The race to regulation: German government turns to startup Lition for guidance

Former IBM Chairman & CEO Sam Palmisano spoke to Bloomberg Markets about reconciling blockchain technology with the European Union’s GDPR laws. Palmisano now chairs the Center for Global Enterprise which recently studied the compatibility issues facing blockchain. GDPR guarantees the “right to be forgotten,” requiring companies to delete user data after a person leaves the network or face hefty fines.  Most public blockchain networks are incapable of deleting data, and therefore, are in direct conflict with GDPR.

The Center for Global Enterprise’s inquiry, spearheaded by David Kappos, former director of the U.S. Patent and Trademark Office, found that no current public blockchains were able to comply with the GDPR. They did, however, lay down guidelines for a compliant platform.

  1. Use a private, permission enabled blockchain
  2. Avoid, if possible, the storing of personal data on the blockchain
  3. Implement a detailed governance framework
  4. Employ innovative solutions to data protection problems

Unfortunately, these guidelines relegate blockchain to internal enterprise use cases and prevent it from ever reaching the “holy grail” of public deployment.

Lition is offering the world a better solution by launching the world’s first public-private deletable blockchain infrastructure, both perfectly compliant with the GDPR and allowing for unfettered blockchain functionality.

Lition is able to accomplish this by combining a public mainchain with private, deletable side-chains. The side-chains store private data on the chain, but separate from their hashes. When user data needs to be deleted, data is wiped from the side-chain, but the hash trail remains intact, maintaining blockchain integrity while complying with the GDPR. Lition works closely with German lawmakers to ensure GDPR compliance.

Lition is the first and only public blockchain that enterprises can legally deploy in the EU.

About Lition Technology AG

Lition is a blockchain infrastructure and dApp developer, with 20 employees mostly based in Berlin. Lition’s new blockchain infrastructure addresses key commercial and business issues that have prevented blockchain networks from reaching widespread mainstream adoption so far.

With scalable public-private blockchain and ‘deletable’ data features, the Lition network allows businesses and large enterprises to bring innovative blockchain applications to the mass-market that are legally compliant. Lition has also developed and launched the world’s first commercially live P2P energy trading platform, currently serving customers in 100 cities across Germany.

For More Information, please contact:

Stephan Vogel, Head of Business Development

The post The race to regulation: German government turns to startup Lition for guidance appeared first on AMBCrypto.

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