VeChain is a subsidiary and in-production blockchain platform of BitSE, a Blockchain-as-Service provider, a proprietary, permissioned ledger that is b
VeChain is a subsidiary and in-production blockchain platform of BitSE, a Blockchain-as-Service provider, a proprietary, permissioned ledger that is based on Ethereum.
PwC, a multinational professional services company, has reportedly invested in Singapore-based VeChain S.E.A not long ago. The goal was to expand the blockchain product into South East Asia, Astralia and New Zealand.
The VeChain application supports more than two million unique IDs on the permissioned blockchain now. In addition, it incorporates inique IDs, NFC chips, RFID tags and Quick Response codes, so that it can blend Internet of Things (IoT) technology with blockchain, as the report pointed out.
BitSE is a Shanghai-based company that launched in 2016. The company is oriented towards increasing efficiency in business by “lowering the cost of thrust”, as CEO DJ Qian said.
The company has used Ethereum, but made changes to it, while tailoring it to commercial businesses. Although they use the Ethereum code Solidity, it is hardly Ethereum anymore, as Qian commented.
“Our mission right now is to provide the most efficient platform for global collaboration, and build the infrastructure for a global value transferring network. Only if you know what your clients need and how the industry is going to evolve, can you develop this useful technology, and this is what our partnership with PwC offers.”, as he added.
“With VeChain, we developed smart contracts to reflect real world business processes.”, he stated, speaking about the practical smart contract provided by his team.
“Paying clients are from different industries like luxury/fashion, food safety/wine spirits, pharmaceuticals, automotive, logistics, and even regulators.”, Mr. Qian pointed out.
“Upstream and downstream players are collaborating on VeChain.”, he elaborated.
The platform is used in Europe, China and Southeast Asia, whereas trying to improve collaboration and lower the cost of thrust for businesses, as Mr. Qian told cryptocoinnews.com.