Lition has announced two high-quality partnerships last week. In this short article, we will explain why these partnerships are a great example of how business can use blockchain infrastructure.
Two cooperatives of the German The Volks- und Raiffeisenbank (VR-Bank) and real estate development company have signed an agreement with Lition on a €20 million syndicated loan pilot project.
A lot of sensitive data required for the process of giving/getting a loan such as date of the loan, date of loan liquidation, the social status of borrower, income etc. All these data should be deleted after the end of the loan in accordance with the GDPR ruling. That is where comes Lition blockchain with deletable data features.
As already have been mentioned, the overall amount of loan for a housing complex in Germany his approx. €20 million, which will now be the basis to issue security tokens created using Tokeny’s T-REX (Token for Regulated EXchanges) standard.
Tokeny and Lition will work together to tokenize securities in a fully legally compliant way, including the ability to protect and delete private data, while preserving typical features of a blockchain like immutability and security.