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As trillions of dollars worth of goods and services traverse the arterial routes of global trade, the complexities involved for traders are endless. Today, the modern successors of the ancient Silk Route still rely on numerous paper-heavy processes and oftentimes the errors and delays that stem from these manual methods greatly weigh down the supply chain operations, bringing businesses to a halt. With the specter of insecurities looming large in a global scenario, beset with counterfeit products, smuggling, and unstable geopolitical scenarios, the purposeful vision is for a definite makeover of trading operations.
Globally, trading ecosystems are drawing innovative technologies into its fold to circumvent these hurdles, and among them, blockchain—by virtue of its distributed digital record—gains the most attention. Blockchain’s powerful facilitation of secure and instantaneous transactions promise transparency and trust at every rung of the trade process. Blockchain is playing a significant role in global businesses today by widening international trading possibilities and reducing the redundant processes. “We want to help in setting a new industry standard for exemplary blockchain solutions,” says Sunny Lu, CEO of VeChain. A pioneer in the blockchain industry, the Shanghai-based company offers a powerful and adaptable solution—the VeChain Thor blockchain platform—for any business process that can benefit from trustless, immutable, and readily available data.
Building trust and transparency across borders and companies, the key attributes of VeChain Thor blockchain platform include a comprehensive governance structure, robust economic model, advanced technology, and featured supporters.
"We Want to Help in Setting a New Industry Standard for Exemplary Blockchain Solutions"
A well-governed foundation is the key to longevity, growth, and stability. VeChain is primarily run by the VeChain Foundation, who are governed by the Board of Steering Committee that supervises the various functional committees within a decentralized foundation. The board members, through a governing agency, ultimately guide units toward cohesive goals and enable collaboration, efficiency, and output across channels. The comprehensive economic model comprises a robust twin-coin system that provides flexibility to create a store of value to be used as a smart payment currency and the appropriate means of managing the costs of using the VeChainThor protocol.
“We aim to build a trust-free and distributed business ecosystem enabling transparent information flow, efficient collaboration, and high-speed value transfer,” asserts Sunny. VeChain Foundation—a non-profit entity established in Singapore in July 2017—anchors its vision to its reliable, strategic, and technology partnerships with PwC and DNV GL and support from Breyer Capital. Acting as VeChain’s sponsor entity, the Foundation is committed to VeChain’s development, construction, and governance.
According to Sunny, the value proposition of VeChain with regards to NEO and Ethereum is that VeChain doesn’t believe in total decentralization. “We try to find a balance between decentralization and centralization.
We Aim To Build A Leading Enterprise-Focused Dapp/ Blockchain Application Platform For Products, Services, And Data
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