The Dutch blockchain companies LTO Network and V-ID entered into a partnership this week by rolling out an immediately applicable, GDPR-compliant blockchain solution for companies and governments. Additional objectives in this regard are the practical applicability for organizations from every sector, achieving cost savings and further developing the Netherlands as a European knowledge center for blockchain applications.
The European Commission recently launched an initial exploration of specific legislation for GDPR compliant blockchain applications. In that context, a program was started in Amsterdam on March the 28th under the leadership of CMS, LTO Network and V-ID with the aim of designing a best-practice framework for GDPR compliance in blockchain applications. Among the participants were lawyers, technicians, consultants and use case experts from CMS Law, LTO network, V-ID, IBM, Axveco, ING, Rabobank, and KPN.
[perfectpullquote align=”full” bordertop=”false” cite=”Rick Schmitz, CEO of LTO Network” link=”” color=”” class=”” size=””]“V-ID is a super easy-to-use real-world use case with enormous added value. Their practical and especially beautiful UI is a relief in a space that unfortunately is often tied to vague promises and PoCs.”[/perfectpullquote]
At first glance, GDPR seems to be in direct contradiction with the basics of blockchain technology. The blockchain is a way to store events forever, in which the GDPR principle “the right to be forgotten” would appear to be impractical in some cases.
The blockchain platform of LTO Network solves this problem by means of the decentralized “stamping” of data as proof of the existence of this data at a certain moment. Instead of the data object itself, the confirmation data is stored on the public blockchain. This data can only be accessed by the owner of a certain type of password. The blockchain solution from LTO Network is already in production at the Ministry of Infrastructure and Water Management, SignRequest and CMS Law & Tax.
[perfectpullquote align=”full” bordertop=”false” cite=”Marnix van den Berg, Founder V-ID” link=”” color=”” class=”” size=””]“The conversations we had with clients or potential partners over the past few months have always been full of energy, but Rick added even more. LTO Network distinguishes itself in terms of speed and potential, but especially in terms of vision and leadership. ”[/perfectpullquote]
LTO Network and V-ID focus on different but complementary aspects of blockchain technology.
Where LTO Network focuses on the underlying data security structures, V-ID is a practical platform, intended for direct application in daily work processes. Both companies, however, have the main objective of facilitating the widest possible application of blockchain techniques with the lowest possible threshold for adoption of this technology.
[perfectpullquote align=”full” bordertop=”false” cite=”Katja van Kranenburg-Hanspians, CMS Law Partner” link=”” color=”” class=”” size=””]”For us, the combination of V-ID and LTO Network is a natural one. Not only because of the energetic and open-minded way they handle blockchain projects with their knowledge and experience but also because both of them are fun to cooperate and explore possibilities in the blockchain space with.”[/perfectpullquote]