A delegation from Luxembourg Ministry of the Economy expressed a keen interest in blockchain solutions by visiting the VeChain Foundation in Shanghai. Noah, the CMO of VeChain walked the delegates through all the processes of their platform and blockchain.
The processes comprise of several solutions and application that VeChain has developed for various industries. Medical and healthcare, fashion and luxury, logistics, automobile are currently the industries that the VeChain Foundation is planning to serve.
Mr. Luc Decker, Consulate General of the Grand Duchy of Luxembourg Consulate General in Shanghai, discussed Luxembourg’s progressive approach in promoting blockchain. He also spoke about a standard governance framework developed by Luxembourg, making it a key contributor to the furtherance of blockchain technology around Europe.
Noah reciprocated to Decker’s support by introducing the delegation to VeChain’s effort in adhering to data compliance and regulatory requirements. General Data Protection Regulation [GDPR] is one such regulation that strictly advocates for a better control of citizens over personal data security and privacy. In fact, GDPR’s regulatory framework was the key inspiration behind VeChain’s approach to designing its data services.
In its development plan of VechainThor Ecosystem, the Foundation has sincerely mentioned:
“In this ecosystem, individual business parties can greatly reduce the potential trust cost
between additional parties. This makes business cooperation simpler, more efficient and less
expensive. This enables the business to concentrate resources on more advanced technology and
better products and services to create more value.”
To keep their commitments, strategies such as assessing the correct structure of the platform, identifying potential risks and loopholes in the system, and maintaining the applicability of GDPR regulations have been taken into consideration.
Dutch_Offpring, a crypto enthusiast from Europe, tweeted:
“Very good. Educate officials and authorities on crypto and Blockchain. This facilitates mass adoption.”
While another crypto supporter commented:
“$VEN in a complete league of their own”
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