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- Supply chains are the entry point to the enterprise world, and the VeChain ecosystem is targeting this low-hanging fruit, says founder Sunny Lu.
- Once the supply chain is on-chain, sustainability becomes the next big target, and VeChain has already taken a massive lead in this sector.
Blockchain has become a world-leading technology that is being touted as the solution to most of society’s ills. However, it’s still looking for a killer application and an entry route to the enterprise and corporate worlds. According to VeChain CEO Sunny Lu, supply chains offer the best channel to infiltrate this market, while sustainability is the best way to maintain these gains.
Supply chains move the world. They encompass every sector, good, country, region, and profession. The COVID-19 pandemic showed the world just how critical efficient supply chains are, and since then, billions of dollars have gone into improving them and making them foolproof.
However, global supply chains are still inefficient, and blockchain technology can solve many of their challenges. VeChain has emerged as the worldwide leader in this sector, from introducing transparency in the food supply chain to supply chain financing and more.
According to Lu, this focus on supply chain management has been strategic for VeChain. He recently stated:
Supply chain management is entry level to most enterprises, because whatever you are trying to do, you’ve got to bring the business process onboard to blockchain first. Supply chains are, therefore, low-hanging fruits.
How is the Better ecosystem helping drive greater adoption of blockchain?
Supply chain solutions – VeChain's 'low hanging fruit', according to Sunny – fail to deliver the true value add of blockchain, by only focusing on enterprise users.
Business blockchain ecosystems need to… pic.twitter.com/O6TQgMpWFw
— VeChain (@vechainofficial) August 19, 2024
VeChain continues to dominate this vertical and has onboarded players in the healthcare sector, federal governments, and more while collaborating with some of the world’s biggest tech firms, from SAP to IBM.
VeChain’s Second Strategy for Enterprise Adoption: Sustainability
While supply chain management gets you through the door in the enterprise world, a blockchain network needs an anchor solution that can sustain its rise. For Lu, the answer is sustainability.
In the modern world, sustainability has become a major target. One study found that one in two companies say they are under increasing pressure from consumers to improve sustainability, especially in their supply chains. The main challenge in this segment is the lack of industry standards, especially when multiple suppliers and contractors are involved.
VeChain has excelled in providing a transparent and tamper-proof ledger for enterprise clients to spur sustainability within their networks and beyond. The network’s partnership with established players like the Boston Consulting Group has cemented its position.
According to Lu, sustainability was VeChain’s solution to the need to connect the different customers and provide them with value.
We believe the answer is sustainability. We launched the VeBetterDAO for the new initiative, to build up the new type of sustainability ecosystem to level up the position of the individual users.
VET trades at $0.02369, gaining 4.4% in the past day as the market recovered after a slow start to the week.
