- The VeChain Foundation had an impressive year, working on collaborations and blockchain improvement research.
- The company is hoping to build on its reputation as it prepares for 2021.
With the coronavirus affecting just about every facet of life, blockchain technology has played a significant role in helping several regions to recover. Blockchain development company VeChain has seen increased adoption on its platform during this period. The company is looking to build on a healthy 2020 and hit the ground running in the new year.
Great year for business development and research
On Tuesday, the VeChain Foundation published its 13th financial executive report, detailing its performance from August to October 2020. The report provided an overview of VeChain’s operation, including its focus on research and development, business development operations, and its VET tokens’ supply overview.
Most prominent in the report were VeChain’s recent business and operation exploits, which revealed the blockchain company’s strength going forward. The company has spent the biggest part of their funding for the technological R&D sector that comes up to $495,664. VeChain also invested in the business development spending $69,695 and $20,111 for compliance and legal activities.
The company also highlighted the launch of “SURFACE (PoA 2.0), Better Performance, Uncompromised Security and a Dual-Consensus Model,” an insight into a proposed consensus algorithm that will improve the blockchain’s security and performance.
The proposed algorithm will help the VeChainThor Blockchain meet the demands of its ever-growing enterprise clients. The VeChain Foundation also touched on the new proposal VIP-201 feature, enhancing the fee delegation feature on the blockchain. The company claimed that the feature would improve the speed and standards of on-chain transactions.
VeChain highlighted some of its most promising business development moves for the period. In August, the company announced a partnership with the top accounting and consulting firm Grant Thornton Cyprus.
The coalition hopes to extend its blockchain solution to several industries – especially those affiliated with Grant Thornton Cyprus. With the Cyprus-based firm serving companies in industries like logistics, pharmaceuticals, automobile, and more, the partnership opens a world of opportunities to VeChain.
Improved safety for clients and a COVID-19 testing App
VeChain also launched a Blockchain-as-a-Service (BaaS) tool to provide companies in the food sector to improve on-chain safety management. The tool includes white label services such as traceability templates, which track things like full-process traceability, origin traceability, cross-border traceability, and more.
Through the tool, companies can also gain access to third parties like DNV GL, Deloitte, PricewaterhouseCoopers (PwC), and more, to help them reduce costs like insurance, certification, and supply chain financial services.
All these moves highlighted what has been a rather impressive year for the VeChain Foundation. It notably collaborated with the Mediterranean Hospital of Cyprus to develop the E-HCert App for storing COVID-19 test records. Upon successful implementation, the Aretaeio Hospital joined the VeChain ecosystem to use the app, ensuring that patients can get their testing data in good time.
Earlier this month, the VeChainThor blockchain received a 5-star rating from TÜV Saarland, a European certification body. Such recognition should improve confidence in its ecosystem and boost the value of its in-house VET token as well. Developments like these should enhance hope for the future as VeChain battles for recognition as one of the top blockchain applications on the market.