VeChain Touts ‘Killer App of Blockchain’

VeChain CEO and co-founder Sunny Lu says VeChainThor VeChain Blockchain is enabling real business value that can radically shift the current ecosystem and reshape how companies collaborate and transact.

Speaking last week at the Shanghai International Blockchain Week 2019 with partners DNV GL and Deloitte, Lu says that VeChain Blockchain, a public blockchain platform that enables retailers and consumers to track goods across the supply chain, authenticating products and offering immutable information in real time, can spur mass public adoption of the technology by targeting business collaborations.

Says Lu,

“Only with professional teams and enterprise level applications can we promote the development of blockchain technology and in turn, boost its mass adoption. It’s more about business consensus.”

Beyond Bitcoin and its transformational ability to move value, Lu calls digital assurance the “Killer App of Blockchain” as the tech can be optimized to guarantee information security. In a world rife with fraud, manipulated data, fudged numbers and copy cats, blockchain can be used to protect the integrity, availability and authenticity of data for a full range of goods in transit as well as in storage facilities.

One of the company’s high-profile partnerships is with Big Four accounting firm Deloitte, which utilizes VeChainThor Blockchain to provide services for their clients.

In attendance at the Shanghai International Blockchain conference, Antonio Senatore, global chief technology officer at Deloitte Blockchain and board member of the VeChain Foundation, says early blockchain winners will be those platforms that can deliver value within the existing regulatory paradigm.

“Blockchain is more than decentralized governance. It’s more of a comprehensive ecosystem. Only when we take it as an ecosystem can we find out all possible value use cases. The reason why we chose to migrate to public blockchain is because everyone on the public blockchain are verifiable, which means it’s secure for our clients. On top of that, public blockchain helps to connect products, enterprises and people in a digital way.“

VeChain has built a robust list of high-profile, multi-billion-dollar partners including Walmart, BYD and DNG VL to track and authenticate products along the supply chain and to verify data.

It’s also working with BMW to test a proof-of-concept to stop mileage fraud. Its VerifyCar app provides a digital passport to monitor odometer and maintenance reports.