With Technical Consensus achieved, the initial benefits that were derived from the early experimentation and PoCs would start to positively influence behaviour from business executives and decision makers. VeChain, from its inception in 2015 and until now, has successfully moved past this crucial first phase of blockchain technology adoption, and is primed for the next phase to achieve Business Consensus. Initial blockchain applications in this stage are primarily motivated by technology enthusiasts, and business applications are mostly in the Proof of Concept (“PoC”) stages by enterprise technical and R&D divisions to better understand the technology. Blockchain platforms that focus on use cases such as traceability, anti-counterfeiting, food safety, intellectual property management, product life-cycle management and all kinds of data provenance categories are rarely to be seen. Very few applications for the traditional business world are created in this phase, much less affecting and improving business use cases and activities. The competition is about programming language, protocol, algorithm and technical developer community.Īpplications in this early stage of blockchain adoption are coming from the more obvious use cases that leverage features and functionalities of the blockchain technology, such as ICOs, DAOs, and betting applications (or gaming with betting features),along with infrastructure applications as needed like explorers, wallets, exchanges (centralized or decentralized). In this phase, technical developers are the major force to build up the initial infrastructure protocols based on imaginations and projections. These phases will be the foundation and strategy to enable the VeChainThor blockchain to be adopted as the world’s premier choice of blockchain. To achieve and fully harness this technology that will enable mass public adoption, we have identified the three major phases of blockchain evolvement – Technical Consensus, Business Consensus, and Governance Consensus. VeChain’s vision of lowering the barrier and enabling established business with blockchain technology to create value and solve real world economic problems has been clear to us from the very beginning.
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