Why logion today?
Blockchain is a technology for storing and transmitting information without any central control entity.
It is positioned as a technology that aims to revolutionize the web. Indeed, the web as we know it today, called the WEB 2.0, transits through major centralized market players. Blockchain by design disintermediates transactions. It enables people to interact directly with each other rather than going through centralized providers. The idea of driving the adoption of blockchain technology is to bring the WEB 2.0 towards its 3.0 declination where we will all become the sole players of our economic transactions. This means that we will be able to entirely manage our interests, our own value in direct line with others.
This web 3.0 and its underlying blockchain infrastructure needs legal security.
Because we are migrating to a decentralized world where each of us is left to our own devices.
This creates risks.
These peer-to-peer economic transactions entail the use of digital currencies. Today, holding these digital currencies do not provide the recovery options that we have with traditional bank accounts. This means that in case someone loses the key that gives access to his or her digital wallet (loss, fire, natural disaster), the funds contained in the wallet are lost forever. At the same time, if the owner is incapacitated or dies without having made any preventive arrangements with his or her relatives, the funds cannot be recovered.
Responsibilities are also very diluted. To whom should one turn when faced with litigations over blockchain-related operations? Who is responsible for malicious behaviors or breaches? The user facing a problem is left abandoned with no or little legal recourse and nobody bears any responsibility.
Under the guise of decentralization, the digital assets, the rights and the interests of users are today not protected!
We still need trusted third parties to create a secure environment where we can deploy the technology.
This is why logion is alive…
By creating a public blockchain secured by a network of European Judicial Officers logion does not eliminate the trusted third party but decentralizes it. They secure the infrastructure and bring their professionalism to secure the transactions, introducing the additional security layer for the web 3.0 deployment.