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- A recent report by CREAM, a blockchain incubator, examined why VeChain is doing for blockchains what Amazon Web Services did for software.
- VeChain has focused on making its Blockchain with Toolchain plug-and-play so that companies can get into the blockchain without much technical expertise.
Amazon Web Services has become one of the most important foundations worldwide in the digital age and enables companies to access the most modern tools efficiently and at a fraction of the cost. According to a recent report from a blockchain incubator, VeChain is doing with public blockchains what AWS did for software. The report highlights VeChain’s ToolChain as the most important features that companies can use to easily integrate blockchain technology.
The king of corporate blockchains
Bitcoin is the king of cryptocurrencies, while Ethereum is the most widely used blockchain in the world. However, when it comes to enterprise blockchain, VeChain is becoming a major player. Some of the world’s largest companies build on VeChain, including Walmart, BMW, Bayer, H&M, LVMH and more.
In its report, blockchain incubator CREAM attributed VeChain’s success to its ability to identify and solve the critical needs of businesses. This was achieved, among other things, through ToolChain, the Blockchain-as-a-Service (BaaS) platform. With ToolChain, companies can integrate the VeChain blockchain with little coding.
In its simplest form, ToolChain is a commercially available low-code / no-code platform that offers versatility and flexibility in a way that can be deployed quickly and in as little as 30 minutes. Suddenly, companies without technical expertise or internal developers can use the numerous advantages of the public blockchain for their own company and thus massively reduce lead times, costs and complexity.
ToolChain contains a number of tools with which the VeChain blockchain can be easily integrated. This includes easily customizable mobile applications, IoT sensors and chips, as well as access to VeChain’s unique native charge delegation function.
At a time when regulators have shown great interest in blockchain, ToolChain is active in all countries. This is because ToolChain users never have to deal with digital currencies directly. Rather, they pay for the service the way they would pay their Internet service provider. VeChain’s charge delegation protocol handles the VTHO brand via the VIP191 contract.
The ToolChain package continues to appeal to companies due to VeChain’s partnerships with leading companies. It has entered into a partnership with PwC and DNVGL, who offer data quality assurance to their customers. These companies add more confidence and economic value to the on-chain data.
The future of public blockchains
For many global companies, customization is key. These companies want the products they use, whether software or hardware, to reflect the company’s brand. ToolChain offers you this, as described by CREAM.
The extended version of ToolChain can be fully customized and branded free. For example, Channel Partners can redesign and repackage ToolChain, creating “their” BaaS / SaaS platforms / products while running this service on VeChainThor.
Companies using ToolChain have already shown this. Walmart’s Food Safety Traceability System is one such custom system.
The report added: “With ToolChain 4.0, the latest version, VeChain has developed a solution that precisely meets business requirements while skilfully addressing regulatory obstacles to ensure fast and painless delivery of public blockchain across the global economy. VeChain is completely unsurpassed in this function. “
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