VeChain has joined the Blockchain Infrastructure Alliance, an organisation founded last year by Alchemy Pay, Polygon, Avalanche, NEAR, Algorand and others. The BIA brings together industry leaders and experts who are actively shaping the future of blockchain and crypto. The alliance funds research and incubates projects, seeking to tackle typical blockchain challenges.
VeChain’s CEO, Sunny Lu, said of the membership, “We are glad to be joining the Blockchain Infrastructure Alliance. By working together with this group of leading blockchains we can develop understanding and mutually support each other to lift the industry as a whole.”
The alliance facilitates cooperation across all areas of blockchain technology and collectively promotes the development of decentralized finance and other decentralized initiatives. As a member, VeChain joins other leading projects and furthers BIA’s aim to build a more unified and robust blockchain industry.
In October last year, Alchemy Pay initiated the founding of the BIA. Alchemy Pay’s CEO, John Tan, welcomed the news. “VeChain is a cryptocurrency network well known for the adoption of its blockchain technology by various enterprises in the field of supply chain, logistics, sustainability, carbon management and more. This is a crucial sector for blockchain application that gives VeChain a unique place and level of expertise in our industry.”
Launched in 2015 as a private consortium network, the VeChain Foundation went on to develop the VeChainThor public blockchain, a fully programmable EVM compatible L1 smart contract platform that is adaptable to wide-ranging real-world needs. Supply chain, sustainability, carbon emissions, SDGs, De-Fi, NFTs and more, VeChainThor seamlessly handles it all.
A unique two-token model ensures low and stable transaction costs while an advanced Proof-Of-Authority consensus mechanism guarantees high throughput, scalability, and security with minimal energy consumption, culminating in zero downtime for the network after 3+ years of continuous operation.
VeChain Technology continues to pioneer real-world blockchain applications across the globe with offices in China, Singapore, Luxembourg, Japan, France, San Marino and the United States.
Strong independent development capabilities combined with the professional compliance guidance of strategic partners PwC and DNV GL has enabled VeChain to establish partnerships with leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, ASI Group and more.