Lition is bringing the first public-private deletable blockchain infrastructure to market, focused specifically on commercial products.
We’ve managed to catch up with Lition’s Head of Business Development, Stephan Vogel, to discuss the project in further detail.
Can you provide an overview of Lition and what it’s looking to achieve?
Lition is a Berlin-based startup developing a new breed of blockchain platform which will serve as the cornerstone for enterprise and client-facing blockchain use-cases. Right now, blockchain technology has nearly limitless potential, but faces some serious hurdles before widespread implementation can be achieved.
Legal compliance, scalability, privacy issues and energy inefficiency all plague current blockchain networks. While many blockchain visionaries have waxed poetic about a radically decentralized future, few have taken concrete steps to tackle these technical challenges.
Lition is bringing the first public-private deletable blockchain infrastructure to market, paving the way for businesses to roll out blockchain-based solutions that are GDPR compliant, fast, secure and efficient, without compromising the core blockchain vision.
No centralization. No off-chain storage or transactions. The Lition team is building the business-friendly blockchain platform of tomorrow.
What’s driven your focus on the commercial sector?
While blockchain will end up influencing nearly everyone’s daily lives in the near future, for most people, it will be an ‘out of sight, out of mind,’ technology. We see the behind-the-scene business applications as the most necessary and transformative applications for the tech in the short-term.
Commercial blockchain needs come in all shapes and sizes, and currently, the available platforms are severely hindering adoption rates because they simply don’t meet the stringent requirements of the business world. Business to business. Internal systems. Client-facing interfaces coupled with back-end networks. The list goes on… If we can build a platform where businesses and consumers can prosper, then our network will be able to tackle anything.
We believe they key to widespread adoption is businesses getting their hands on a platform that is both efficient and legally compliant.
How do you see Lition paving the way for mainstream blockchain adoption?
By providing enterprises with a legally compliant and competitively advantageous platform that doesn’t sacrifice blockchain functionality, we think we can finally crack the code and help make blockchain mainstream. Companies are interested in blockchain, but have yet to be presented with an option that truly works for business.
The GDPR requires companies to delete user data after a client leaves the service. Most blockchain platforms are immutable, meaning data cannot be deleted. And that is a problem if you don’t want to run the risk of incurring a debilitating fine from the EU. Violating GDPR can lead to fines of up to 4 percent of a company’s global annual revenue. No CEO in their right mind is going to take that chance.
While solutions like off-chain storage have been floated around as a potential quick fixes, these workarounds essentially defeat the purpose of employing blockchain in the first place (why use blockchain if your data can be tampered with?). Preserving blockchain functionality while offering legal compliance is the only way companies can develop their own blockchain solutions.
What makes Lition’s proposition unique?
Lition has built the first and only blockchain network featuring public-private deletable infrastructure, allowing for the deletion of data while keeping the blockchain functionality uncompromised. This means businesses can finally implement blockchain solutions without worrying about GDPR compliance or that they created a ‘half-baked’ network.
We’ve accomplished this by storing user information on private sidechains, only accessible through encrypted keys, and once the user leaves the network, their data is deleted, leaving behind a trail of hashes to preserve the chain’s integrity. It is mathematically impossible to recover the store information from the ‘skeleton’ hash trail left behind, meaning the data is truly destroyed, but the blockchain left intact.
No other platform boasts the public openness, privacy, deletability, security and efficiency of Lition.
What’s your vision for the company over the next 2-3 years?
Lition is ready to take on the world! Right now we’re focusing on use-cases for energy trading (currently live in over 100 German cities), finance and real estate. We plan to build upwards and outwards with our partners to further refine and flesh out systems and usher in the next wave of blockchain innovation.
Thank you for your time Stephan.
If you you wish to contact Stephan directly, his email address is [email protected]