Last updated: May 26, 2020
This Policy will take effect from the date of promulgation.
If you have any questions, opinions or suggestions, please contact us by the following contact information:
This Policy will help you to understand:
How we collect your personal information;
How we use your personal information;
How we share your personal information；
Right of the users;
How we protect your information;
How we process personal information of minors;
How we collect your personal information
We collect only data which is essential to our operations and enables us to provide you with better user experience.
We collect personal information through:
▪️ Your use of or participation in our service;
▪️ A third party’s use of our service relating to you; and
▪️ Direct or unsolicited interactions, such as when you voluntarily provide your information to us by contacting us, submitting requests and comments, subscribing to our newsletters, or otherwise engaging with us through our website.
We may also use certain performance tracking tools, such as Google Analytics. Through the use of Google Analytics we gather information regarding your behaviour and preferences when using our online platform
We collect two types of information from and about our users, including information:
by which you may be personally identified; and/or about your internet connection, the equipment you use to access our Services and your usage details (i.e. your Internet Service Provider).
The information we collect on or through our Services may include:
▪️ Contact Information: Your contact information, such as email address and other ways of communication. We collect this information in order to provide you with access to certain features of our Services and to inform you about relevant information concerning your use
▪️ Browsing information: How long you used our Services, which features you used, etc.; We collect this information in order to analyse the behaviour of our users and improve our Services.
▪️ Communications: Between you and VeChain Foundation support staff regarding the Services. We collect this information in order to monitor the quality of our support staff and your communications with us.
▪️ Location Data: We may collect information about your location if you have instructed your mobile device or computer to send such information via the privacy settings on that mobile device or computer. We may use the location data collected to enhance your use of the Services by providing you with relevant content and contextual advertising.
How we collect and store information depends on the pages you are visiting, the activities in which you elect to participate and the Services provided. For example, you may be asked to provide information when you register for access to certain portions of our Website, request certain features, such as e-mail newsletters or VeChain BootCamp.
How we use your personal information
We use your personal information to deliver our services, as set out in the following:
1. Like other Websites, we collect information to enhance your visit and deliver more individualised content. We respect your privacy and do not share your information with anyone, except in cases when that proves necessary.
How we share your personal information
We may share your personal information with third parties and our partners in some circumstances, including:
▪️ with your consent to a service provider or partner who meets our data protection standards;
▪️ Third-party service providers who need access to personal information to provide advertising and analytics services. For example, we use MailChimp for the collection and management of your personal information that enables us to deliver marketing communications about our Services to you.
▪️ Public and governmental authorities that regulate or have jurisdiction over us, such as regulatory authorities, law enforcement, public bodies, and judicial bodies.
Rights of the users
According to relevant laws, regulations, and standards, with established practices of various countries and regions, we guarantee that you have the following rights on your personal information:
a. Access your personal information
You have the right to access your personal information, expect the exceptional cases based on laws and regulations. We will provide you the personal information that is generated during our services, if the information is not costly. You can contact us by the contact information stated above to submit a request when you need to exercise your right to access the information.
b. Correct your personal information
When you discover an error of your personal information in the process, you have the right to request us to make corrections. In some cases, you will need to make certain of these changes yourself by using the tools we provide on our website.
c. Delete your personal information
You can request to delete your personal information in the following situations:
1. If the behavior of we processing personal information is in violation of laws and regulations;
2. If we collect or use your personal information without your consent;
3. If processing your personal information is contrary to our contract;
4. If you no longer use our products or services, or you cancel your account;
5. If we no longer provide you with products or services.
If we decide to respond to your requirement for deletion, we will notify the subjects acquiring your personal information from us at the same time, requiring them to delete the information in time, unless other provisions of the laws and regulations state the exception, or these subjects have already obtained your independent authorization.You can request for deletion via the contact information stated above.
d. Withdraw your consent
To withdraw any consent that you gave us to process your Personal Data. You have the right to withdraw any consent you may have previously given us at any time.
e. Acquiring a copy of personal information
You have the right to acquire a copy of your personal information, and you can ask us for the copy via the contact information stated above.
f. Automatic information system decision constraint
In some business functions, we might make decisions based on some automatic decision mechanisms like information systems and algorithms. If these decisions influence your legitimate interests significantly, you have the right to ask us for explanation, and we will provide appropriate remedial methods.
g. Complain to a supervisory authority
If you are not satisfied with our response, you have the right to complain to or seek advice from a supervisory authority and/or bring a claim against us in any court of competent jurisdiction.
h.Restrict how we process your personal data
At your request, we will limit the processing of your Personal Data if:
▪️ the accuracy of the personal information is contested by the user for a period enabling VeChain Foundation to verify accuracy of the personal information;
▪️ the Data processing is unlawful and the user opposes the erasure of the Data and requests the restriction of its use instead;
▪️ VeChain Foundation no longer needs the personal information for the purposes of the processing, but they are required by the user for the establishment, exercise or defence of legal claims; or
▪️ when the user has objected to processing until the verification whether the legitimate grounds of VeChain Foundation override those of the user.
i. Response to your requests above
To ensure safety, we might ask you to provide a written request, or other ways to prove your identity. We might process your request after your identity is verified.
We will respond to the request within a reasonable period of time. If the response is not satisfactory, you can contact us by the contact information stated above, or make complaints to the regulatory authorities in their jurisdictions.
We do not charge any fee for your reasonable requests in principle. However, for duplicative or unreasonable requests, we will charge a certain fee based on condition. For those requests that are endless repetition or require excessive technical tools (e.g. develop a new system or radically change existing practices), or bring risks to other persons’ legitimate interests or are unrealistic (e.g. requests are related to information stored on the backup tape), we might refuse the request.
According to laws and regulations, in the following situations, we cannot respond to your request:
1. Directly related to national security or national defense security;
2. Directly related to public security, public hygiene, or major public interests;
3. Directly related to criminal investigation, prosecution or execution;
4. Which proves to be intended to abuse your right or exercise your right maliciously;
5. To which our response might severely harm other individual or organization’s legitimate interests;
6. That involves unauthorized disclosure of the business secret of VeChain Foundation or any third party.
How we protect your information
The security of your information is important to us. We have implemented reasonable technical, physical and administrative security measures intended to protect your personal information from unauthorized access, disclosure, alteration or destruction.
How we process personal information of minors
Our products, website and services are mainly for adults. Although the definition of minors varies with different jurisdictions, we define minors as any person who is under 18 years old.
VeChain believes that blockchain technology is one of the foundations for the next generation of information technology, alongside emerging technologies such as AR, VR, AI, IoT, 5G and more. With the technology’s immutable and tamper-proof characteristics, blockchain, as an infrastructural technology, is uniquely positioned to enable unprecedented value and data-transfer among a wide set of users in a trust-less manner, boosting the efficiency and authenticity of information transfer itself.
VeChain’s vision of lowering the barrier and enabling established business with blockchain technology to create value and solve real world economic problems has been clear to us from the very beginning.
To achieve and fully harness this technology that will enable mass public adoption, we have identified the three major phases of blockchain evolvement – Technical Consensus, Business Consensus, and Governance Consensus. These phases will be the foundation and strategy to enable the VeChainThor blockchain to be adopted as the world’s premier choice of blockchain.
1.1 Technical Consensus
In this phase, technical developers are the major force to build up the initial infrastructure protocols based on imaginations and projections. The competition is about programming language, protocol, algorithm and technical developer community.
Applications in this early stage of blockchain adoption are coming from the more obvious use cases that leverage features and functionalities of the blockchain technology, such as ICOs, DAOs, and betting applications (or gaming with betting features),along with infrastructure applications as needed like explorers, wallets, exchanges (centralized or decentralized).
Very few applications for the traditional business world are created in this phase, much less affecting and improving business use cases and activities. Blockchain platforms that focus on use cases such as traceability, anti-counterfeiting, food safety, intellectual property management, product life-cycle management and all kinds of data provenance categories are rarely to be seen. Initial blockchain applications in this stage are primarily motivated by technology enthusiasts, and business applications are mostly in the Proof of Concept (“PoC”) stages by enterprise technical and R&D divisions to better understand the technology.
VeChain, from its inception in 2015 and until now, has successfully moved past this crucial first phase of blockchain technology adoption, and is primed for the next phase to achieve Business Consensus.
1.2 Business Consensus
With Technical Consensus achieved, the initial benefits that were derived from the early experimentation and PoCs would start to positively influence behaviour from business executives and decision makers. Enterprises and businesses who made the judgment to invest in early blockchain R&D in the Technical Consensus phase would gain a lead over competitors.
Business Consensus would be the second major phase in the blockchain evolvement, where we will see business owners and enterprises become the major force to drive blockchain technology development and adoption, based on business needs and demands. This phase is all about understanding business needs, blockchain technology adoption and integration, user friendly interfaces, agile system structure, and business developers community.
In this phase, blockchain applications are built to enable cross enterprise collaborations and new collaborative values would be generated, following the first business moves to blockchain. The first initialization of collaborative ecosystems gets started with common business goals and consent economic motivations among multiple business owners including big corporations, small enterprises and individuals. Blockchain infrastructure applications are introduced to fulfill natural business and enterprise demands, such as custodian services, payment services, Blockchain-as-a-Service (“BaaS”), and privacy protections along with technology evolvements.
We anticipate that large corporations with existing market dominant positions and ecosystem resources are able to exert influence over the adoption of blockchain technology , including but not limited to Internet giants such as Facebook, Amazon, Google, Alibaba and Tencent, but also traditional players such as Walmart, DNV GL, PwC and so on. Basically, they are able to move their own existing ecosystem to be running on reliable blockchain platforms and look for expansions and interconnections to others. Ecosystem-level applications such as DNV GL’sDigital Low Carbon Emission Initiativegets to unite multiple different stakeholders including governments, enterprises and United Nations in pursuit of a common goal (in this case, reducing the carbon footprint and attaining more United Nations Sustainable Development Goals). At the late stage of the Business Consensus, the increased attention and adoption of blockchain technology in major enterprises and businesses would compel authorities and regulatory bodies to seriously look at the blockchain space. With more and more influential public corporations, entities, organizations, and large global scale of people involved in the development and adoption of blockchain platforms, we can expect governments and countries (especially small and progressive countries) that are aiming for progressive policy, economics and technology advancement to gain strategic advantages.
For VeChain, we are currently at a critical stage of the Business Consensus with the VeChainThor platform being adopted by major enterprises and assurance companies with the right reach, abilities and competences to achieve this consensus, along with reaching out to government partners such as China, Malta, Republic of San Marino, Cyprus and technology partners such as AWS, Deloitte and so on. At this moment, VeChain is moving forward towards the next stage of the current phase of our vision, Governance Consensus.
1.3 Governance Consensus
Regulation and legislation are naturally demanded by citizens regardless of country to protect the people and guide new technology to maximise societal and economic utility. We believe that the ultimate consensus in the blockchain space is the consensus among governments and legal authorities around the world.
In this phase, authorities along with or against big corporations and insightful technical players are the major forces to drive the regulatory development of Blockchain technology and applications. The recent development by the intergovernmental FATF (Financial Action Task Force) has proven that with effort, consensus among nations and financial regulators is possible, but it is still in a very early stage. The race for blockchain adoption in this stage is about merging regulatory requirements with advanced features of blockchain technology. We believe that the key to achieving the requirements of this race is working towards a comprehensive governance consensus for the blockchain protocol with balanced levels of centralization and decentralization.
At this point, more business activities are moving to ecosystems and new collaborative business models creating new values to the world. Besides the regulatory requirements like KYC and AML, more supportive applications are expected to be developed and adopted by governments and financial regulators, including the introduction of new crypto-assets such as stable coins, settlement coins, ecosystem utility tokens within an incentive system and so on.
With blockchain interest in the spotlight as a result of the push by nations and governments,the level and prevalence of global collaborations is reaching to a new maturity. Creativeness and innovations within blockchain ecosystems with a focus on enabling new business values are popping up everywhere. The existing Internet giants are facing their biggest challenges yet in terms of deciding on disrupting their existing offerings in favour of blockchain platforms, while traditional business owners that took the risk to run PoCs and trials in the previous phase of adoption are sitting solid and concrete by focusing on improving the essence of business through means of a mature blockchain platform – quality and scalability of products and services. New giants that focus on providing a reliable and proven blockchain ecosystem would be taking over the place by taking advantage of the technology and bringing together even more stakeholders onto the ecosystem, rallying partners with a common goal to solve business problems.
While blockchain adoption has reached the Governance Consensus stage, it also means that it is running concurrently with the previous phases, progressing forward in parallel with each other. To truly provide a mature and reliable blockchain platform and ecosystem, technology providers such as VeChain need to understand that achieving consensus is a result of mutual effort and understanding the different requirements of all phases mentioned above.
Even at the Governance Consensus stage where blockchain awareness reaches new heights, it will not be a surprise that there would still be a sceptical feeling towards blockchain technology by existing entrepreneurs and even traditional tech enthusiasts. When Amazon and Alibaba first started the E-Commerce business idea and campaign 20 years ago, nobody was confident or believed that E-Commerce is going to be the disruptive new way of doing business, as even the adoption and practice of going online and surfing the web was inconvenient at that time, where internet access was limited. Yet, both Amazon and Alibaba succeeded in their endeavours by focusing on two major factors . Firstly, they have been constantly educating the entire world, and setting up the right motivations in the consumer’s mind by charging minimal fees and providing incentives to sellers to move their business online. Secondly, they have been focused on building up a powerful and reliable infrastructure and all necessary accessibility and ease-of-use services and tools such as one stop service for E-Commerce site, payment tool, logistics service, digital marketing campaigns, arbitration, and shared customer services, to enable people to take advantage of their platform even without any E-Commerce technology and knowledge.
VeChain’s position in the blockchain ecosystem is now an Enabler, which will enable everyone in the world to create valuable transactions as big or small parts of future collaborative ecosystems. By working together with our aligned partners and providing all of the necessary tools and services, VeChain’s mission is to enable the blockchain community, business owners, enterprises, governments or any other individual to move their business activities to blockchain effortlessly, similar to opening an online store in Amazon or Alibaba with just a few clicks without technical knowledge required. VeChain will fulfill our mission and vision of achieving all phases of the consensus mentioned above by working relentlessly.