With the advancement of 5G, IoT (The Internet of Things), AI (Artificial Intelligence), and the Internet of Value, data is set to play a more significant role in the future business world. For enterprises to realize the value of data, blockchain technology will be vital. The disruption of existing business models is on the horizon, which will compel businesses to embrace new technologies like blockchain, enabling them to stay ahead of the market.

However, there are obstacles in feasibly employing blockchain technology into business models, especially for small and medium enterprises (SMEs). This failure is typically caused by one of three things (or all):

High cost

Complexity

Lacking professionals or technical capabilities to implement the solution

Breaking Down the Barriers — VeChain Develops and Launches ToolChain so that Anyone Can Implement and Use Blockchain Technology

VeChain officially launched ToolChain, the next generation of blockchain-as-a-service (BaaS) platform at the 2019 VeChain Summit — the first global developer conference of VeChain, held on April 18th at San Francisco’s historic Fort Mason Festival Pavilion. It is the first commercial BaaS platform built on top of a public blockchain.

ToolChain Addresses Pain Points for SMEs

VeChain ToolChain provides a variety of general interfaces to essentially eliminate the high technical threshold and substantially lower the costs for SMEs or even individuals in blockchain integration. VeChain ToolChain pioneered the concept of providing an “off-the-shelf” solution, with various standardized application modules.

Mr. Sabotage shared his experience of using Toolchain at the VeChain Summit 2019

Unlike the BaaS products on the market, ToolChain also includes a vertical blockchain application focusing on product life cycle management, which can be used as a SaaS solution or customized as a turnkey package. The solution can integrate with the existing business of the enterprises immediately with zero development requirements. In this way, companies without blockchain development capabilities can acquire a secure and mature blockchain solution at a reasonable cost. More importantly, eco-enterprises and channel partners are allowed to build their own applications on the VeChainThor blockchain BaaS platform, should they be authorized with the turnkey solution provided by VeChain.

SMEs can further benefit from a comprehensive one-stop customized blockchain service, including product life-cycle management, supply chain management, data storage, data verification, and process verification, thereby improving their brand image and scaling their businesses.

Meeting the Demands of the Market: ToolChain Releases with Three Versions

To meet the diverse demands of the market, VeChain ToolChain solution is currently available in three versions: Standard Version, Developer Version, and Channel Partner Version

Standard Version

The VeChain ToolChain Standard Version provides various standardized application modules, tools and IoT devices. This allows SMEs with no development capability to have their own blockchain-based lifecycle management solution.

Developer Version

For enterprise customers with strong technical capabilities, the developer version can provide a variety of API interfaces, SDK development kits, and detailed developer documentation. With these, enterprises can develop various applications based on the VeChainThor Blockchain according to their own needs and desired hardware solutions.

Channel Partner Version

The newly developed Channel Partner Version will support independent deployment and multi-dimensional customization of ToolChain based on the channel partner’s business strength. To become a channel partner, you only need to apply for authorization from VeChain before receiving the ToolChain Turnkey packages for customization and independent deployment. This version creates a win-win situation by allowing VeChain’s partners to build their own blockchain-based business ecology to serve their customers.

Hardware Suggestions: What You Need to Fully Implement VeChain ToolChain

To realize VeChain ToolChain’s strengths and provide a one-stop solution to optimize supply-chain management, for SMEs and even individual users, by using a smartphone with NFC function and NFC tags ordered from VeChain (will be available soon), you can start using the ToolChain service. Moreover, VeChain has prepared a collection of suggested hardware devices to fully implement the solution and connect the software to the physical goods being managed. The hardware suite includes:

QR code printer and application software for easy, immediate at the office, printing of QR codes

NFC writer and related software to create digital labels

IoT devices, including RFID chips, sensor devices, and more

Handheld terminal devices to enable Toolchain apps to bond and activate NFC chips and collect and transfer chip ID and other core data

Physical carriers for simple transport of the Toolchain Kit, including QR codes and NFC/RFID digital chips

ToolChain Successfully Applied in Multiple Industries

VeChain ToolChain has been successfully introduced into various industries such as energy, automobile, agriculture, wine, FMCG, art auction, insurance and more. In these industries, it has played a critical role in data verification, data sharing, anti-counterfeiting, and traceability.

New business models based on the VeChain ToolChain have been developed to empower real economy and facilitate an enterprise’s digital transformation and brand image enhancement. In the future, VeChain will stay focused on building a blockchain-based ecosystem for its partners and developers, enabling them to provide customized ToolChain-based services for enterprise users, extend application scenarios, and further optimize relevant functions.

To use VeChain ToolChain for business scaling, please contact the professional VeChain ToolChain consultant for personalized development advice at bd@vechain.com and apply for a free trial of VeChain ToolChain Standard Version.

About Turnkey Solutions:

Turnkey Solutions are designed to further promote the development of blockchain applications on the VeChainThor Blockchain, and essentially eliminate the high technical threshold, substantially lower the costs, and significantly reduce the time to market for SMEs in blockchain integration. With the development tools provided by VeChain, such as general interfaces and API documents, the solution can integrate with the existing business of the enterprises immediately with zero development requirements. They’re also available as turnkey package for the enterprises and developers to deploy the solution independently and conduct custom development in accordance with their own management models and business demands, adding value to their business and meeting the diverse demand of the market.

Turnkey Solutions include:

VeKey Based Threshold Signature Turnkey Solution;

HSM Based Key Escrow Turnkey Solution;

VeChain ToolChain.