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.
We introduce the Process Builder, enabling the creation of tailor-made processes, customizable based on use case scenarios and business needs. Process Builder reduces the developmental requirements associated with the implementation stage of on boarding and allows business users to use customized landing pages, more clearly demonstrating their product’s life cycle.This agile technical structure facilitates minimum development cost and lead time, enabling maximum benefit from adoption of the technology.
VeChain ToolChain™ is designed to become a trusted and secured data infrastructure layer, connecting business users and service providers and enabling the provision of novel value-adding services such as data verification, micro-insurance or supply-chain transparency. On the platform, enterprise users are connected via world-class consulting firms and certifying authorities such as DNV GL, PwC and Deloitte, lending their well-reputed business acumen across various industries.
To ensure that the new iteration of VeChain ToolChain™ fits our clientele, we took the opportunity to test drive it through PoC opportunities in different sectors with selected users. The results of these pilot projects helps us gain valuable data through real usage, and enables us to calculate tangible forecasts about business needs. This is done to allow us to deliver a commercially ready product, as well as ensuring our product design is aligned with forwarding the business’s longer-term strategic objectives.
In late February, we were able to facilitate the on-boarding of a new client: fashion designer Sarah Regensburger, who presented a line of sustainable clothing at Paris Fashion Week. Asia and Europe were able to deliver, even during the outbreak, through the new VeChain ToolChain™ platform.
We are excited to share further details about the latest upgrades to the VeChain ToolChain™ platform in the coming months.
Outlook To The Future
There are positives to take from the current situation. Digitization will become an even greater priority for enterprises, institutions and authorities who will need greater oversight of resources spread across sprawling global logistics networks. As global trade continues to grow, so too will the need for oversight and digitization to enhance security, safety and efficiency across all supply chains and business networks.
We continue to receive highly positive feedback from clients. On-going projects express a continued desire to work with us and often, are planning to further enhance blockchain integration. For instance, a partner in the LNG industry has been able to enhance the implementation of their digital business strategy using the upgraded VeChain ToolChain™. In spite of recent economic turbulence, they were able to maintain efficiency and gained increased resilience through digitization of their assets. Examples such as these create a sound economic base for full-digital transformation and signal positively to other businesses.
With an expansive network of prominent strategic partners and advisors, VeChain is uniquely positioned in its ability to work with highly-regarded, established enterprises. With a focus on data quality, assurance and other innovative and user-friendly business tools, VeChain will deliver next generation digital infrastructure for wide ranging applications, from UN sustainable development goals to digital verification of goods, financial services, international logistics, government/financial infrastructure and more.
VeChain is already an established player in the burgeoning enterprise blockchain sector, developing critical infrastructure and enabling unprecedented business transparency and collaboration. The VeChain Foundation continues to prioritize the interests of all stakeholders, including token holders. We would therefore like to inform our community that we plan to continue with the VET buyback scheme, enhancing, developing and securing the future of VeChainThor as a prominent public blockchain. Updates will be announced in due course.
We continue to wish for good health for everyone, everywhere. Spring is coming and with it, a prosperous age of growth and brighter days. Regardless of the ongoing situation, VeChain continues to enhance, engage, facilitate and build. Our pioneering approach and development of novel blockchain applications will deliver fruit in due course. But first, we must all come together and overcome these final days of winter.