On the 18th May, 11 private actors and the State of Luxembourg incorporated the non-profit Infrachain a.s.b.l., dedicated to advance the adoption curve of blockchain solutions in a trusted and compliant-aware manner. The private actors were a mix of larger and smaller, technical and non-technical entities that see business opportunities arising from the technology that provides substantial efficiency whilst creating new legal and business model challenges. The actors were InTech, LuxTrust, Telindus, Snapswap, Scorechain, KYC3, Bitbank, Grant Thornton – Abax Consulting, Deloitte, KPMG, and Allen & Overy.
Infrachain is a part of the Luxembourg ecosystem’s efforts to position itself as a blockchain competence hub and to attract the rare but much needed blockchain developers to the country.
Luxembourg’s Prime minister and minister of Telecommunications, Xavier Bettel stated: “The state is fulfilling its role as a kickstarter and a coordinator while leaving technological and commercial choices to the industry. With this project, we prove once again how Digital Lëtzebuerg can help our ecosystem by kickstarting meaningful projects in cutting-edge technology.”
Infrachain strives to build a common community blockchain-as-a-service platform able to bring the numerous blockchain proof-of-concepts, not solely financial ones, into operations. By providing a blockchain-technology-agnostic governance layer on top of community-hosted blockchains backed by service level agreements, Infrachain can serve as a deployment infrastructure with the flexibility and legal framework of private chains and the transparent governance of public chains.
Marco Houwen, Infrachain’s current project lead, explained: “Being able to bridge the gap between the emerging blockchain technology and the regulatory and legal environment, is essential for the adoption of this revolutionary technology”,