- VeChain’s CEO presented a 6-phase model for the adoption of the VeChainThor blockchain at an event for the Shanghai British Chamber of Commerce.
- According to Sunny Lu, phases 3 and 4 were “almost reached” by the “leading companies” before innovation projects were slowed down by COVID-19.
In a special event of the Shanghai British Chamber of Commerce a few days ago VeChain CEO Sunny Lu and PwC partner CY Cheung presented the advantages of the VeChainThor blockchain and its commercial applications to the attending companies. At the event, which was held under the motto “Blockchain in China: Applications and Opportunities”, Lu explained for which companies the use of the blockchain is actually useful.
For this purpose the VeChain CEO presented a six phase concept to explain the different phases of the adoption. In the first phase, the blockchain is only used as a storage location for raw data, while in phase 2, the data origin also plays an important role. The data will be organized in such a way that it is traceable for both users and the company. This is a first added value compared to traditional data storage.
In phase three, VeChain will use the blockchain for verification and audit services. Third parties can rely on the integrity of the data and the processes that create, access and verify the data, which is in line with the focus of the auditing firms like PricewaterhouseCoopers, DNV GL and the recently acquired partner NSF International.
Phase four envisages the use of the verified data stored on the blockchain for data analysis, business intelligence and decision-making. In the fifth phase, Lu says, new third parties will join the ecosystem to provide new services based on the data flows via the blockchain. Finally, in the sixth phase, the blockchain technology will be a value driver that creates new value. Lu compared this phase with the Internet, which gave rise to new business models such as social media, streaming services and peer-to-peer marketplaces like Airbnb and Uber.
As Lu stated during the event, many companies initially only see phase 1 as a use case. However, for most companies, the key values are created within phases 3 and 4, which, according to Lu, were “almost achieved by leading companies” before COVID-19 forced teams to focus on core business processes and put innovation projects on hold.
With this in mind, the VeChain CEO shared three common use cases where VeChain is used to create new value: food traceability, COVID-19 infection prevention certification and sustainable fashion. Lu also pointed out that the Blockchain is only the bottom layer of the ecosystem. The VeChain ToolChain™ includes various other services and functions and, as Lu explained at a VeChain Boot camp a few months ago, will pave the way for mass adoption of the VeChainThor blockchain.
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