While the U.S. Senate was still ignorant about blockchain, China has established a blockchain smart city in Gui'an New District, Guizhou Province, intending to become the first country to adopt blockchain technology on a large scale.
There are too many signs that VeChain will become the infrastructure of the cities of the future, and it will all start with the smart city of Gui'an New District.
In the eyes of others, China is not interested in cryptocurrencies. China began banning ICOs in September 2017, and cryptocurrency trading was halted shortly after. The mainstream media has reported numerous cases of cryptocurrencies being used for illicit purposes, such as drug dealing, assassinations, and money laundering.
Nevertheless, from the perspective of the architecture of the blockchain network, it is still possible to make full use of blockchain technology under the premise of government supervision.
Taking VeChain as an example, its implementation is extremely revolutionary:
VeChain at its core does not believe in complete anarchist decentralization, nor does it believe in totalitarian governance. The VeChain board envisions a balance between the two. Our regulatory structure is of a new type, creating a decentralized system through centralized channels.
The above quote is taken from the statement VeChain made when it announced that it would upgrade its brand to VeChain Thor Blockchain (VET).
unimaginable complexityOnce VeChain is upgraded to VET, it becomes the second “Ethereum” – a blockchain network on which people build blockchain applications. Unlike Ethereum, where VeChain has a long list of partners to develop blockchain applications together, Ethereum leaves it to developers and companies to figure out how to use the blockchain and how to develop tokens. Although VeChain currently runs on the Ethereum network, it is unlikely to stay that way forever. Perhaps after the mainnet launch in June, it will leave the Ethereum network.
The legitimate commercial applications in front of us are the fertile ground for the growth of blockchain technology, and speculation and hype about future unknown applications are meaningless.
From a superficial study of VeChain’s operational plans, it seems that they will use blockchain technology to improve the transparency of the logistics supply chain. This in itself is a very broad field of application. The funds involved in the counterfeiting industry reach hundreds of billions of dollars every year. The Sanlu milk powder incident in 2008 killed 6 infants and sickened 300,000 infants, all of which put forward higher control requirements for the supply chain. In terms of logistics supply chain, VeChain has a number of cooperations with the State Council of China.