VeChain, the Chinese blockchain platform, took part in 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 has no desire to stop. It recently attended Shanghai Blockchain Week. There VeChain and its partners – DNV GL and Deloitte – shared their thoughts on how blockchain can boost businesses.
So what does it take to develop blockchain? Sunny Lu, Co-Founder and CEO of VeChain, pointed out a few important things:
- The corporate-level professional teams and applications are the only ones that can promote the development of blockchain technology.
- We need a business consensus.
- To do this, companies need to open their minds and make their platforms open source to attract more players.
- We also need a regulatory consensus.
At the same time, a representative from DNV GL, the world’s leading certification body, Renato Grottola, shared his vision. He stated that “the proof of concept era is over”. So:
- Before we adopt a blockchain, we need to assess its chances of mass adoption.
- We should also assess the impact.
- The real value of the blockchain is not the technology itself. Instead, it’s because of the interface between technology and business processes.
- At the same time, society can benefit from the blockchain by moving from linear to circular economies.
Finally, Antonio Senatore, Global CTO at Deloitte Blockchain, also gave his opinion and said:
- The early platforms that create benefits and deliver value within the existing regulatory paradigm will be the first winners.
- Blockchain is not just a decentralized governance. It’s a vast ecosystem;
- If we look at it as an ecosystem, use cases automatically arise.
- The reason for choosing the public blockchain: the parties are verifiable.
What is the key to VeChain’s success?
The project started in China in 2015. Their vision is to revolutionize supply chain management. The aim is to simplify the product tracking system. Each product receives an individual ID that is stored in the blockchain. The ID identifies the end product in the form of an RFID tag, a QR code and an NFC chip. Due to the openness of the blockchain data, any user of the system can easily get complete information about the product.
VeChain operates in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong and San Francisco. One of his famous projects Digital carbon ecosystem aims to reduce CO2 emissions.
The network uses two native tokens for its internal operations:
VeChain Token (VET) (currently known as VEN) is a means of payment in the VeChain blockchain ecosystem.
Thor Power (THOR) is a token for smart contracts and applications on the THOR blockchain.
The most important VeChain partners include the world giants Walmart, BMW, Penfolds, Coca-Cola, HSBС, Alibaba and IBM.
In a different sense, VeChain and the partners will start an online digital certification service later that year.
This digital certification service should be online this year and… released for over 900,000 customers in January 2020. DNV GL is entitled to… provide marine, gas and energy, health and mgmt systems. #LINK @chainlink is here. https://t.co/qhyQlrxu71
– Scott Stevenson (@tenfinney) September 23, 2019
Around 900,000 users will be able to create the wallet in early 2020. DNV GL will provide certifications in many industries including marine, gas and energy, health and management systems. This is a good example of this Ecosystem in San Marino.