VeChain News Today – VeChain is one of the blockchains that has sealed many strategic partnerships this year. Last year, amid the crypto winter, VeChain was still able to convince major players to believe in blockchain technology. This is why it’s not a surprise that VeChain is referred to as the Ethereum for business. Recently, an executive at VeChain, Jason Rockwood, gave details about VeChain’s partnerships with BMW, BYD, and Walmart. He also said that VeChain is a better choice for enterprises than Ethereum, the world’s foremost decentralized computer.
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Rockwood, who is a country manager at VeChain, during an interview with Bloxlive.TV talked about VeChain’s role in the Walmart partnership. In his words;
“We’re very proud of our relationship with the world’s largest electric car manufacturer BYD which is based in China, and we’ve partnered with them to build a carbon credit ecosystem that incentivizes consumers to make better decisions for the environment. We’re also working with DNV GL and the government of San Marino which is a small nation-state in Italy, and we’re working with them on several government administrative initiatives. And I’d also mention our work with BMW, where we’re working on several efficiencies in making their cars more secure and helping with the verifiability of some of the auto data.”
He said that the VeChain blockchain is fully decentralized and talked about the benefits of having a two-token system. In his opinion, VeChain is more ideal for enterprise use than Ethereum. He said that Ethereum’s governance model was a stumbling block to the growth of the VeChain blockchain. However, since the VeChain main net launch was complete, they have been able to make upgrades that will speed the growth of VeChain. In his words;
“One of the first things that makes a big difference is our governance model. It is more centralized than Ethereum… It’s easier to update and easier to manage. And at the end of the day, that’s what a lot of enterprises are looking for. They want to make sure that they’re investing in a platform that will always be at the head of the curve in terms of what’s best practices for technology.
He continued;
“VeChain is a fully public decentralized protocol… all the data on the blockchain can be viewed by the public. I think that we can talk about the challenges with centralized protocols, we typically mean protocols like Hyperledger that are permissioned and private. There’s no way to publicly audit those transactions. In a sense, a project like Hyperledger is a really a ‘blockchain-like’ private database, whereas VeChain is a true blockchain. In that regard, I think we have the right balance in terms of centralization on the governance side and decentralization on the protocol side.”
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
