VeChain just released its much anticipated whitepaper update, revealing a comprehensive look at the company’s bold vision for the future.
From supply chain logistics, automobiles and the Internet of Things, to agriculture, government affairs and blockchain IDs, the company has some big plans in store.
Here are some of the highlights from the new update, starting with the company’s revised 2018 roadmap.
VeChain released an updated roadmap through the end of the year, including the release of the VeChainThor wallet, governance structure, cross-chain and side-chain solutions, and more.
Here’s everything planned for release from now until December:
VeChain has created the VeChainThor Blockchain. This innovation represents the next generation of public blockchains, called Blockchain X. It includes the following key features:
1) New Governance Model
2) New Economic Model
3) Regulation and Compliance capabilities
4) VeChainThor Mainnet and Matching Infrastructure Services
The VeChain Foundation is a nonprofit entity, committed to the development, governance and advancement of the VeChain Platforms ecosystem. The decentralized operating mechanism of the blockchain technology grants the Foundation a unique governance structure. The diagram below provides a stylized view of the Foundation’s current governance structure.
Switch to Open Source
The fundamental spirit of VeChainThor platform is open and sharing. VeChainThor platform will be open source by end of June 2018.
We would like to share the use cases we have previously completed with recognition and approval by our partners to encourage and motivate the replication of successful use cases and create new ones.
One-Click Deployment Solution
The VeChainThor platform will have an easy-to-use blockchain infrastructure for business owners and a “one-click” deployment solution so that they can easily build and manage their own blockchain nodes, smart contracts and APIs to improve their business applications.
Meanwhile, along with the VeChain partners, public services and tools are critical for the expansion and running of the VeChainThor ecosystem. For instance, a unique blockchain audit service, running and expanding with a world famous accounting firm provides blockchain audit services such as overall health situations, smart contract status, project and business application status, and so on.
Internet of Things (IoT)
We at VeChain believe that IoT technology and the Blockchain technology are born to be working together.
IoT is one of key technical capabilities of VeChain team. VeChain’s technical portfolios include a dedicated IoT team focus on the IoT development and collaborative solutions with Blockchain including but not limited to:
1) Tagging technology and encrypted chipset
2) The identification of IoT sensor and data privacy
3) Security and authorization module of NB-IoT
Fashion & Luxury
VeChain’s solution aims to build up a product traceability solution covering the life-cycle of products from the manufacturing, logistics and supply chain, retail and wholesale, after service, and even consumer engagement on blockchain for anti-counterfeiting along with IoT technologies. Fashion and luxury brands have already put our solution in place for live products and are enjoying the benefits of great reductions in counterfeit activities.
Food safety is one of the most pressing social topics worldwide. The traditional solution for food safety relies too much on process control and the social responsibility of enterprises. It is difficult to track, trace, log, and locate food in the supply chain, and accordingly it is hard to identify if any problem has occurred.
Yet blockchain technology could bring safe and reliable solutions to the food industry. The Chinese government has announced and reinforced that food certification and effective tracking through the supply chain are the key factors to finding and eliminating sources of pollution in the fastest possible way.
Cold-Chain Assurance Solution
Along with our global collaboration partner DNV GL, VeChain is building another food safety solution coupling with IoT sensors: a Blockchain-based cold-chain assurance solution, starting from a global convenience store franchise, NDA protected.
With the cold-chain logistics assurance service, each customer can quickly check the logistics information for the fresh products, from the food factory, through the cold-chain logistics provider, cold storage in the store, and ultimately on the shelf to be sold.
The automobile industry is a complicated ecosystem with many players including manufacturers, distributors, 4S shops, agents, regulators, financial service providers (insurance, bank), technical experts, and so on. In the lifecycle of a vehicle, a large portion of the “user data” is never owned by the consumer or car owner, while these data are stored in fragments by different participants instead. The value of those data is significantly lower than it could be due to such fragmentation. VeChain has worked with business partners Viseo and Microsoft France to initialize the vehicle passport project.
In the project, the VeChain team is responsible for completing the blockchain deployment on Azure, developing and deploying smart contracts and providing standard API to the upper level applications The second module built on this application is to record the driving data from car computers to Blockchain, such as acceleration, average speed, gas consumption and so on, to motivate everyone to improve driving behaviors. Those data protected by blockchain can contribute to the inspection and valuation of the vehicle. Those user activities can be linked to personal credits and other corresponding activities such as carbon emission reduction.
Supply Chain Logistics
Using the unique VeChainThor Blockchain and IoT technology, enterprises can better track risk and record verified data. The solution allows companies to master the latest risk dynamics within their supply chain as well as research and explore better alternatives with the verified data.
This advantage can save the creation of millions of documents associated with data collection and verification in the payment link, substantially reducing the payment review time. The realization of smart contracts within this industry will genuinely bring “instant compensation” for companies producing a much more profitable business model. This is the ultimate experience for the insured and is most profitable for all parties.
The Chinese market is facing many critical issues in agriculture. This includes the scale of the agriculture which is too small and separated, the quality of product which is uneven, the lack of safety of the product, low productivity and environmental pollution.
It is hard to fix the issue by simply using a technology from the Internet or a law or regulation provided by the government. We believe that we can help change the way of thinking by providing our blockchain cloud project designed to verify that agriculture is green and organic.
VeChainThor platform is providing a new collaborative government system to connect multiple different functional departments for data sharing and proof. Customs documents can be registered to VeChainThor Blockchain with a unified ID. This allows different departments to access, inquire and update the same document with appropriate authorizations and trust. This new enabled system flow will improve operational efficiency and cost saving.
You can check out the full white paper here.