Recently Vechain foundation announced that VeTrust, built on VeChainThor, is officially indexed as ‘Innovative Frontrunner of Blockchain Application 2021’ by WAIC. The committee recognized VeTrust as a perfect example of merging public blockchain with the public sector, connecting all stakeholders from government to citizens.
VeTrust, built on VeChainThor, is officially indexed as ‘Innovative Frontrunner of Blockchain Application 2021’ by #WAIC!
The committee recognised VeTrust as a perfect example of merging public blockchain with the public sector, connecting all stakeholders from gov to citizens. pic.twitter.com/uNDLUbZcRo
— VeChain Foundation (@vechainofficial) July 10, 2021
Vechain CEO, Sunny Lu also attended WAIC and spoke on WAIC regarding VeChain’s mainstream adoption in the business world.
Highlights of Sunny Lu speech “How Blockchain Empowers Enterprises in the Digital Economy Era”:
“Hello everyone, I am glad to be here again at the World Artificial Intelligence Conference. I participate every year and talk about blockchain. The development of blockchain is also extremely fast and rapid.
Due to the development of the epidemic, the global digitalization process has been accelerated very rapidly. During this period, the process of digitization has been inseparable from the blockchain, because the blockchain solves the problem of “trust” in the process of digitization or in digital cooperation. So what is the very simple logic? That is, the whole world needs digitization, and enterprises are the backbone of the digitization process. Digitalization requires blockchain, and companies must now embrace blockchain.
VeChain has also undergone many transformations. After doing about 70 or 80 enterprise cases, we have summarized the three major directions of enterprise application of blockchain technology for your reference. I believe that every enterprise will find its own suitable situation.
We divide Vechain technology into three layers. The bottom layer is called the BaaS layer. We found that it is extremely difficult for most companies to build their own blockchain, and a blockchian team to keep it functional. So to overcome this problem, BaaS platform allows companies to directly use public smart contracts, browsers, wallets, etc., and can also help companies develop customized smart contracts, and finally deliver an API interface, allowing companies to use the blockchain more quickly.
We call the middle layer the PaaS platform. This is our innovative attempt-low-code PaaS. Because we have found that many companies will definitely produce new business scenarios or new business value when they use or try to build blockchain applications. At this time, you don’t want to change the original business system too much. Businesses want to build a new application. This is a very common situation. So we have PaaS platform, allowing enterprises to implement new applications. It is especially useful for multi-participating companies, that is, putting the part of the logic that everyone cooperates on this platform and implementing it in a low-code form. This greatly reduce costs and improve efficiency.
The top layer is SaaS, which requires various front-end interfaces to interact with users. Usually this part will need to be integrated into some business logic or new business innovation scenarios, usually with our partners, such as large partners such as PricewaterhouseCoopers, and small partners such as Suzhou Weixin to build new applications.
Now will talk about some cases that are supported by Vechain. Previous DNV guests talked about My Story™, a digital product based on VeChain PaaS. In fact, this product is very interesting and has greatly changed the TIC industry. My Story™ has greatly helped DNV’s global digitalization process during the epidemic.
Non fungible Tokens (NFTs) are hot these days. We feel that at present, NFT is more important to focus on usage scenarios. Recently, we also used the PaaS platform to quickly develop a vaccine passport to serve the Republic of San Marino.
Recently Suzhou City Launched “Changan Code” Based On Vechain Toolchain Covering More Than 300,000 Local Residents.
Therefore, I believe that more and more companies will embrace blockchain technology, and more and more businesses will be on Vechain. As each enterprise has its own different needs We can speed up the implementation of blockchain applications together. Thank you.”