The "2018 TOKENSKY Blockchain Conference," co-sponsored by the Asia Pacific Blockchain Association, the TOKENSKY Organizing Committee, and Golden Finance, kicked off on March 14th at the Hilton Seoul in South Korea. This two-day event brought together over 100 government officials and blockchain industry leaders to explore the core technologies of blockchain and the emerging TOKEN economy within the context of the Fourth Industrial Revolution. Discussions also covered relevant policies, challenges, and future directions for the industry. Reporters on-site are providing live updates from the conference, and for more in-depth coverage, be sure to follow Golden Finance, a leading blockchain media platform.
Feng Yikai, Chief Operating Officer of VeChain, delivered a keynote speech titled "Only Chain – A Public Chain Platform for Large-Scale Application Building."
*(VeChain Chief Operating Officer Feng Yikai)*
Here is a summary of his speech:
"Good afternoon, everyone. I'm Feng Yikai from VeChain. Today, I'll cover three main points: first, why it's important for companies to have a suitable public blockchain; second, the challenges we've encountered with existing protocols and solutions; and third, how VeChain addresses these issues."
Over the past two years, the blockchain industry has gained significant attention. The term "blockchain" has become a hot topic among enterprises, venture capitalists, and financial institutions. I believe that in the next two to three years, the blockchain industry will enter a critical phase, marked by regulatory developments, legal frameworks, and the establishment of industry standards. There is growing demand for more commercial and industrial applications of blockchain technology.
We have established partnerships with enterprise users in various application scenarios, aiming to create a real-world business environment. We believe the biggest challenge today isn't technical—it's about generating real value through practical applications to help enterprises truly adopt blockchain. Since 2015, VeChain has been a blockchain solution provider, working with numerous international companies and serving a large user base. We offer multiple interfaces, from infrastructure to smart contracts.
Launched in June 2015, VeChain now has four branches in Japan, China, Singapore, and France, with over 80 team members—more than half being engineers. Many large international companies use VeChain’s blockchain solutions across industries such as luxury goods, alcohol, automotive, retail, video security, cold chain logistics, and carbon storage.
VeChain is a partner in DNV GL’s digital transformation project, the only blockchain project in Shanghai’s key commodity tracking system, the sole technical partner for Gui’an New Field’s government affairs platform, and the first high-tech incubator project of PwC. It was also recognized as one of the world’s top ten blockchain solution providers by Capital Market’s CIO magazine.
During our development process, we explored implementing solutions via a public chain due to its speed and accessibility. That’s why we decided to build our own public chain.
Our team consists of experienced professionals from various industries. VeChain has collaborated with BMW on automotive certification and with renowned universities like Oxford on privacy and algorithm research projects.
When it comes to large-scale adoption of public chains, we’ve learned from our global customers that many companies are still hesitant. Based on recommendations from strategic partners like PwC and DNV GL, we developed the VeChainThor blockchain, balancing decentralization with centralized control.
First, we found that complete decentralization isn’t always efficient. So, we implemented a relatively centralized management model along with multiple node mechanisms. Through community input, we gather proposals, filter the best ones, and vote on them using VeChain tokens as incentives. This hybrid approach improves transaction speed while maintaining a balance between centralization and decentralization.
Economically, transaction costs on current public blockchains can be unstable, especially during congestion. Enterprise users need a stable economic model. VeChain Token (VET) uses a digital computing model and pricing mechanism, allowing users to access services by paying with VET. The PoA consensus protocol ensures block generation through 101 official nodes worldwide, combined with intelligent algorithms for verification. This setup supports identity and data certification through KYC and smart contracts, ensuring compliance with legal regulations.
Ultimately, we aim to build a distributed, transparent, and fair business ecosystem through models like VeChain. This increases trust and transparency among participants, enabling them to contribute value and receive compensation. We expect the launch of VeChain 3.0 later this year, marking another step forward in expanding our commercial ecosystem.
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