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 TOKEN economy within the context of the Fourth Industrial Revolution. Discussions focused on relevant policies, challenges, and future directions for the sector. Reporters on the ground will provide live updates from the conference, and for more in-depth coverage, be sure to follow Golden Finance, a leading blockchain media outlet.
Feng Yikai, Chief Operating Officer of VeChain, delivered a compelling speech titled “Only Chain – A Public Chain Platform for Large-Scale Application Building.†The presentation highlighted key aspects of VeChain’s strategy and vision for enterprise adoption of blockchain technology.
(Feng Yikai, COO of VeChain)
Below is a summary of his speech:
"Hello everyone, I’m Feng Yikai from VeChain. Today, I’d like to share three main points. First, why it's important for companies to have a suitable public chain; second, the challenges that arise when applying existing protocols and solutions; and third, how VeChain addresses these issues."
Over the past two years, blockchain has gained widespread attention, with the term becoming a buzzword among enterprises, venture capitalists, and financial institutions. Looking ahead, the next two to three years are expected to be a pivotal period for the blockchain industry, marked by regulatory developments, standardization efforts, and increased commercialization. There is growing demand for real-world applications and business models that leverage blockchain technology effectively.
VeChain has partnered with various enterprises across multiple industries, including luxury goods, alcohol, automotive, retail, video security, cold chain logistics, and carbon storage. As a blockchain solution provider since 2015, we have worked with numerous international companies and developed a range of infrastructure and smart contract interfaces.
With offices in Japan, China, Singapore, and France, and over 80 team members—more than half of whom are engineers—VeChain continues to expand its global footprint. We’ve also been recognized as one of the top ten blockchain solution providers by Capital Market’s CIO magazine.
In our development process, we explored the use of public chains to enable fast and cost-effective solutions. This led us to create the VeChainThor blockchain, which balances decentralization and centralization based on feedback from strategic partners such as PwC and DNV GL.
We believe that complete decentralization isn’t always efficient, so we implemented a hybrid model. Through community involvement, we gather proposals, filter the best options, and allow the community to vote using VeChain tokens. This approach enhances both speed and governance.
Regarding the economic model, transaction costs on public blockchains can be unpredictable. To address this, VeChain Token (VET) uses a stable pricing mechanism and integrates IoT, KYC, and smart contracts to ensure compliance and data integrity.
Ultimately, we aim to build a transparent, fair, and distributed business ecosystem that fosters trust and value exchange. With the upcoming release of VeChain 3.0 later this year, we’re excited about the future of blockchain and its potential to drive real-world impact.
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