VeChain is yet another innovator joining the world of blockchain technology aiming to create a niche in what is apparently becoming a crowded market place. For all those following the world of cryptocoins or altcoins, the last few weeks have been filled with excitement, expectations, and even some despair. But, away from the coins, the technology behind these coins, the block chain technology has been evolving at a rapid pace with many innovators leveraging the blockchain technology in different ways to meet the expectations of varying businesses.
The VeChain team is apparently focused on building scalable solutions which should bring positive results for the enterprise. There are many ventures based on the blockchain technology and most of them remain a proof of concept for now. But, with VeChain things are somewhat different with three products having been developed using blockchain and all of them seem to be focused entirely on different markets. It is also gratifying to note that many companies are looking beyond the financial sector in recent times.
Among the products developed by VeChain is the API gateway which a Chinese Company is using in association with import of goods. When we examine some of the developments in the blockchain space with regard to the supply chain sector, one can see some similarities in the VeChain product. Another client is PricewaterhouseCoopers which is using the technology for “third party services” and that represents a major validation for the capabilities of VeChain technology. Another feather in the cap of VeChain appears to be its association with the Liaoning Academy of Agricultural sciences in the area of distributed data storage. All these projects are of significant importance in their way. While one needs to watch out for how these associations play out over the longer term, for now VeChain is apparently doing precisely what it claims to. Transforming the blockchain into something similar to the smartphones or the internet itself could perhaps still be a long way.
What can be expected of VeChain going forward?
As of now, the VeChain project is all set to undergo a rebranding exercise and transition to VeChain Thor. When this happens, the VEN tokens will also convert to VET tokens. Further, there will also be a proof-of-authority consensus model so that future developments align with the VeChain Foundation’s vision. Further it will also have nodes as well as masternodes, though to a limited extent. These events by themselves are interesting but how they impact this project in particular is to be seen.
Partnership with Sentinel Chain of InfoCorp
VeChain is also partnering with the Sentinel Chain of InfoCorp in order to help the less privileged in the world through cross chain interoperability. VeChain affirms that it would always work towards changing the world for the better through a global ecosystem where everyone is empowered. This effort in part will be through creation of new ways in which businesses can collaborate and by enabling people in the underdeveloped regions and nations. VeChain Thor will strive to facilitate financial services and other features to people across social class and help improve things for everyone under the sun. VeChain’s partnership with InfoCorp and Sentinel chain underlines these goals.
Livestock as collateral
Sentinel Chain represents an international marketplace for cross border financial transactions based on blockchain and is the first platform in the world accepting use of livestock for collateral. Sentinel employs a unique approach to address last mile problems in global financial inclusion by establishing a livestock provenance by creating livestock insurance on its blockchain providing a new opportunity for the unbanked masses to obtain loans using livestock as collateral.
The partnership with Sentinel will enable VeChain to publish data on livestock provenance on its public blockchain platform. Consequently, individual and business users will get seamless access to public data on livestock provenance. However, the Sentinel Chain will continue to hold private data on livestock provenance and only local networks can access such data using interoperability techniques for cross-chains. This solution can leverage security features to ensure privacy of data store on the Sentinel Chain. VeChain Thor solutions will work with Sentinel Chain to facilitate financial services for the farming community and creating digital identity for livestock simultaneously ensuring that private data remains secure.
The collaboration between Sentinel Chain and VeChain also ushers in a new approach to inclusive finance. The solution offered are aimed at building positive social changes in the ASEAN region through use of IoT and Blockchain to create sound basic digital infrastructure to support new business models that are data-centric, according to VeChain CEO, Sunnny Lu. Sentinel Chain CEO, Roy Lai also states that the partnership will preserve the rights of every individual and particularly so, the underserved and rural unbanked to gain complete access to world class financial services like microfinance and livestock insurance.
VeChain is also in talks with Southeast Asia’s leading financial institutions to enhance the value of its strategic alliance with Sentinel Chain. This is also the first among microfinance projects from VeChain and more can be expected in the future. According to VeChain, providing help to the unbanked is among the top goals of the VeChain foundation. VeChain also affirms that it would be deploying significant resources to further its top goal and is inviting other enterprises with similar objectives to partner with them for technical assistance. VeChain aims to change the ecosystem of global business to make it all inclusive.