On September 17, 2019, the Shanghai International Blockchain Week 2019 kicked off. Hosted by Wanxiang Blockchain Labs, the event has the theme of “Blockchain New Economy: New Decade, New Beginning”, and focuses on the industry’s development in the past ten years and its prospects in the future.

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“How to better play the role as an Enabler of Blockchain Technology?”

This was the subject of the speech held by Sunny Lu, co founder and CEO of Vechain, on September 17th during the Summit.

Sunny Lu believes only with professional teams and enterprise level applications can we promote the development of blockchain technology and in turn, boost its mass adoption. It’s more about business consensus, taking into account the interests and concerns of business stakeholders.

There should be a reasonable incentive mechanism in place to bring various enterprises together. It could be more difficult to reach business consensus than a technical one, and to achieve this goal, enterprises need to be more open-minded and make their platforms open-sourced to attract more players and participants. In addition, the industry also calls for a governance consensus, governments and regulators need to play their roles. A compliant, fair and cooperative environment is essential to enabling blockchain to go mainstream.

Highlights from Sunny’s Speech:

It might be of higher priority to explore the business value of blockchain rather than solving technical issues. After all, technology is supposed to serve the real economy and create business value before it continues to develop.

Blockchain is an “invisible technology”, to some extent, it can be compared with the underlying technology architecture of the Internet.

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Only with professional teams and enterprise level applications can we promote the development of blockchain technology and in turn, boost its mass adoption.

The The VeChainThor Blockchain comes with various innovative technical features, such as fee delegation, multi-party payment protocol, multi-task transaction, and more.

With VeChain ToolChain, users are no longer required to pay attention to the underlying blockchain technology. All that they need to do is register their businesses and products on the VeChainThor Blockchain. In addition, VeChain has been constantly standardizing VeChain ToolChain and adding more modules to it.

With this in mind, we are positioning ourselves as an “enabler” between blockchain and real business use cases. We are looking at this matter from the perspective of the product manager — we put ourselves in their shoes and think about what tools and services we should provide as a public blockchain platform to meet the demands of each individual builder.

We also have a one-stop centre for all our technical documents at VeChainWorld. In addition to that, we host the annual VeChain Summit, which is a global conference that provides startups with an opportunity to network with established enterprises and see how they can work together to build valuable applications on the VeChainThor blockchain.

VeChain is working with San Marino on three issues:

  1. Integrate IoT and blockchain technology into the development of a carbon-neutral ecosystem
  2. Build a blockchain-based ecosystem,
  3. Introduce San Marino Innovation Token (SMIT) into the ecosystem.

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It’s more about business consensus to promote the mass adoption of blockchain. Business consensus can be more difficult to reach than technical consensus. I hope that the companies in the blockchain industry and traditional industries can be more open-minded in this regard.

It’s of vital importance. BYD, a partner of VeChain, and Karma, a company that we had talks in the morning panel, had made their in-vehicle system and platform open-sourced before adopting any blockchain-based applications. Only open platforms can attract more players and participants onboard.

With technical and business consensus in place, we also need to have a governance consensus to create a more equal and fair environment. The governments and regulators need to play their roles as well. A compliant, fair and cooperative environment is essential to enabling blockchain to go mainstream.

The following is the full text of Mr. Lu’s speech.

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Sunny Lu, Co-founder and CEO of VeChain

Good afternoon!

I am honored to be here at the Summit organized by Wanxiang Blockchain Labs. Truth be told, I’ve participated in each and every summit since its inception in 2015. For China and even the whole world, 2015 was a crucial year for the blockchain industry because two interesting things happened:

The first was that in October, 2015, The Economist published a very interesting article, “The promise of the blockchain — The trust machine,” which enabled the blockchain technology to enter the spectrum of the mainstream’s awareness. If you look at the Google Trends index, you will find that the index of “blockchain” has soared since the article was published in October 2015.

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The second was that on November 2, 2015, Wanxiang organized the first Global Blockchain Summit in China, which marked the first event to systematically introduce advanced, foreign technological concepts and leading blockchain projects to China, which facilitated the development of blockchain technology in China. The search engine index of blockchain on Baidu saw a huge increase after the first summit as well. That’s when VeChain decided to jump on the bandwagon of blockchain. To date, VeChain has been growing for four years. Now I would like to take this opportunity to share with you what we have done in the past four years and our thoughts on where the blockchain industry will be headed in the future.

First and foremost, we have been trying to explore how to leverage blockchain technology for business applications to empower the real economy. We believe that exploring such scenarios are more relevant than focusing on solving technical aspects and issues of the blockchain technology itself. After all, technology would ultimately serve the real economy and business applications, in which business values would guide the necessary technological development.

Based on our experience in the past few years dealing with different use case scenarios, we have found that blockchain is an “invisible technology”. Similar to how we use the Internet and email every day, few would understand what TCP/IP is. To a certain extent, we believe the same is true with blockchain technology because it is more of an underlying technology architecture. Blockchain technology alone can’t be used to build solutions in a silo. It often requires a combination of technologies, including traditional Internet access, the latest 5G, IoT, and AI, to make it possible for commercial applications. Blockchain is used as the underlying technology architecture to collect data at different key nodes and ensure data security and reliability, thus helping enterprises and commercial applications generate new values.