Shanghai International Blockchain Week 2019 is a major, blockchain industry gathering themed as Blockchain New Economy, New Decade, New Beginning. The event this year featured Hackathon, Demo Day and The Fifth Global Blockchain Summit. Over 2,000 participants, 250 experts, and 50 global projects were brought together to share their experience on the development of blockchain technology, real-world applications, regulations & compliance and their vision towards the next decade of the industry.
VeChain, as an enterprise-friendly public blockchain platform, has abundant real use cases in various industries. Sunny Lu, Co-founder and CEO of VeChain, as well as partners such as Renato Grottola, Global M&A and Digital Transformation Director in DNV GL-Business Assurance and Member of VeChain Foundation Steering Committee; Antonio Senatore, Global CTO at Deloitte Blockchain and Member of VeChain Foundation Advisory Board were invited to the summit as keynote speakers. They joined other experts to explore ways of enabling the massive blockchain applications based on user demand in the upcoming decade.
For the VeChain ecosystem to develop, it is important to create valuable applications that meet user demand and to enable mass public adoption by cooperating with partners within the ecosystem. “Only with professional teams and enterprise level applications can we promote the development of blockchain technology and in turn, boost its mass adoption. It’s more about business consensus. There should be a reasonable incentive mechanism in place to bring various enterprises together. It could be more difficult to reach business consensus than a technical one, to achieve this goal, enterprises need to be more open-minded and make their platforms open-sourced to attract more players and participants. In addition, the industry also calls for a governance consensus, governments and regulators need to play their roles. A compliant, fair and cooperative environment is essential to enabling blockchain to go mainstream,” said Sunny Lu, Co-founder and CEO at VeChain.
DNV GL, strategic partner of VeChain and the world-leading certification body, has been making continuous efforts to accelerate digital transformation. They’re striving to empower the real economy using blockchain technology. Renato Grottola, Global M&A and Digital Transformation Director in DNV GL-Business Assurance and Member of VeChain Steering Committee, highlighted the usage of the VeChainThor Blockchain and remarked in his keynote speech – Digital Assurance by DNV GL: A concrete example of how blockchain is reshaping the Industry of Trust, “The Proof of Concept Era has come to an end. What we take into consideration before implementing anything blockchain is whether it stands to have a chance of mass adoption. We need to make sure it brings real impact. That is why choosing the right blockchain partners is key. The value of blockchain lies not in the technology itself but in the intersection between technology and business processes. We must keep business demands in mind when adopting blockchain. The real value and innovation potential offered by Blockchain Technology to society is the transitioning from linear to circular economies.”
In his speech – A New Technology For A New Age, Antonio Senatore, Global CTO at Deloitte Blockchain and Member of VeChain Foundation Advisory Board, explained why Deloitte chose to work with the VeChainThor Blockchain to provide valuable services for their clients. “The future is platforms. The early winners will be those platforms which create benefits and deliver value within the existing regulatory paradigm. Blockchain is more than decentralized governance, it’s more of a comprehensive ecosystem. Only when we take it as an ecosystem can we find out all possible value use cases. The reason why we chose to migrate to public blockchain, is because everyone on the public blockchain are verifiable, which means it’s secure for our clients. On top of that, public blockchain helps to connect products, enterprises and people in a digital way. ”
As the underlying architecture of blockchain is getting full-fledged, the blockchain industry is about to enter the commercial value verification phase. As VeChain continues to iterate and improve the blockchain infrastructure, the VeChainThor public blockchain is now positioner as an “Enabler,” calling for more “Builders” to bring the business value of blockchain to test. The builders of VeChain ecosystem include both technology developers, and business developers, such as companies of varied sizes and start-ups. VeChain will provide custom assistance and support, including networking opportunities with its ecosystem partners for all builders who intends to use blockchain or seeks opportunities to integrate the technology with their own business.