VeChain Plans To Have Their Thor Blockchain Be GDPR Compliant
Singapore based enterprise blockchain platform VeChain (VET) is looking forward to having its Thor blockchain be compliant with the relevant regulatory requirements around the world. Thor blockchain is a platform for supply chain management and financial services seeks. Among these requirements include the General Data Protection Regulation (GDPR), which is a law on data protection as well as the privacy of all citizens within the European Union (E.U) and the European Economic Area (EEA)
A recent Medium post by the VeChain Foundation reported that the company has been working with a law firm and a certain professional service firm to create a framework that will have the firm stay up to date with emerging (E.U) requirements from time to time. In the post, VeChain Foundation asserts that its top priorities when developing products and solutions has always been compliance and security.
VeChain has developed a phased approach to enable them reach compliance efficiently. This plan has for the last 12 months helped VeChain prepare for GDPR. Using the phased plan which incorporates a top-down assessment, VeChain worked to identify potential problem areas within their system based on the GDPR requirements.
These areas include privacy policies and procedures, security, data encryption in transit and at rest, response processes and security monitoring among others. According to the company report, VeChain has been preparing for this process from early 2017.
For the last 12 months, Vechain has devised several working solutions that are going to ensure the platform meets the GDPR compliance standards as well as other regulations such as ISO27001. They will also comply with China Cybersecurity Law. VeChain announced of its plan and system just about a week after the first block had mined from its mainnet.
Get To Know More About VeChain
VeChain takes advantage of the blockchain community to protect consumers from counterfeit products and traceability within the supply chain. It also assists in the logistics of luxury goods such as wines, automobile and pharmaceuticals among others. It has since partnered with other reputable companies such as BMW and PwC to held companies digitize their assets, enhance transparency and open up cloud based blockchain services to other companies.