In this open letter, we would like to inform the Community and stakeholders how the COVID-19 global pandemic has affected the Foundation and its operations.
Despite the adverse operating conditions, VeChain continues to build. VeChain is a global entity with international operations across 7 major global cities. Our work force has been able to maintain productivity through efficient internal collaboration and digitization.
We have been focused on enhancing core infrastructure and delivering improvements to critical elements of our business model including a new version of VeChain ToolChain™.
At VeChain, we are building a future where digitization, efficiency, public safety and environmental concerns are central pillars of economic development. It is our opinion that blockchain, 5G, IoT, AI and other advanced emerging technologies will be the fundamental instruments of that time. It is our intent to build the most critical aspect of all: public blockchain.
We, The VeChain Foundation, alongside global business leaders such as PwC and DNV GL, will take the lead and deliver this digital transformation.
How VeChain Operations Have Been Impacted By COVID-19
With more than 177,000 confirmed cases of COVID-19 globally as of March 16th, the growing pandemic has created unprecedented difficulties for the entire global economy.
From Global Impact To Our Business
With governments of affected countries imposing actions over their respective economies to mitigate the spread of COVID-19, enterprises and businesses have had to take decisive action of their own, resulting in an unavoidable impact to business activity. As a result, project development, meetings and other activities have been mostly suspended, reducing the pace of progress in the short term.
We are currently working closely with all clients and partners to solve as many implementation problems as possible, while maintaining safety and risk control.
Rest assured, no projects have been cancelled as a result of this current situation.
However, whether the current pandemic situation will cause greater and prolonged impact on the global economy is still uncertain. We will keep a close eye on the development and carefully assess any adjustments. Meanwhile, we fully understand how important improving the efficiency, agility and capacity of the team is and we want the best people to form the best team.
We will take this chance to spend more time on internal management and resources optimization so that we are prepared for any possible global economic recession for the sake of the long term sustainable development of the VeChain ecosystem. The progress will resume at full speed once the global restrictions have been lifted.
VeChain Summit Update
Security and safety is always the top priority for the Foundation. With this in mind, the Board of Steering Committee has made the decision to postpone the VeChain Summit 2020 until the global pandemic is fully under control.
The VeChain Team will continue to closely follow the latest developments and disclose updates as soon as we are able in relation to the Summit.
What VeChain Is Doing (Blockchain And Operations)
We are taking this opportunity to accelerate the speed of digital transformation by focusing on our core software offerings. According to a report from the International Data Corporation (IDC), spending on digital transformation products and services will reach $1.97 trillion in 2022. VeChain is positioned to take a leading role in the building of the evolving digital economy.
VeChain ToolChain™ Iteration
Launched in 2019, VeChain ToolChain™provides a powerful tool for business owners to quickly integrate the VeChainThor public blockchain into existing business processes. Based on countless discussions with senior management and innovation heads of enterprise clients, we identified an array of key focus areas from business owners when it came to products. Responsible manufacturing, supply-chain oversight, real-time asset flows, sustainability and even the unique story of a product are attributes they sought to share, enabling enhanced brand engagement and novel ways to monetize data.
VeChain ToolChain™ facilitates this transparency, granting overarching insight of a product’s legacy data, creating new ways to generate value for both consumers, brands and supply chain participants alike. With data securely and immutably stored on the VeChainThor blockchain, trusted third-party service providers are able to further utilize these data, creating novel services and products in new, collaborative ways.
Our latest iteration of VeChain ToolChain™ is a premium Blockchain-as-a-Service (BaaS) data platform, positioned as the de facto choice for enterprise users. The new version will deliver two significant enhancements and improvements to pre-existing functions.