Technology and operational risks

At present, enterprises use the traditional IT systems. Moving their supporting operations, internal control processes and control points to the blockchain poses a great challenge. Many businesses worry: with the blockchain technology, the corresponding operation and some processes can not keep up.



VeChain is in the development of blockchain applications, in addition to providing the underlying technology, but also assess the package solution, from the application layer, API, smart contracts and the underlying, to give customers a complete solution. Customers get the program immediately after use. Our blockchain solutions will tend to be more in line with our customers’ current IT systems with the ability to scale with emerging tech and software standards.

Governance and controls

Blockchain platforms are likely to become regulators in the future with the capability to audit and regulate itself or other solutions. If the blockchain is the platform for large-scale enterprise applications, you must have a governance structure. The decentralized public chains being showcased have almost no governance structure, which is also a relatively large consideration for those solutions as the see adoption.

Cybersecurity

Although blockchain technology is distributed and has digital signature protection, there are still hidden dangers of network security. When enterprises use blockchain platform, the private keys represent identity of entities. Private key In large-scale enterprise applications, it is difficult to ensure that every user’s private key security. When an enterprise uses a blockchain platform, the private keys represent identity of entities much like company bank accounts identify a company. It can be challenging to ensure the security of all of their private keys while matching unique users to their entities in previous solutions of private keys. To tackle this issue, VeChain will provide customers with a custom online wallet service and a hardware wallet with built in properties designed for enterprise uses.

Legal risks

First, regulatory requirements in all regions, the second is the legal risks of privacy. Some of our clients are in the luxury industry, and we need to ensure compliance with local European privacy protections when we provide them with solutions.

In the past two years, VeChain has successfully implemented the blockchain solutions for enterprises, Kevin shared four projects with the audience, which are: