On Wednesday afternoon, a delegation from the Luxembourg Ministry of the Economy visited VeChain’s Shanghai office to learn more about the VeChainThor Blockchain and Platform. This delegation was shown various solutions and applications VeChain has developed for its enterprise users. This delegation included:
- Luc Decker — Consul General of the Grand Duchy of Luxembourg Consulate General in Shanghai
- Daniel Liebermann — Director at the Ministry of Economy of The Grand Duchy of Luxembourg
- David Storne — Consul of the Grand Duchy of Luxembourg Consulate General in Shanghai
- Pan Ying — Deputy Director of Business Section of the Grand Duchy of Luxembourg Consulate General in Shanghai
During the visit, VeChain’s CMO Noah showcased the cold-chain logistics solution VeChain developed for a global convenience store franchise, as well as the in-house automated NFC/RFID chip manufacturing machine. Noah introduced the upcoming VeChainThor MainNet launch, highlighting its features such as the dual-coin economic model, the comprehensive governance structure, as well as some existing use cases within the luxury & fashion, liquor, medical & healthcare, logistics, and automobile industries.
Mr. Luc Decker explained how Luxemburg does take a proactive approach in embracing blockchain technology. Since discovering the benefits of blockchain, Luxembourg has become a forerunner both globally and in Europe, and has developed a standard governance framework for this newfound technology.
“Luxembourg has a lot to gain in this new distributed technology which fully integrates into the Government’s vision to embrace the Third Industrial Revolution. Different applications of this technology are of great importance for the future development of some key industries of my country, like the financial sector or the logistics industry and companies like VeChain would perfectly match into our innovative start-up ecosystem. ”
— Luc Decker, Consul General of the Grand Duchy of Luxembourg Consulate General in Shanghai
In early May, the Luxembourg Banker’s Association (“ABBL”) also pointed out the significance of implementing a proper Blockchain Governance Framework. The standardization of applying appropriate governance to blockchain may go beyond national borders, providing ABBL members and its partners with the necessary tools to experiment with new blockchain-based products and services.
As the meeting progressed, Noah introduced the delegation to the efforts VeChain has made by adhering to various data compliance and regulation requirements. One such regulation was the General Data Protection Regulation (“GDPR”). Proposed on April 14, 2016 and subsequently implemented on May 25, 2018, the GDPR is one of the most comprehensive regulations ever passed, with the broadest coverage related to the protection of personal and behavioral data. The regulation not only aims to ensure the transparency of personal data processing and the effectiveness of personal data security, but also empowers EU citizens with better control over their own personal data. This regulation is widespread now in the region and was a key focal point for VeChains approach in designing its data services.
VeChain consistently strives towards achieving mass enterprise adoption, and has done so since its inception. VeChain started early in exploring the GDPR compliance of its products and internal control environment, with efforts beginning all the way back to early 2017. VeChain’s COO, Kevin Feng, has been working with the internal control department and a 3rd party consultancy firm to ensure the VeChainThor Ecosystem meets all requirements of the GDPR. Strategies for ensuring compliance include assessing the current structure of the platform, determining applicability of GDPR regulations, and identifying gaps and risks within the system. As we move forward, VeChain will continue to align the Foundation’s compliance policies with both regional and global regulatory efforts to ensure proper co-existence of data privacy and transparency. Given its existing network of enterprises, governments, and various other parties, VeChain’s need to adhere to these regulations to a tee to meet their obligations and be the public blockchain pioneering a transparent, distributed, and collaborative ecosystem.
Compounding this visit with the meeting Sunny had with Alexander De Croo, Deputy PM of Belgium, VeChain has continually gained exposure within the European Union and has seen significant progress towards their long term goals as a result.