Since its inception, blockchain technology has helped businesses around the world eliminate middlemen and third-party providers. Besides being an end-to-end secured financial transaction method, blockchain is helping businesses shift to a decentralized structure, saving tons of money. This distributed ledger technology has revolutionized business models globally but lacks a personalized approach, limiting its benefits to enterprises. This is where VeChain steps in with a business-minded approach that fills the void by allowing enterprises to independently launch their own blockchain applications.
Sunny Lu is the founder and CEO of VeChain, a blockchain platform enhancing supply chain management and business processes. This platform aims to streamline business processes and information flow for complex supply chains. VeChain uses a distributed ledger technology based on the smart contract mechanism. This makes it an effective complementary technology for top brands around the world that have already launched their digital solutions on this platform. To date, globally renowned businesses like Fenbushi Capital, DNV, and PwC have already joined VeChain as investors and launched their digital products on this platform.
VeChain has a host of advanced tech features that make it stand out from other public blockchain platforms. As the brains behind VeChain, Sunny is credited for its revolutionary approach that is changing the face of digital businesses around the world. With his years of experience working as the CIO of a renowned luxury products brand, Sunny quickly determined the hidden potential of blockchain technology in 2013. Although Bitcoin was experiencing a huge crash in the market, Sunny knew this was going to pave the way for the digital currency market.
Using his technical inclination and understanding of the industry, Sunny deduced that public blockchain platforms fail to offer businesses a personalized approach. They are not product-minded and limit growth for enterprises in several ways. This is where he decided to close the gap by launching VeChain. It all started after Sunny met Vitalik Buterin, the founder of Ethereum, and Shen Bo, the founder of Fenbushi Capital. Sunny learned about the benefits of smart contract technology and its scope of innovation to launch VeChain.
VeChain was based on the Ethereum model during the initial phase, and the platform landed its first client from the luxury products industry, where Sunny earlier worked. Sunny had no roadmap or successful business model to follow in the nascent stage. This was his biggest challenge when venturing into an unknown innovative technology space—every decision needed to be fool-proof and well-informed. A single mistake might have ruined the entire project. Sunny persisted and has succeeded in guiding VeChain towards its success. He has come up with a host of technical features that have made the decentralized platform a top choice for big brands to launch their digital applications.
Integrating the IoT technology was the first successful move for Sunny that eventually paved the way for the ToolChain platform in VeChain. It was a bold decision as many opposed the formation of a separate IoT team at VeChain. The second game-changer was VeChain Thor Blockchain. In an initiative to make VeChain more business-friendly, Sunny combined smart contracts with a PoA mechanism to change the way businesses use a blockchain platform to launch their applications. This was followed by VeChain ToolChain to make the platform more secure, transparent, and cost-effective for businesses.
VeChain is still on its way to introducing innovative features to help businesses grow. Sunny is now looking forward to expanding its capabilities by onboarding new businesses in digital solutions.