Social encounters

On 23rd of April 2020, Crypto.com’s Community Manager Dahee had a Live AMA session with CEO & Co-founder of VeChain, Sunny Lu on Crypto.com’s Official Telegram Channel.

We’ll focuse on the main highlights of the interview:

Sunny: “I believe that VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in multiple cities — Luxembourg, Paris, Milan, Cyprus, Tokyo, Shanghai/Beijing, Singapore, HK, USA(Bay Area).

Together with our strategic partners DNV GL, PwC, and many others, we have been enabling different builders to build up real business blockchain applications in different industries, including Walmart China, BMW, BYD Auto, LVMH, H&M, etc.

We have been focusing on two major parts in terms of responsive actions to that:

1. Continue to build up enabler toolset for every builder — VeChain ToolChainTM

2. Take this time to improve internal management to be fully ready for the next big roll-up

With our operations in China have come back to normal and the overseas team working remotely from home in response to the local government requirements, VeChain’s business is maintained by the joint efforts of our team and our partners.

With the pandemic, everyone in the world will somehow change their behavior. In my opinion, it will be a new normal for us to not see each other as much as before and have more online types of social meetings. Therefore, VeChain’s Toolchain can take a major role in helping certification issuers such as DNV GL, and PwC, or thousands of other issuers, auditors, inspectors to do DISTANT process via our Toolchain’s blockchain solution which can be easily integrated to other tools/platforms with a maturity of readiness level.

We recently finished a new project together with DNV GL for the fast-fashion brand which we have partnered before. More than 4000 sustainability products were traced by MyStoryTM in this further collaboration.

As the enabler in the ecosystem, VeChain can offer our underlying blockchain technology and standard tools. As a professional in the sustainability sector, DNV GL effectively helped the client verify the valuable data in their sustainable production process.

The mature and proven-track business model enables VeChain, DNV GL, and our client to collaborate smoothly even during this difficult time.

More mature of the business operations and tools offering, it’s indeed easier to go through this pandemic situation. All of the efforts in the past have contributed to that to make the current activities easier.

The good thing is VeChain is specializing in this area with continuous efforts to:

1) build up VeChain ToolChainTM to make the building process easy, fast and cost-effective

2) build up a strong partnership network to deliver what is must like DNVGL, PwC, Deloitte and etc.

The BRI (one belt one road initiative) is a global development strategy adopted by the Chinese government. VeChain has lots of opportunities to contribute, especially given the facts that VeChain has the most business partners (builders), business users, and real use cases focus on traceability, supply chain management, food safety, sustainabilities etc.

The essential basics of BRI are about global business collaborations. And VeChain has laid down some good foundations for that. In December 2019, VeChain became the co-founder of The Belt and Road Initiative Blockchain Alliance to provide underlying blockchain technology infrastructure and standard tools for multi-party partnerships among BRI members. For more information please refer to this article.”

The full interview can be found here !

With a focus on enterprise use cases, VeChain has acknowledged the challenge that COVID-19 is posing to many of its clients. The virus had an unavoidable impact on client development, allowing teams to turn resources toward other areas of growth. VeChain took the opportunity to focus on its core software offering, such as a new version of its ToolChain blockchain-as-a-service platform, which helps clients verify products and grant insight into a product’s data, manufacturing and supply chain processes. VeChain’s chief operating officer, Kevin Feng, told Cointelegraph that:

“The COVID-19 outbreak has raised public awareness on product authentication and transparency of the supply chain management especially on those products that are related to consumer daily life. We have observed a significant shift in consumer behavior, and people now have a greater appetite for buying products online and mobile applications.”

Feng also recognized that the COVID-19 crisis was exposing pain points in industries all over the world, especially in areas like management, digitalization and implementation. Even with the increasing awareness of blockchain adoption, Feng believes that the financial challenges of the pandemic will make pouring more investment into new technologies a tough decision for businesses to make. This operational freeze gives VeChain more time to secure its position in the market and prepare for when businesses decide to move on innovation. Feng concluded:

“Under the unprecedented demand for cloud-based services and IT services, the blockchain technology that serves as the underlying infrastructure powering digital transition has emerged as an advanced option for enterprise decision-makers.”

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