- Vechain has overtaken Bitcoin on daily transactions
- Most of the rise in transactions comes from Doilette, which recently moved to Vechain from Ethereum
Deloitte, a multinational professional services network recently announced that they would be developing solutions on the VeChain Thor blockchain after migrating from the Ethereum blockchain. The news was a big one at the VeChain Summit 2019, but things did not end there for Deloitte and VeChain. In a recent Linkedin post Cillian Leonowicz, director at Deloitte and the EMEA Blockchain Lab Co-Lead announced that the migration from the Ethereum network to the VeChain Thor network has been a step forward for the company. Over the last weekend, Deloitte has recorded more transactions than that of Bitcoin, with a solid 20+ transactions per second and a total of 359,008 transactions were completed.
20+ transactions per second
Commenting on the move, a Deloitte representative stated:
“We managed to execute 20+ smart contracts transactions per second. This is a massive achievement of our EMEA Blockchain Lab, VeChain and the DNV GL platform. We are #makingimpactthatmatters and rolling out blockchain production.”
Since all the transactions were done on the VeChain network, this was also the first time for the project itself to record more transactions than Bitcoin. Antonio Senatore, Global CTO of Deloitte’s blockchain team, was equally pleased and said:
“This is what we call adoption and it’s only the beginning of some very important work on a smart contract, especially the part related to related to versioning.”
All the major companies like Deloitte, PwC, Ernst and Young and KPMG, are all interested in working with the distributed ledger technology (DLT) solutions in their industry. Deloitte, the largest among them by revenue is leading the way but the rest are also taking steps in the same direction.
Fintech giants moving in on blockchain and crypto
Ernst and Young have also built an Ethereum-focused privacy tool for its clients. In order to improve the VeChain service offering, the Global Blockchain Team at Deloitte has been building a number of open-source tools, including a block explorer and a version of Truffle, known as Loki. Loki is used to manage and create smart contracts, something that makes it easier for developers to keep track of the workflow and for anyone who is looking to build, test, and deploy their smart contracts on the mainnet.
Deloitte is a giant in the Fintech industry, and their EMEA blockchain lab located in Dublin is expected to introduce a wide variety of clients to the VeChain thor network, especially those providing financial services to corporates. Deloitte adds a lot of advisors, developers, and many enterprise-grade clients. This is a huge achievement for VeChain as it takes the torch further towards the mass adoption of crypto.