Blockchains provide an altogether new method for managing and sharing data. The global community may now work cooperatively, efficiently, and transparently at scale for the very first time. VeChain will function as a layer of trust in the hyper-connected, big-data era.
VeChain is currently actively shaping the course of what will be one of the most significant decades in human history, as it swiftly realigns the global economy in an effort to mitigate the historical effects of economic behavior. Consequently, VeChain aims to assist the global community in achieving its sustainability goals.
Creating Incentivized Ecosystems and Developing Trust
Through incentive-based ecosystems, the VeChainThor blockchain will contribute to the empowerment of society. By utilizing data created by users’ everyday actions, tokens and credits can be used to actively reward and incentivize sustainable behavior.
For instance, in conjunction with DNV, globally renowned compliance experts, and BYD, the world’s biggest electric vehicle manufacturer, VeChain introduced the first version of this incentive-based ecosystem in 2018. In it, BYD electric vehicle drivers might willingly share their travel data at the conclusion of a trip.
On the other hand, trust is one of the greatest obstacles to global sustainability. However, VeChain’s blockchain technology resolves this lack of trust. The VeChain Foundation and DNV have collaborated extensively to build blockchain-based industry standards that ensure process integrity.
The VeChain Foundation, with headquarters in San Marino, Europe, is a non-profit organization responsible for the development of VeChainThor, a world-leading smart contract platform that is driving the application of blockchain technology in the real world.
VeChainThor has provided solutions in a variety of industries by utilizing the possibilities of “trustless” data, smart contracts, and IoT technologies. Now, the firm is focusing on creating technologies and ecosystems to promote meaningful sustainability and digitalization on a global scale.