Blockchain is revolutionizing the business world, with multiple applications already on the ground in China

QINGDAO, China, Oct. 18, 2017 /PRNewswire/ -- Blockchain technology has been a hot topic among techies for many years. Now, more and more business leaders in China too are joining the discussion, with blockchain company VeChain at the forefront.

At the 2017 "VeChain Cup" national sailing competition last week, the Qingdao Alumni Liaison Office of School of Management Fudan University organized a blockchain panel, featuring Dr. Jie Liu, a famous professor at Fudan University, and Sunny Lu, CEO of VeChain.

Over 200 alumni from top business schools all over China attended, eager to understand how blockchain applications are and will change the world. Attendees represented Chinese entrepreneurs across multiple industries.

Attendees not only heard from blockchain experts, but also tried out live demos from VeChain, whose innovations can trace the entire lifecycle of products from origin to destination through blockchain technology.

"If we apply old ways of thinking to the present, there's no way we can enter the future for real," Dr. Liu told audience members, explaining how blockchain technology will completely change business, from banking to corporate structures and organizations. Its revolutionary nature is its ability to solve the fundamental question of trust, he said, dissolving the need for middleman.

On stage, VeChain's Lu showed users' cases with the applications of VeChain technology, which have served clients in the luxury retailing, wine, and automobile industry, including French automobile company Renault and D.I.G, a Chinese wine importer.

"Blockchain is actually a kind of infrastructure technology. Most of the time it's 'invisible' and has to work with other technologies to build solutions for enterprises and users. In the case we have done for luxury retailing, we used NFC chipsets embedded in the products to map them to VeChain's blockchain while connecting to the enterprise's ERP in order to secure critical product data in the supply chain," Lu said. End users can simply use a smartphone application to "read" a product and check authenticated information and traceability.

"Moreover, this kind of trusted product data can be used to build a transparent supply chain for more than just luxury industries," he added.

Most of the event attendees had heard of the term "blockchain", but many were gaining a clear understanding of blockchain and seeing corporate use cases for the first time. They were excited about its potential.

"There's an especially pressing need for this kind of technology in China's traditional manufacturing industry," commented one attendee, a major consultancy in the domestic automobile and tobacco industries.

But it's still early days for the blockchain industry, cautioned Professor Liu. "At the moment, there aren't any standards for large-scale blockchain applications. It still needs time to develop," he said.

"Relying on our own blockchain technology, VeChain hopes to build a blockchain-based cloud platform to help more developers build more commercial blockchain applications and make blockchain development more convenient - thus accelerating the launch of more apps," said Lu.

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