VeChain talks about blockchain

VeChain, the Chinese blockchain platform, has attended the Shanghai Blockchain Week. Together with its partners, it has explained what blockchain really is and how to make it mainstream.

It’s been a busy year for VeChain. But the company doesn’t feel like stopping. Recently, it has attended the Shanghai Blockchain Week. While there, VeChain and its Partners – DNV GL and Deloitte – shared their thoughts on how blockchain can boost businesses.

So what does it take for blockchain to develop? Sunny Lu, Co-founder and CEO at VeChain, pointed out some key things:

  • The professional teams and enterprise-level applications are the only ones who can promote the development of blockchain technology;
  • We need business consensus;
  • To achieve it, enterprises need to open their minds and make their platforms open-sourced, attracting more players;
  • Besides, we need regulatory consensus.

Concurrently, a representative DNV GL, the world-leading certification body, Renato Grottola, shared his vision. He stated that “the Proof of Concept Era has come to an end.” Thus:

  • Before adopting anything blockchain, we have to assess its chances of becoming mass adopted;
  • We should also gauge its impact;
  • The real value of blockchain is not the technology per se. Instead, it lies at the intersection between technology and business processes;
  • At the same time, society can benefit from blockchain by transitioning from linear to circular economies.

Finally, Antonio Senatore, Global CTO at Deloitte Blockchain, has also expressed his opinion, saying:

  • The early platforms that create benefits and deliver value within the existing regulatory paradigm will be the early winners;
  • Blockchain isn’t just a decentralized governance. It’s a comprehensive ecosystem;
  • If we view it as an ecosystem, then use cases automatically spring up;
  • The reason for choosing public blockchain: the parties are verifiable.
What is the key to VeChain success?

The project launched in 2015 in China. Its vision is to revolutionize the management of the supply chains. Its purpose is to simplify the system for tracking products. Each product receives an individual ID that is stored on the blockchain. And the ID will identify the final product in the form of an RFID tag, a QR code, and an NFC chip. Due to the openness of blockchain data, each user of the system can easily get complete information about the product.

VeChain operates in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, San Francisco. One of its famous projects Digital Carbon Ecosystem aims at the reduction of carbon emissions.

The network uses two native tokens for its internal operations:

VeChain Token (VET) (currently known as VEN) is a payment means in the VeChain blockchain ecosystem.

Thor Power (THOR) is a token for smart contracts and applications on the THOR blockchain.

The major VeChain partners include world giants Walmart, BMW, Penfolds, Coca-Cola, HSBС, Alibaba, and IBM.

On a different note, VeChain and the partners are going to launch an online digital certification service later this year.

Around 900,000 users will be able to create the wallet in early 2020. DNV GL is going to supply certifications in many branches of industry, including maritime, gas and energy, healthcare, and management systems. A great example of this is the ecosystem in San Marino.

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