Sunny Lu expressed that blockchain is just a tool to get transactions going and that if it is not generating value for beginners, why do we need it.
Vechain Enterprise Sponsors
Vechain facilitates real-time use and makes several features easy for users. Anyone who has to transact on the blockchain will have to own crypto assets. However, there are those who do not have digital assets.
Vechain have created sponsors to make transactions possible. Those who want to execute a smart contract, but don’t have crypto assets, which right now is the situation for most of the enterprises, because enterprises cannot own crypto assets due to legislation. So, how are enterprises going to get this done? VeChain makes it possible for users to choose a sponsor on the VET blockchain.
The startup can link the blockchain startup address and sponsor address, so whatever the startup uses the sponsor pays for that. Perhaps, there will be some monthly or weekly limits about the amount that can be sponsored. And, they do the offline settlement. By doing that, VeChain deal with the barriers for now and enterprises are able to build up reputation very easily on this.
As a matter of fact there are several use cases and they have done so for different enterprises. Sunny Lu points to how even BMW are doing like this.
In this regard, Sydney Ifergan, the crypto expert tweeted: “VeChain (VET) are focusing on delivering value to beginner enterprises, which is a sure fire success formula.”
VeChain (VET) Multiparty Transactions
Vechain are also having an enriched transaction model. Right now, in most of the blockchain network those who want to pay the transaction are going to initialize multiple different transactions.
In VeChain blockchain, they are creating what is called cross, which can contain multiple different transactions. So, you can just issue one transaction but pay to multiple different recipients that is pretty common and very much like pay for separate use cases.
For instance anyone receiving milk will have to pay to the delivery service guy, you got to pay to the commercial guy, you got to pay to the platform manufacturer, even the marketing guy, and like that you can pay to multiple recipients.
Or for most of the enterprises it is possible to run a batch and it kind of lows down the unit cost of the transaction and makes it like very friendly to enterprises. While these transactions are very simple Vechain are the people making it practically possible?
So, for the entire blockchain space, people should be educated about the technology, but also know how to use it from an enterprise point of view ranging from beginner owner’s point of view. And, at the end of the day, blockchain will be just a tool. If this tool is not able to generate the value for beginners there is no need to have it.
VeChain are now taking over health care in terms of facilitating blockchain technology based tools and it is well known that they are well established in the food industry supply chain already. They are aiming to add more numbers of real world use cases and products. The good thing is that every partner who gets in to the VET ecosystem are adding to the credibility of VET.