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.
- Use a private, permission enabled blockchain
- Avoid, if possible, the storing of personal data on the blockchain
- Implement a detailed governance framework
- 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
Betrio – The Long-Awaited Revolution in Modern Gambling
Gambling is the second most profitable industry in the world after the foreign exchange markets – Forex. According to the latest data of a recent Cambridge analysis, the gambling industry’s revenue will surpass the staggering $1 trillion by 2021.
There’s a huge problem in this industry, though. Due to the conditions, which traditional bookies currently can offer, without breaking their bank, 90% of all bettors lose their wagers, respectively their money. This is about to change very soon with Betrio who is here to shake and revolutionize the entire betting industry. Betrio is a pure utility token, which can be used to bet on its own bookmaker – BUFF.bet. It will give numerous benefits to its players thanks to Blockchain technology.
Before we shed some more light on that, let’s first see what problem traditional bookmakers are facing.
The Problem with Traditional Bookmakers
The traditional bookies that are currently operating today work only with fiat money. This significantly limits them to leave the mandatory financial framework, which a bookie needs to function properly and not to go bankrupt. It also limits their ability to offer attractive gambling conditions, thus significantly reducing their chances of winning.
What’s the maximum a traditional bookmaker, operating with fiat money, can offer?
- A one-time, 100% initial bonus up to 200 EUR for sports bets;
- A one-time, free bet [bonus] up to 50 EUR for sports bets;
- 100% casino bonus up to 1,500 EUR for casino bets [the condition is to deposit 3 x 500 EUR to get 3 x 500 EUR bonus for each of the three deposits];
- Cash-back up to 50 EUR – only once per account;
- Cash-back up to 100 EUR for casino bets – only once per account.
*The bonuses described above are the current maximum [21 May 2019]. In general, these bonuses allow a bookie to function normally and its bank to not go bankrupt.
The Solution – Betrio
Thanks to Blockchain technology, which lets a given project to have its own cryptocurrency [Betrio], everything is changing. This will give BUFF.bet the opportunity to offer its gamblers much more attractive conditions than traditional bookmakers
What can Betrio’s bookmaker – BUFF.bet – offer?
- A one-time, 100% bonus up to 500 EUR in Betrio for sports bets;
- A one-time, Free bet [bonus] up to 200 EUR in Betrio;
- 100% bonus up to 5,000 EUR in Betrio for casino bets;
- A LIFETIME 35% cashback from EVERY lost bet!!!*;
- The HIGHEST combo accumulator bonus** in the industry – up to 100% for every column of the total bet!;
- Attractive everyday bonuses.
*Example for a cashback: Let’s say you want to bet 1,000 Betrio that Chelsea will win against Arsenal. However, the match ends in a draw – hence, you lose. At BUFF.bet, you’ll get a 35% cashback -> 350 Betrio.
**[Combo accumulator bonus: The more events you add to a single column, the bigger the bonus – the increase in the odds you receive.]
Betrio [BEO] token will give gamblers enormous benefits, in comparison to fiat money betting in traditional bookmakers. This will make it unique, powerful, and very attractive to gamblers and investors alike.
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