Vechain CEO: Digital Security is the “Killer App of the Blockchain”

  • At Shanghai International Blockchain Week 2019, Sunny Lu, CEO of Vechain, stated that mass adoption of blockchain technology can only be achieved through enterprise level use.
  • Lu referred to digital security as the “Killer App of the Blockchain”.

Sunny Lu, co-founder and CEO of Vechain (VET), gave a keynote during the Shanghai International Blockchain Week 2019 and provided interesting insights into Vechain’s cooperation with partner DNV GL and Deloitte. Vechain has a long list of renowned partners, including the Big Four auditing firm Deloitte and other multi-billion dollar partners such as Walmart, BYD, DNG VL and German carmaker BMW.

The companies intend to use the Vechain Thor Blockchain in various areas. However, the core objective is always to track and authenticate certain products along the supply chain and to verify the data transported. As Vechain Thor is a public blockchain, both companies and customers can access the data in real time. According to Sunny Lu, the public acceptance of the technology can be significantly promoted by the verification of the data also by the customer.

That’s why Sunny Lu believes that mass adoption of blockchain technology can only be achieved through enterprise-level use. Lu explained in her speech that it is a higher priority to examine the business value of the blockchain rather than solve technical problems. Finally, the technology should serve the real economy and create new enterprise value. Lu explained:

Only with professional teams and enterprise-level applications can we drive the development of blockchain technology and increase its mass adoption. […] An appropriate incentive mechanism should be in place to bring different companies together. It may be more difficult to reach a corporate consensus than a technical one.

According to Lu, the real application case could be digital security, which she called the “killer app of the blockchain”. In a world full of fraud and manipulated data, the blockchain can be used to ensure the integrity and authenticity of data.

Vechain Thor offers the complete package for enterprises

With the VeChain ToolChain it is no longer necessary for companies to deal with the underlying blockchain technology. To use it, companies only need to register their products on the VeChainThor Blockchain. In this sense, Vechain positions itself as an “enabler” between the blockchain and real business use cases.

DNV GL has been a strategic partner of VeChain for many years. Renato Grottola, Global M&A and Digital Transformation Director at DNV GL-Business Assurance, highlighted the use of VeChainThor Blockchain and remarked in his keynote:

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.

Antonio Senatore, Global CTO at Deloitte Blockchain, explained in his keynote why Deloitte decided to work with VeChainThor Blockchain:

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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.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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