The CEO and Co-founder of Singapore-based blockchain project VeChain, Sunny Lu, in his keynote address at the 2020 World Artificial Intelligence Conference (WAIC) stated that the company’s mission was to promote the widespread use of blockchain via the ToolChain platform.
Mass Adoption of Blockchain Technology is the Goal for VeChain
In a Twitter thread by @FatalFatalexe on Friday (July 10, 2020), the VeChain CEO at the WAIC 2020 conference spoke on the benefits of blockchain adoption by companies. According to Lu, VeChain’s Blockchain as-a-service platform (BaaS) ToolChain, will make it easier for businesses to implement blockchain technology.
As reported by BTCManager earlier in July, VeChain is among the attendees at the WAIC conference organized by the Shanghai Municipal People’s Government. The company was slated to give a keynote address in the blockchain technology session titled “Blockchainize the Future, Power the Economy.”
In Lu’s address titled “Last Mile to Mass Adoptions” as translated by @FatalFatalexe, the demand for the nascent technology has surged since the advent of COVID-19. The VeChain CEO also said that employing blockchain technology significantly costs down various costs for businesses. Meanwhile, using VeChain will help companies effectively reduce communication costs by half, and also granting project recovery rate and margin increase of up to 200 percent.
Speaking on VeChain ToolChain, Lu stated that the BaaS platform eliminates barriers such as complexity and lack of technical know-how that would discourage businesses from adopting blockchain technology. The VeChain chief added:
“ToolChain allows flexibility for implementation into different environments and systems. APIs, SDKs, Middleware integration documents are available to interested businesses.”
VeChain Sees Increased Usage Across Industries
VeChain continues to be relentless in its efforts to ensure greater adoption of blockchain technology. The platform primarily focuses on ensuring traceability and transparency in the supply chain movement (SCM).
Also, the blockchain project has seen the adoption of its tools by different industries. In April 2020, COS, a fashion brand belonging to the H&M, used VeChain ToolChain to improve sustainability. In addition, an Australian shoe manufacturer adopted VeChain to validate Nike licensed sneakers in order to combat counterfeiting.
Furthermore, some companies have employed My Care solution, a VeChain-powered infection risk management tool, amid the ongoing COVID-19 pandemic. Finland shipping company, Viking Line, became the world’s first shipping company to get a My Care Verification from VeChain partner DNV GL, to contain the spread of COVID-19 on its vessels. ArcelorSteel also adopted DNV GL’s My Care solution to reduce coronavirus risks.
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