Why Are So Many Multi-Billion Dollar Companies Building On VeChainThor?
In my previous articles, I addressed the technologies and strategies VeChain has developed to position itself as the preeminent enterprise public blockchain provider. As the only commercially adopted platform running scaled business applications, the VeChainThor public blockchain is already looking like the number 1 choice for businesses building real world products.
VeChain has consistently managed to solve mass adoption hurdles, such as preventing unstable transaction fees with its VET-VTHO two-token model and eliminating the threat of congestion with its scalable network that proactively adjusts itself in response to network usage.
It developed a variety of unique protocols, like fee delegation, allowing dApp owners and businesses to pay the gas fees of their users and opening up dApps to the masses.
VeChain developed ToolChain, a Blockchain-as-a-Service (BaaS) platform, providing a highly customizable, low development environment for deploying business blockchain solutions.
VeChain excels at identifying and addressing business needs. This proficiency is reflected by the calibre of channel partners and companies they do business with.
Which Businesses Benefit From VeChainThor?
To put it short – all of them.
From BMW’s VerifyCar to DNV’s MyStory – VeChain’s powerful public blockchain supports a wide variety of use cases across all industries. With Internet of Things (IOT), 5G and other digital technologies exploding in growth, blockchain provides a critical trust layer and guarantees data quality in a rapidly digitizing global economy. Businesses will need blockchain. As the world’s most real-world ready protocol, VeChain is ready.
Below, I share some examples of applications already built using VeChain’s technology across a variety of industries.
FoodGates – International food and Beverage Trade Platform
FoodGates, a collaboration between ASI, DNV and VeChain, represents the first cross-continental logistics and trade solution for the food & beverage industry. Unveiled at the CIIE in 2019, the platform facilitates the trade of high-value French products with the rapidly growing Chinese markets.
Using blockchain, FoodGates allows producers to demonstrate the origin and authenticity of their products, protecting brand value from the impact of counterfeit goods. Imports across borders become streamlined thanks to the immutable nature of blockchain data and readily verifiable product information, enhancing trade between both nations.
Fast-Moving Consumer Goods (FMCG)
Walmart China & Sam’s Club – Food Traceability Platform
The Walmart Traceability platform was built using a white-label version of VeChain ToolChain and is used in both Walmart China and Sam’s Club, a Walmart subsidiary, The platform represents the world’s first public blockchain business network, comprised of suppliers, producers and logistics companies within the Walmart China supply chain.
The Platform provides many benefits, from real time oversight of goods to targeted product recalls. Fraudulent or potentially harmful goods can be traced to a specific supplier, who can be removed from the supply chain. In case of spoilage, a logistics company can be held accountable based on IOT data. Public blockchain allows companies to see many of the blind spots in their supply chain networks which can foster significant efficiency gains.
Reebonz – Luxury Fashion Market
Reebonz is a luxury goods platform specialising in the second hand market for luxury fashion. Through the use of tamper proof NFC chips, blockchain and Non-Fungible Token technology (NFT), Reebonz has been able to link physical items with digital tokens on the blockchain, verifying their authenticity. When an item is resold, NFT technology preserves the value of the product thanks to the ability to authenticate its origin.
Ocean Cleanup – Removing Ocean And River Plastics
Using IOT and blockchain technology alongside a standard developed by DNV, a major certification body, Ocean Cleanup is able to demonstrate the origin and authenticity of reclaimed ocean and river plastics, transforming harmful waste into products for consumers.
Using IOT devices to record variables such as location and weight data, the chain of custody for the plastics can be proven and verified before manufacturing. VeChain’s public blockchain allows the consumer to verify the data trail for themselves, guaranteeing the promises made by the product they bought.
COS – Sustainable & Recycled Fabrics
COS, a H&M subsidiary, uses DNV’s MyStory platform to share the sustainability data of its wool products with customers. Developments with COS followed on from a POC with another H&M subsidiary, Arket, and a range of wool beanies sold in stores in London.
VeChain’s technology helps COS drive greater utilization of sustainable & recycled fabrics by guaranteeing the origin and sustainability of wool entering the supply chain while ensuring the proper recycling of used wools. Being able to demonstrate sustainable practices can also serve as a brand enhancement tool, earning consumer trust and generating brand loyalty.
VIMworld – NFT Collectibles Platform
VIMworld is an NFT-based collectibles platform consisting of VIMs (Virtually Integrated Metadata); the digital inhabitants of a new gaming/collectibles universe. Through VIMworld, users can trade, play, collect and grow the value of their on-chain assets as part of a wider community.
VIMworld has been able to oversee multiple ‘VIMdispenser’ sales with hundreds of orders taking place in fewer than 10 seconds. VeChain’s technology ensures VIMworld can facilitate mass adoption levels of usage without ballooning network fees or congestion. By using blockchain based assets, VIMworld has built a way to ensure immutable ownership, verifiable scarcity (a value driver) as well as gamified growth with its token economics, driven by a feeding mechanic that requires EHrT tokens.
ENN/Shanghai Gas – LNG Management Solution
VeChain, ENN and Shanghai Gas co-developed a solution for the Zhoushan LNG Port, China, facilitating both international and domestic natural gas services.
The solution handles quality assurance processes, including classification standards, weighing practices and the transportation process for the different types of natural gas. Information is certified by a third-party authority and uploaded to the VeChainThor Blockchain. From there, all data can be tracked, shared, and goods traded using the VeChainThor Blockchain, while simultaneously enhancing the auditing trails of LNG markets.
Bayer – Clinical Trial Drug and Data Management
Bayer’s C-Secure platform was built on VeChainThor to manage clinical trials, creating data transparency, improving supply chains and enhancing the safety of Bayer’s clinical trial processes. In Bayer’s press release, they noted “After a month and a half of preliminary screening and in-depth exchanges on this long list [of potential companies], VeChain was the only one that stood out”. The high security, traceability, and unalterable characteristics of blockchain technology make it incredibly useful in all industries and across many applications.
i-Dante – Healthcare Records/Medical Data dApp
i-Dante and VeChain collaborated to develop E-HCert – E-Health Certificate – an application that can securely share laboratory test results with the owner in real-time. The application records data for a variety of lab tests, including COVID-19. The application is GDPR compliant and minimizes risk of data leakage by eliminating intermediaries in the data chain. With i-Dante, an individual can securely share their health data with a doctor at their discretion, placing healthcare data in the hands of owners for the first time.
Doctors and nurses at 2 Cypriot hospitals had their COVID-19 vaccination records hashed on the VeChainThor blockchain and recorded through the application. E-HCert can also be used as a vaccine passport, allowing individuals to prove receipt of a COVID vaccine at airports and other border facilities.
VeChain – The Real World’s Blockchain
This list is by no means exhaustive, the above represent just a few of the varied scenarios in which the VeChainThor blockchain can be utilized. As demand for public blockchain picks up pace this year and beyond, VeChain’s proven technology and successful business applications will surely see it becoming the world’s first mass adopted public-blockchain. There’s a reason the real world chooses to build on VeChain.
Co-Founder of CREAM and Strategic Advisor of VeChain
For further background on my thoughts about VeChain, see my recent blogs below:
Got a business and want to build on VeChain? Check out the VeChain Foundation Grant, worth up to $30k https://www.vechain.org/foundation-grant/