over the last 12 months to prepare for the launch of GDPR, a regulation in E.U. law on data protection and privacy for all individuals within the European Union and the European Economic Area (EEA).
A part of VeChain’s phased approach was a top-down gap assessment where it identified potential problem areas based on GDPR requirements that fall within VeChain’s business model. A few of these areas include security and privacy policies and procedures, encryption of data at rest and data in transit, and security incident monitoring and response process.
As VeChain aims for mass enterprise adoption, we started early in exploring the GDPR compliance of VeChain products and internal control environment. In fact VeChain has been preparing for the GDPR since early 2017.
This update from VeChain comes just a week after the first block was mined on its mainnet, officially launching the Thor blockchain.
More On VeChain
VeChain leverages blockchain technologies to solve the problem of counterfeits and product traceability across supply chains and logistics namely in luxury goods, wines, agriculture, automobile, transportation, pharmaceuticals, logistics and audit services. Driven by a number of partnerships, including PwC and BMW, VeChain aims to help businesses and customers with enhanced transparency through asset digitization and blockchain-powered cloud services coupled with IoT devices. (more)
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