- In the first lecture of the „Bootcamp“ the CEO and co-founder of VeChain, Sunny Lu, explained that the VeChain ToolChain™ is the missing part for the mass adoption of the blockchain.
- Lu also highlighted the already numerous partners, such as DNV GL, PwC, Walmart China and H&M, who already rely on VeChain ToolChain™.
At the beginning of May, the VeChain Foundation announced the „VeChain Bootcamp“, a live streaming webinar series in response to the fact that due to the corona pandemic no conferences can be held at present. The idea is to use online courses to share the latest advances and product iterations in a direct and interactive way. The first webinar was dedicated to the new version of the VeChain ToolChain™, which according to the VeChain Foundation“ surpasses the original version by several factors“ and can „scale exponentially“.
During the first presentation „The missing piece of mass adoption – VeChain ToolChain™“, VeChain CEO and co-founder Sunny Lu spoke about the VeChain ToolChain™ and its role in the adoption of the VeChainThor blockchain by partners and customers. Lu presented the VeChain ToolChain™ development roadmap from 1.0 to 4.0 and said that the ToolChain will be the key to mass adoption for the entire blockchain industry:
Based on the history of the Internet, SaaS and e-commerce, there will be a new era of standard blockchain services that will drive almost every sector and industry around the world. Scalability is critical for all blockchain platforms.
Lu described VeChain in the webinar as an enabler for business partners. So the foundation is working behind the scenes to provide the infrastructure. Among VeChain’s trusted partners are strategic partners such as DNV GL, PwC and others, who, according to Lu, all play an important role in the implementation of blockchain projects for various of their own customers.
We work together with major companies like DNV GL, PwC and Deloitte and support them in serving their customers. DNV GL can offer digital verification based on the data on the blockchain, instead of sending people everywhere for testing and inspection.
Lu also stressed that integrating the blockchain into a company through VeChain ToolChain™ does not take years, but only two to three months to become fully functional and ready for the real business world. One factor for success is that the VeChain Foundation does not only focus on the blockchain technology itself, but that the VeChain ToolChain™ is larger than a blockchain-as-a-Service (BaaS):
The majority of the current BaaS platform is still focused on the underlying blockchain technology, such as nodes, explorers, wallets, etc. VeChain ToolChain™ differs from other BaaS platforms not only in its advanced infrastructure services, but also in its business-enabled middleware and third-party service partners. This is THE missing piece that enterprise customers can easily use to build their own business processes and manage the data on the blockchain.
The following diagram shows the main differences between VeChain ToolChain™ and other blockchain services. Among the partners already using the VeChain ToolChain™ are DNV GL, PwC, Walmart China, H&M, BMW and Renault.
New functions of the VeChain ToolChain™
The main focus of the new VeChain ToolChain™ 4.0 was on the Process Builder, with which „customized business processes“ can be mapped and interactions with the VeChainThor blockchain can be adapted. Lu explained:
We have translated our experience in working with our existing partners into templates. You don’t have to come up with a plan, and you don’t have to do everything from scratch. You can use the template used by our renowned partners and therefore spend anywhere from 30 minutes to an hour to deploy the application for your own business and products.