VeChain’s First Official Public Infrastructural Decentralized Application — VeVID
VeChain strives to create the most comprehensive and professional application and solution platform for enterprise users and in turn for their customers, in the world. The comprehensiveness of our platform refers to the breadth of the basic infrastructural dApps and tools which serve as the foundation of our ecosystem, so the vertically integrated applications can thrive within our ecosystem, and the professionalism refers to the manner which we guide our conduct and day to day operations.
We want to focus this release on comprehensiveness and professionalism, namely, the first public infrastructure dApp for VeChain Thor and why it is critically important for the platform.
Due to the early evolution stage which we are in, professionalism within the cryptocurrency world is still hard to come by. Professionalism to us represents responsible, honest and compliance to the highest standards set forth by the community, users, and regulators.
VeChain also believes strongly in self-regulation. For jurisdictions with clear rules and regulations on blockchain projects, VeChain Foundation will uphold the compliance set forth by the jurisdiction, no matter how stringent the process.
An example of this is that VeChain is working closely with our strategic partner BitOcean to go through Japanese FSA compliance process so that we can legally transact VET in Japan and our token VET can be legally listed on major Japanese exchanges.
As for the jurisdiction without clear regulations for blockchain projects and/or cryptocurrencies, VeChain Foundation will set a standard by creating self-regulations via a series of best practices created, by taking into account of the efforts of many global enterprises, even if this means less flexibility for the team or more expenses to the foundation. An example of this is the first ever CDRP which we have initiated and completely internally.
After much consideration and planning, we are finally announcing our first official public infrastructural dApp, VeChain Digital ID and KYC system — VeChain Verified ID or VeVID.
The need for KYC and digital ID maintenance is pivotal for blockchain to see widespread adoption across the world not only from a Cryptocurrency point of view but also in general use. Being able to validate, audit, and trust members of the system helps reduce bad players as well as allows government and financial institutions better protect its users.
VeChain aims to revolutionize all business ecosystems through blockchain technology by advocating transparency and quality projects. We want to invite those parties developing qualified and quality projects to the VeChain Thor ecosystem to synergize with our current partners and technology for an ecosystem where the sum is greater than its parts.
Having a valid KYC and Digital ID system enables such qualified parties to build stronger projects without overcoming additional, or repeated, hurdles. The understanding of who is who within the ecosystem creates a global ripple and makes the management of your data, incredibly simple and powerful.
An close to home example of the use case for VeVID would be Fanghuwang, a fast growing financial services/lending platform based in China. Fanghuwang will work closely with VeChain to make sure the lending platform’s KYC process on blockchain for all future and existing clientele shall meet the standards of financial markets regulators and ultimately the standards set forth by both PBoC and CBRC (People’s Bank of China and China Banking Regulatory Commission).
Another example would be the use case in iTaotaoke.com partnership, where the content generator’s Digital Identity can follow them throughout the VeChain ecosystem and eventually onto other blockchain ecosystems so as they work they can be credited authority as individuals.
The world in which we currently operate in is chaotic. At VeChain, we aim to change the world through innovation and do not see the need to use unchecked decentralization to increase the chaotic standards, but rather mitigate the chaos and offer balance. In fact, VeChain believes that the most powerful and long-lasting type of governance for any entity is some form of Decentralization reinforced by positive standards, where within our ecosystem, everyone feels secure about the immutability of their properties rights and data. By setting strict standards and auditing policies for our smart contracts, we can uphold integrity to enterprises and individuals within our ecosystem, empowering everyone as the whole. In other words, we aspire for everyone to enjoy the pure good that is embedded within Blockchain technology by striving to protect from areas of anonymous activity and business processes that promote foul play.
We say all of this knowing that 2018 is a year of regulation and stability within the blockchain industry. VeChain has strategically positioned itself to have a voice in these regulations and partner with the worlds best to ensure that our solutions meet every current, and future regulation or auditing requirement.
We’d like VeVID to be one stop shop for any individuals and entities wanting to hold an identity on blockchains that are immutable, true and borderless. VeVID is being built in tandem with BitOcean, and other key strategic partners, to uphold the standards set globally. This system is designed from the ground up to be Japan FSA compliant and cater to any other known government regulations. BitOcean, and other key strategic partners, provide a great deal of regulatory background to the systems that create this KYC system.
Global compliance allows VeChain Thor to become the world’s leading blockchain for business ecosystem development and use.
This decentralized application built on VeChain Thor is one of the fundamental pillars in which all future apps will be built upon. This is yet another step towards global adoption and meeting the needs of our ambitious partners awaiting the release of VeChain Thor.