- VeChain Foundation reports impact of COVID-19 on VeChain
- The report focused on the present state of the global economy
- A new version of VeChain ToolChain was also launched
VeChain News Today – the impact of the Coronavirus on the digital asset class and the traditional financial markets has been negative to a large extent. Considering the panic and uncertainty caused by the ongoing pandemic, VeChain Foundation published a letter to investors and the community. The document focuses on the impact of the virus.
VeChain Foundation talks about the impact of the pandemic on its operations. The foundation claims that despite the difficult conditions, they have “continued building” their network via a collaborative and digitization effort.
How COVID-19 Impacted VeChain
VeChain Foundation acknowledges that the COVID-19 virus has brought about some unprecedented challenges. One of these issues is the suspension of all meetings, and project developments as well as other activities that could potentially slow down any progress the network can achieve in the short term.
VeChain Foundation reassured the community and investors nothing has changed as the project has not been canceled due to the ongoing health emergency. The foundation had to point out the below words in its letter addressing the coronavirus outbreak:
“However, whether this ongoing pandemic situation round the globe will cause bigger and prolonged impact on the world’s economy remains to be seen. Such an outcome is still uncertain. The VeChain Foundation will closely monitor the development of the situation and assess any adjustments when necessary. We will use this opportunity to spend additional time on our internal management.”
However, the steering committee board hoped to postpone VeChain’s Summit for this year. The event will be suspended until the Corona pandemic has been put under control.
VeChain Foundation Introduced the BaaS Platform
VeChain Foundation introduced a new version of its VeChain ToolChain. This is a BaaS (Blockchain-as-a-Service) platform. This tool was introduced back in 2019 to allow business owners to integrate existing processes into VeChainThor. The tool facilitates transparency. Additionally, firms can look for innovative methods to monetize their data on VeChainThor’s Blockchain.
The new BaaS platform is designed to function as a premium platform, according to VeChain Foundation. BaaS offers two important improvements to the already existing features of VeChain’s ToolChain. Firstly, the foundation brought the Process Builder:
“This developmental requirements related to the implementation level of onboarding and lets users utilize customized landing pages, and demonstrate the life cycle of their product.”
The new platform allows service providers and business owners to remain connected. Its users will have access to the services of consulting firms PwC, DNV GL, and Deloitte.