VeChain Summit 2019 Recap: Will VeChain bring mass adoption?
Vechain Summit 2019 brought about major product announcements featuring a turnkey solution “ToolChain” for any business to get into blockchain. I was able to attend and interview key figures like CEO Sunny Lu and COO Kevin Feng. Here is a summary of the major announcements and partnerships from the summit.
What is VeChain?
VeChain (or VeChainThor) is a blockchain generation platform focusing on enterprise adoption. Vechain supports the creation of self executing contacts that have a guaranteed outcome without third party trust. This allows creation of decentralized applications (“Dapps”). These Dapps can potentially solve enterprise problems. Examples of enterprise problems include anti-counterfeiting in luxury items, automobile data and cold chain logistics.
Check out our VeChain Explained article for more details on VeChain’s other features, partners, ecosystem and history.
VeChain Partnership Announcements
DNVGL has completely migrated all its previous Management System Certificates issued to its companies onto VeChain’s public blockchain.
The Company has announced they will be launching their digital wallet in summer 2019. This will give everyone in the DNVGL ecosystem an opportunity to store and exchange digital assets including cryptocurrencies.
VeChain partnered with DNVGL to create the Digital Carbon Ecosystem. The United Nations Development Program (UNDP) has just joined into this partnership. This partnership means that enterprises and individuals can record and optimise reduction of their carbon footprint in line with the UNDP’s Sustainable Development Goals.
BMW has confirmed that it is developing a Dapp called VerifyCar for BMW cars. VerifyCar will record vehicle information onto the VeChainThor blockchain. Examples of such information include a vehicle’s mileage, insurance and service records.
Deloitte will be migrating from the Ethereum network to the VeChainThor blockchain. Furthermore, Deloitte will release its open source block explorer to the public soon.
It was also announced that Antonio Senatore, Blockchain Global CTO of Deloitte will join VeChain’s Advisory Board.
Pricewaterhouse Coopers (PwC)
VeChain hinted that in the coming 2 months, PwC will be announcing a massive project built on the VeChainThor blockchain with a globally renowned company.
Chun Yin Cheung- a partner in PwC China’s Risk Assurance Practice has changed roles from a VeChain Foundation Steering Committee member to an Advisory Board Member.
San Marino Government
VeChain announced that June 2019, we will likely see San Marino Government approved ICOs and/or STOs running on the VeChainThor blockchain.
Product Launch: the VeChain ToolChain
VeChain announced the launch of the ToolChain. The ToolChain is a toolbox containing all of the hardware, software, service protocols. The ToolChain allow anyone- even those without any technical experience, to onboard their business to the VeChainThor blockchain within 30 minutes.
VeChain already has enterprise partnerships with DNVGL and BMW. Now with ToolChain, anyone can make use of VeChain’s revolutionary technology to be used by the masses. Users will be able to upload any product information onto the VeChainThor Blockchain and embed it onto their products.
VeChain Summit 2019 gave us an exciting glimpse into the VeChain roadmap for the next few months.
From the Summit, we can see that VeChain is on its way to truly spreading mass adoption of blockchain technology. VeChain is doing this from continuing to build with its enterprise partners, to allowing smaller businesses access VeChain’s technology through ToolChain.
Check out our Livestream at VeChain Summit where we spoke to Sunny Lu (CEO of VeChain), Kevin Feng (COO of VeChain), Plair (also check out my nutshell video on this project) and others for a realistic look at what it was like to be at the conference.
Want recaps of each of the presentations? Check out bsc44’s Keynote Summary
To learn more about VeChain check out our other article, VeChain Explained