The leading enterprise-friendly public blockchain platform, VeChain believes blockchain is at a critical stage. Speaking at “The Capital”, a conference by CoinMarketCap, CEO Sunny Lu emphasized its high time for the technology to prove its business value.
According to Lu from VeChain, both technology and resources are ready. And blockchain has also reached the national strategic level. Now it is all about finding and testing the right business model. Sharing his insights, Lu said the period till 2022 is the most crucial for the technology. It is at a stage where it will face maximum challenges and prove its business value.
VeChain positions itself as the enabler of the mass adoption of disruptive technology. And that’s where Lu explains the need for a public chain like VeChainThor. As per Lu public blockchain is the foundation of a positive cycle. And that brings out the best out technologies like AI and IoT.
What would trigger mass adoption?
It seems VeChain has identified the roadblocks in the mass adoption. Lu says for that to happen, blockchain solution developers need to drive value from the established businesses.
And the major supporting reasons are:
- Limited user base
Bitcoin and Ethereum have a limited user base – 470k and 254k. On the contrary the established businesses like WeChat, Facebook and Amazon have a massive user basis of 1,000,000k, 2,700,000k, and 350,000k.
- Legislative support
The established businesses have a high standard of R&D, legislative influence and long-term network effect.
Both of these aspects will expedite mass adoption.
VeChain tools for mass adoption and commercial applications
Currently, VeChain is supporting 31 proven solutions across 16 industries. And it is because of the innovative toolset.
At the same time ToolChain integrates enterprise data and assets with blockchain increasing the collaboration opportunities.
Previously, we covered how VeChain launches Foodgates, an international food tracking system.