Innovative Frontrunner 2021 Sunny Lu of VeChain (VET) at WAIC 2021 on BaaS and PaaS

Sunny Lu, Vechain CEO, spoke at WAIC 2021. He was the keynote speaker, and he gave a speech on how blockchain enhances the integrity of enterprises in this new digital age.

VeChain Foundation expressed: VeTrust, built on VeChainThor, is officially indexed as ‘Innovative Frontrunner of Blockchain Application 2021’ by WAIC. The committee recognized VeTrust as a perfect example of merging public blockchain with the public sector, connecting all stakeholders from gov to citizens.”

Sunny Lu Speech Translation as-is from YouTube:  “It is great to be here again after the world conference on Artificial Intelligence. I attend every year and talk about the blockchain every year.  The development of blockchain is also particularly fast, but I think the industry has to return to its essence no matter how fast and chaotic the blockchain develops.

What is the essence? It is to transform the value of technology into the value of the real economy. So, today I would like to share with you how to help enterprises build blockchain applications quickly and effectively.

So, how do we do it? Vechain made attempts after building about 70 to 80 enterprise-level applications; we have summarized our 3-layer service model. I believe that each enterprise will find its suitable one.

The so-called 3-layer service model has a bottom layer – Baas (Blockchain as a Service).  It is difficult for most commercial enterprises except technology companies to build their blockchain technology teams.  Our BaaS platform permits enterprises to directly use the public smart contracts, browsers, wallets, etc.

It can also help enterprises customize smart contracts and eventually deliver an API so that enterprises can use blockchain more quickly and do not need to entangle with blockchain-wise development.

This middle layer is the PaaS platform – it is our innovative attempt – low code blockchain Paas. We found that many enterprises will generate new business scenarios or new business values in the process of using or trying to build blockchain applications. At the same time, you do not want to change the original business system while building new applications. This is a widespread situation. That is why we made such a PaaS platform for enterprises to drive innovation of this platform.

PaaS is especially useful for multi-participant collaboration because all interactions happen on the blockchain PaaS and are developed in a low code environment. This will significantly reduce costs and improve efficiency.

The top layer is SaaS. DNV has talked about my story, a digital product based on VeChain PaaS.”

He pointed to how during the pandemic experts had difficulty traveling for Wine Making Certification and on how technology helped them serve more clients despite not being able to travel – as a real use case.