VeChain Summit 2019 Recap: Will VeChain bring mass adoption?

VeChain Summit 2019 was held on 18th April 2019 at San Francisco, USA

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

DNVGL has completely migrated all its previous Management System Certificates issued to its companies onto VeChain’s public blockchain.

DNVGL’s presentation on My Story, a VeChain powered application which would give consumers a look into a product’s history. Italian wine makers have already begun ton implement this technology in their supply chain.

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.

Luca Crisciotti, CEO of DNVGL Business Assurance talks about the roadmap for VeChain’s partnership with DNVGL

BMW

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.

Cihan Albay, Leader at IT Tech Office Singapore, BMW gives a presentation on VerifyCar.

Deloitte

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.

VeChain CEO Sunny Lu announces Antonio Senatore’s appointment to the VeChain 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.

The ToolChain toolkit
Presentation on the ToolChain components

Conclusion

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

The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur. 
Disclosure: Authors are invested in cryptocurrency projects and have cryptocurrency holdings - including those covered on this website. 

Michael
Michael
I’m Michael Gu, Creator of Boxmining. I’ve been involved in the digital asset and Blockchain space since 2012. Something I immediately noticed was that accurate information is hard to come by in this space. More often than not, we find extremely biased information that exploits the complexity of blockchain to obscure facts. Having been around before bitcoin or blockchain was even “cool” meant that I had to do a lot of discovery myself, and along the way, I had many successes, but also made mistakes. I started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share my experiences. Being based in Asia, I also found a huge discrepancy between digital asset trends and knowledge gap in the West and China. So I leveraged my knowledge and positioning to bridge that information gap and let people know what is truly happening. This journey has been nothing short of exhilarating for me, starting from when I mined Bitcoin in grad school to appearing on China’s national television as an overseas expert on blockchain technology, and having the honour of interviewing leading crypto entrepreneurs, including Binance CEO Changpeng Zhao and FTX founder Sam Bankman-Fried.

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