VeChain Summit 2019 — Keynote Summary
VeChain Summit 2019 — Morning Session
Keynote Navigation Menu
Use the Navigation Menu below to jump to as well as externally link (right click, copy address) to specific keynotes and topics.
- VeChain Summit 2019 — Introduction
- VeChain Summit 2019 — The Location
- First Up, the VeChain CEO, Sunny Lu
- VeChain’s ToolChain Introduction
- Sunny Lu — Summary
- ToolChain — Jerome Grilleres & Sarah Nabaa
- ToolChain — The Gateway to the VeChainThor Blockchain
- SBTG + HBO Asia + Game of Thrones + VeChain
- ToolChain for Business
- ToolChain — VeChain Work App
- VeChain’s Temeprature IoT Sensor
- ToolChain Whitelabel
- Who is ToolChain For?
- ToolChain Summary
- Dr. Dan Boneh Discusses Cryptography & Privacy
- Luca Crisciotti — Insights Into How DNV GL is Using VeChainThor
- Driving Regulatory Change — Blockchain
- My Story™
- Ecosystem Approach
- Digital Transformation Roadmap
- Blockchain in Hospitals and Healthcare
- Digital Certificates on the Blockchain
- The Digital Assurance Wallet (DAW)
- Kevin Feng & Sunny Lu Discuss the Power of the VeChainThor Blockchain
- VeResearch and Privacy on VeChainThor
- VeChain Developer Bounties & Application Development Challenge
- The Foundation Awards Results
- The Community Award Results
- Jack Wu & Tony Li — VeChain Core Developers
- Kevin Britz & Clinton Bembry — Totient Labs
- Advantages of dApps and Fee Delegation
- Totient Introduce VIP-191
- VeChain Summit 2019 — Afternoon Session
- Gu Jianliang — VeChain Chief Technology Officer
- Who is Gu Jianliang?
- Turnkey Solution
- Enterprise Asset Management
- HSM Based Key Escrow
- Threshold Signature Solution
- VeKey Solution — Second Generation
- VeKey — Open to the Community
- Parminder Parmar, Michael Burke and Antonio Senatore — Deloitte Digital & Deloitte Blockchain
- Antonio Senatore — Global CTO of Deloitte Blockchain
- Deloitte, DNV GL and VeChain
- Cihan Albay — IT Innovation Management Asia Pacific, BMW Group
- BMW Group and Blockchain
- BMW Startup Garage
- BMW and VeChain — VerifyCar App
- Sid Mofya — Director & Chief Operations Officer at Draper Venture Network
- X. Eyeé — Sr. Technical Account Manager & Blockchain Ambassador at Microsoft Azure
- Jackson Fu — Co-Founder of CREAMethod Incubator
- Who Are We?
- The Power of the VeChainThor Public Blockchain
- CREAMethod — The Method of CREAM
- Fiat Lux Investments
- VeChain and CREAM
- What We Have Done
- 8Hours Foundation — PlayTable
- The Future Outlook of CREAM
- Daniel Kelman — Chief Strategy Officer at OceanEx
- Jiayu Zhou — Cheif Technology Officer at OceanEx
- Technical Challenges
- Panel Discussion Hosted by Bianca Chen — OX3 TV Production Founder & CEO
- Closing Remarks, Sunny Lu
- Advisory Board & Steering Committee Additions
- VeChain and San Marino
- PwC and VeChain News
- The United Nations Development Programme (UNDP) Join the Digital Carbon Initiative
- Post VeChain Summit Videos
- Thanks for Reading!
VeChain Summit 2019 — Introduction
VeChain Summit 2019 was the first summit hosted by the VeChain Foundation in San Francisco. The summit offered participants a unique opportunity to expand their networks. The goal was to bring developers, academic professionals, startups, business decision makers and venture capitalists together to collaborate, partner, and build solutions that create valuable transactions on the VeChainThor Blockchain.
Check the official VeChain Summit website for more information.
VeChain Summit 2019 — The Location
Where: Festival Pavilion, Fort Mason, San Francisco, CA 94123
When: April 18th, 2019
Time: 9am — 6pm
Tickets: USD and VET payments were accepted. Discounts for X Node Holders.
First Up, the VeChain CEO, Sunny Lu
Sunny Lu gives a quick welcome and introduction to the very first VeChain Summit and the VeChain ecosystem — VeChain Foundation, Enterprise, Community and Developers and how everyone can contribute to create valuable transactions together.
Sunny announces the creation of ThorPower, a $500,000,000 fund of funds (FOF) put forward by not only the VeChain Foundation but also professional institutions, enterprises, venture capitals (VCs) and even innovation funds from Governments. ThorPower will be used as financial support to start-ups, projects, developers and everyone building within the ecosystem. Start-ups will have access to a plethora of resources such as, grants and funding, angel investors, big name incubators like LongHash and Boost VC, venture capitalist like Fenbushi Capital and Draper Venture Network and lastly in what Sunny describes as a “delta force”, CREAM. He continues to talk about the importance of CREAM within the ecosystem in both the past and the present. More information on CREAM later in Jackson Fu’s presentation.
Sunny describes the importance of the many large partners such as PwC, DNV GL, Deloitte and others as well as the smaller start-ups such as SBTG.
VeChain’s ToolChain Introduction
Sunny announces a truly revolutionary new solution within the blockchain space “today we are officially launching ‘VeChain ToolChain’.”
VeChain’s ToolChain solution will enable EVERYONE to be a qualified builder, even people without a technical background will be able to create valuable transactions on the VeChainThor blockchain — “power to the people”. There has been 60 technical people working tirelessly over the last 3 years to create ‘ToolChain’.
The ToolChain box comes with all of the hardware, software, service protocols, spend only 30 minutes to onboard your business to the blockchain. ToolChain will be covered in more detail by Jerome and Sarah.
Sunny Lu — Summary
VeChain can account for legislation, resources, money, technical protocols, enterprise use cases and tools, an adoption checklist mentioned by Sunny in his summary.
ToolChain — Jerome Grilleres & Sarah Nabaa
ToolChain — The Gateway to the VeChainThor Blockchain — Built for Everyone
Already briefly introduced by Sunny Lu in his opening presentation, the General Manager of VeChain Europe, Jerome Grilleres & the General Manager of South East Asia & Australia, Sarah Nabaa introduce VeChain’s ToolChain, a revolutionary turnkey solution built for everyone.
SBTG + HBO Asia + Game of Thrones + VeChain
Sarah shows the following video to introduce Mr Sabotage (SBTG) on to the stage, one of the first people to get their hands on ToolChain.
SBTG recently worked with HBO Asia, Game of Thrones and VeChain to produce a custom series of Game of Thrones — Adidas shoes.
Mark (Mr. Sabotage) briefly talks about how he embeds videos and personal messages into his custom shoes using VeChain’s NFC chips and how it helps with verification and authentication of his custom shoes.
More information on the original SBTG and VeChain collaboration here.
ToolChain for Business
For business owners, VeChain will create a ToolChain account which will enable you to access the ToolChain Admin Center. A command like center where you can easily select the NFC or RFID tags most suited for your usecase, in any quantity, small or large and VeChain will ship them directly to your door.
You can then easily upload product descriptions, attributes, photos and videos as well as manage who in the supply chain can write information on to the VeChainThor blockchain.
You will also be able to predefine the events that you wish to share on to the blockchain and control and assign exactly which company does what. You will also be able to see the transaction (TX) ids that your business has generated, giving you a full overview of the number of TXs that your products have produced across the product’s journey.
ToolChain — VeChain Work App
Once the information is uploaded to the VeChainThor blockchain, there is another app in which the participants who are uploading data on to the blockchain will need to use, it’s called the ‘VeChain Work App’.
The VeChain Work App will allow you or the third party manufacturer of your products, to ‘bind’ the physical products to the NFC/RFID chips. Products can be individually binded or batched in a group for high volume usecases (a case of wine instead of an individual bottle).
With ToolChain, you’re able to digitize your products with secure NFC technology, track your products in the supply chain and then present all of the collected data in a consumer friendly manner to your customers.
The ToolChain kit that VeChain has developed contains an NFC scanner which is pre-loaded with the VeChain Pro and VeChain Work apps, a QR code printer for printing QR codes on demand and attaching them to your products as well as full sets of different NFC chip types enabling you to fit them to any of your products that you want, no blockchain knowledge required — just follow the simple steps within the app!
The ToolChain Admin Center portal also features a marketplace for various types of NFC, RFID and combo NFC/RFID chips to suit all usecases. Whether that be for soft, flexible or hard product types.
Jerome goes on to explain how the customer experience and how they can verify the authenticity of each step along the supply chain.
VeChain’s Temeprature IoT Sensor
Jerome introduces VeChain’s state of the art IoT temperature sensor. The sensor outperforms current industry standard IoT temperature sensors including battery life, data storage, latency and many other areas. VeChain has been using this sensor for a couple of years and is now making it accessible to everyone, through ToolChain.
VeChain is opening ToolChain to everyone. Everything can also be rebranded and re-skinned to make totally your own. Full API and SDK is available so you can just take parts you wish and intergrate them into your very own solution. There is even smart contract templates available. ToolChain is a completely customizable solution for everyone.
Who is ToolChain For?
According to Sarah Nabaa:
For ToolChain- as-is, it’s suitable for small businesses with no tech capabilities, can be artisanal craftsmen, businesses who manufacture products on their own (ie:honey, apparel, leather goods, craft beer, beauty products, wine etc.) to prove the authenticity & origin.
In summary, the ToolChain Admin Center allows you to register your products, add descriptions, pictures, videos and other information you wish for your customers to see. The portal allows you to have as many instances on the blockchain as you like. To prove the origin of your products, your manufacturers, distributors, suppliers, teams can use the VeChain Work App to contribute to the story of your product along the supply chain so when the customer sees the final product, they can use the public and free to download VeChain Pro app to view the entire story of your product including proof of authenticity and origin, all in a consumer friendly interface.
Dr. Dan Boneh Discusses Cryptography & Privacy
Dr. Boneh heads the applied crypto group at the Computer Science department at Stanford University. Dr. Boneh’s research focuses on applications of cryptography to computer security.
Dr. Boneh starts by thanking VeChain and Sunny Lu for the VeChain PhD Fellowship program.
He discusses his research in blockchains, bulletproofs & transaction privacy and the potential use of confidential transactions on the VeChainThor blockchain.
In short, the zero knowledge protocol allows you to prove certain facts are true without revealing the underlying data that goes into these facts. I highly suggest watching Dr. Boneh’s presentation (timecoded below) for more information.
Luca Crisciotti — Insights Into How DNV GL is Using VeChainThor
DNV GL is an international accredited registrar and classification society estabilished in 1864 with over 300 offices all over the world. Luca Crisciotti is the CEO at DNV GL Business Assurance.
DNV GL is a strategic partner of VeChain and also owns a stake in the VeChain company. DNV GL also runs one of the 101 Authority Masternodes which is a server connected to the network running the full VeChainThor node software and keeps an entire copy of the VeChainThor blockchain. Authority Masternodes are authorized to validate and produce blocks.
Driving Regulatory Change — Blockchain
Luca discusses how DNV GL is directly involved in driving regulatory change in regards to blockchain, such as:
- Advisor of Republic of San Marino which is a state within Italy who are shaping legislation when it comes to blockchain.
- A founding members of INATBA (the International Association for Trusted Blockchain Applications), an association created by the European Commission and offers developers and users of DLT a global forum to interact with regulators and policy makers and bring blockchain technology to the next stage.
- One of the thirty advisors of the Italian Government who are investing an extensive amount of time, money and effort to prepare a new legislation about blockchain.
Luca talks about the impact of DNV GL and VeChain’s collaboration across multiple industry sectors such as automotive, aerospace, manufacturing, food & beverage as well as fashion.
Luca shares new updates on My Story™, their blockchain based solution on VeChainThor, and how there are now many companies and food products currently being tested in which we will hear more information on them over the coming weeks and months.
Ecosystems can be built around Examples of DNV GL, BYD and VeChain’s Carbon Credit (CVCT) ecosystem were given including how the VeChainThor blockchain is fully intergrated throughout the entire Carbon Ecosystem. The recent partnership announcement with DNV GL, VeChain and Haier, one of the biggest whitegoods manufacturers in the world,
DNV GL’s Digital Transformation Roadmap
My Story™>> Enterprise ID >> Ecosystem >> AaaS >> DAW
My Story™ — Develop and scale My Story concept — representing a “single picture of truth” across product categories and industry sectors.
Enterprise ID — Start using blockchain based certificates as Enterprise Digital IDs as a first step to enable DNV GL ecosystems.
Ecosystem — Create/serve new blockchain powered digital ecosystems with comprehensive Digital Assurance solutions and provide required service elements to existing ecosystems.
AaaS — Develop blockchain powered “Assurance as a Service” solutions as an infrastructure able to support a broad range of digital assurance initiatives.
Daw — Launch a Digital Assurance Wallet (DAW) as the customer interface to DNV GL services and ecosystems.
Blockchain in Hospitals and Healthcare
DNV GL is one of the few agencies authorized to certify more than 400 hospitals within the USA. Luca demonstrates a current usecase with Nesa hospital crash carts which utilizes blockchain for authenticity. Luca shares more healthcare usecases and talks about how they can apply these same usecases into multiple industries, such as the food industry.
Digital Certificates on the Blockchain
DNV GL migrated their digital certificates from a private blockchain to the VeChainThor public blockchain platform about six months ago. This enables new features, applications & transactions for customers.
Digital Assurance Wallet (DAW)
Luca announces DNV GL’s very own Digital Assurance Wallet (DAW) that will allow everyone within DNV GL’s ecosystem to exchange and own their digital assets, including cryptocurrencies, and their digital identities. This will be one of DNV GL’s most important projects Luca says and should be ready and fully intergrated soon (after the summer).
Kevin Feng & Sunny Lu Discuss the Power of the VeChainThor Blockchain
Kevin Feng, COO of VeChain, invites Sunny Lu back on stage to discuss VeChainThor blockchain technicals as well as some of the unique features that attracts developers and enterprises to the platform.
- Proof of Authority (“PoA”) Consensus for scaling and increased security
- Dual-token economic model for projectable expenses
- Multi-party payment protocol (“MPP”) so anyone can get the full value of the technology without the need of a cryptocurrency
- Multi-task transactions (“MTT”) to reduce cost and increase contract flexibility
- Transaction dependency to sync a series of transactions that occur if conditions are met on chain
- On-chain governance for verifiable votes and code is law action plans
VeResearch and Privacy on VeChainThor
Kevin gives an overview of the VeResearch program and also mentions a privacy solution is being worked on this year by utilizing research from Dr. Dan Boneh (mentioned earlier) to build a bulletproof protocol privacy layer on top of the VeChainThor blockchain and even includes private assets.
Kevin continues to reinforce what Sunny Lu mentioned in his opening speech, giving developers the full support that they require.
VeChainWorld is now live and is a one stop information source for developers and users within the VeChain Ecosystem. DApps can be seen in the Application Hub as well as the recently released 1.4 update for the VeChainThor mobile wallet.
- Developer Information Center which has guides, tutorials and all information relating to developing on the VeChainThor blockchain.
- The Ecosystem Forum which includes developer bounties, announcements and allows users to connect to VeChain developers and other community developers.
VeChain Developer Bounties & Application Development Challenge
Kevin Feng announces the results of the VeChain Developer Bounties & Application Development Challenge.
The Foundation Awards Results
VeForge Vault — 8M VET
Developed by Totient Labs
VeChain IDE — 8M VET
Developed by Tran
Everscore — 5M VET
Developed by Daniel
The Community Award Results
1st — CometVerse — 5M VET
Developed by Comet X Inc / Totient Labs
2nd — Vexchange — 4M VET
Developed by Kenneth & Oliver
3rd — VeChain Name Service — 3M VET
Developed by Kenneth
4th — VoteChain — 2M VET
Developed by VoteChain
5th — Verify — 1M VET
Developed by Sunil
Jack Wu & Tony Li — VeChain Core Developers
Jack Wu, a core developer at VeChain, gives an overview of the new SYNC, the official desktop wallet to support Connex. It provides a seamless experience for users and developers. It enables developers and users to focus on the content itself, rather than understanding how blockchain works. e.g., users no longer need to synchronize blockchain data before using it and the transaction process is also simplified. Also, the certificate of identification and agreement functions provide an easy method for dApps to verify the user’s identity and collect user’s consent of dApp terms.
Tony Li discusses his developing experience at VeChain and covers some of the technical details in regards to developing on the VeChainThor blockchain.
He closes his presentation encouraging and inviting all developers in the community to join the VeChain GitHub, a place to collaborate and create powerful software together.
Kevin Britz & Clinton Bembry — Totient Labs
If you aren’t already aware of Totient Labs, they are the developers force behind:
CometVerse — The place to Create, Collect, and Mingle! Create your own Comet avatar! Each avatar is a unique NFT token on the blockchain.
VeForge Explore — The official VeChainThor blockchain explorer.
VeForge Vault — A web wallet interface for Ledger hardware wallets.
Valkyrie — A decentralized marketplace protocol for NFT auctions or VeChain masternodes.
Advantages of dApps and Fee Delegation
Kevin discusses the main advantages of running a decentralized application (dApp) over a centralized application. Clinton talks about current adoption issues with consumers using dApps for the first time. Fee delegation is talked about in detail with examples of the consumer’s experience now using dApps using the Multi-Party Payment Protocol (MPP).
Totient Introduce VIP-191
Totient also announced their upgrade proposal of VIP-191 to the VeChainThor blockchain.
VIP191 adds generalized fee delegation support to VeChainThor. Where MPP let’s smart contracts pay the transaction fees for their users, VIP191 allows anyone to pay anyone else’s transaction fees. This is especially beneficial for dApps that are composed of multiple protocols, as this case is not covered by MPP. It also unlocks unique user experience features for wallet providers. One of these features is the ability to abstract VTHO from the user, allowing them to use the blockchain with a single token.
VIP191 has already been approved and will be made available in the next major VeChainThor upgrade!
To discuss in more depth, join the Totient Labs public Discord channel.
VeChain Summit 2019 — Afternoon Session
Gu Jianliang — VeChain Chief Technology Officer
VeChain’s Chief Technology Officer Gu Jianliang is the first to take the stage after the one hour lunch break.
Who is Gu Jianliang?
Before talking about his presentation, I feel it’s very important to highlight some of Gu Jianliang’s credentials.
Before joining VeChain as the Chief Technology Operator, he previously worked as the Technology Director within TCL & ALCATEL Mobile Communication Co., Ltd. (a multinational electronics company) and has accumulated over 18 years of experience in relevant industries, such as mobile telecommunication and IoT.
Notably, during his career at TCL & ALCATEL, Gu led the technical team at TCL & ALCATEL to design various mobile communication devices for T-mobile, AT&T, Deutsche Telekom, Vodafone, etc. He also redefined many hardware design standard, including baseband, audio, multimedia, etc. In addition, he established the design principle of basic software functionality, including power management, security design, etc.
Apart from his rich experience in relevant industries, Gu also holds, invented and helped to invent more than 100 relevant patents in varying fields, such as integrated circuit design, mobile device power management, enhanced traceability by utilizing NFC technology, etc.
Now back to Gu Jianliang’s Summit presentation…
VeChain’s turnkey solutions are both hardware and software. ToolChain (mentioned earlier) is an example of this. He discusses the benefits of using turnkey solutions in both small business and enterprise use.
Enterprise Asset Management
VeChain has designed two solutions for Enterprise Asset Management. HSM Based Key Escrow and the Threshold Signature Solution. The breakdown of each is below.
HSM Based Key Escrow
A dedicated crypto processor that is specifically designed for crypto key lifecycle management. The highest level of VeChain’s HSM private key management which is available as a turnkey solution and includes FIPs 140–2 level 3 security level which includes VeChain’s firmware. VeChain has also designed a Management Portal to help manage permissions and risk control.
This whole solution is for key escrow so it can be used in fintech and trust companies. Gu presents a real life use case currently being used within the digital carbon ecosystem. The user drives their EVM (electric car) which in return earns them the Carbon Credit (CVCT) token, this solution helps to escrow the private key for the user.
Threshold Signature Solution
An off-line solution which breaks down the private key into several pieces to help manage your own assets of a company. This solution used with multiple ‘Secret Shares’, breaking down the private key, the private key can be recovered with a minimum amount of secret shares to recover the private key and the TX can be signed.
Compared to an on-chain option, such as a multi-signature smart contract, the Threshold Signature Solution is much more secure. The VeChain Foundation’s digital assets are managed by this solution.
VeChain has designed an asymmetric cryptography algorithm to help encrypt the data with the communicator, so even if the data is transmitted in the public network, the secret share and private key can not be comprimised. VeChain has also designed a remote web based application so that each of the secret shares do not have to be online, in the same place, at the same time.
VeKey Solution — Second Generation
Gu introduces VeKey, now in its second generation, VeKey is VeChain’s enterprise ready secure hardware wallet.
The second generation VeKey adds two major improvements. Firstly, fingerprint + password protection are added. Secondly, VeKey now uses a Microcontroller Unit (MCU) + Secure Element (SE) two in one design. Compared to other market leading hardware wallets which have seperate MCU and SE chips, the two in one design used in VeKey is much more secure.
Before using remote service for VeKey, the remote service must be authenticated before signing any transactions. The remote service sends an certified authentifier and signature to the VeKey, then after authenticated, the VeKey can sign the transaction. Very useful, especially in real business scenarios.
VeKey — Open to the Community
VeChain has now opened VeKey to the community, with native APIs for building native applications for both Windows and Mac OS. VeChain has also developed Restful APIs that can run on both Windows and Mac OS so you can authorize web applications to access VeKey through USB and sign transactions.
Anyone that is interested in one of these turnkey solutions should visit the new VeChainWorld site.
Parminder Parmar, Michael Burke and Antonio Senatore — Deloitte Digital & Deloitte Blockchain
Parminder Parmar (Deloitte’s Lead Blockchain Archeitect) and Michael Burke (Deloitte Strategy Consultant — Deloitte EMEA Blockchain Lab) take the stage and before their presentation starts, they introduce the Global Cheif Technical Officer (CTO) of Deloitte Blockchain, Antonio Senatore via a pre-recorded video stream.
Antonio Senatore — Global CTO of Deloitte Blockchain
Antonio talks about their progression in blockchain technology over the last 18 months. Deloitte started a pilot on an Ethereum based private blockchain and since then, with the help of DNV GL and VeChain has moved its focus to building on the VeChainThor public blockchain.
Deloitte’s Blockchain Lab is multi-industry, meaning, they are working in many industries such as insurance, public sector, supply chain, consumer products etc.
Deloitte has already developed some of their own tools including a blockchain explorer. Antonio stresses the importance of giving back to the community and that Deloitte will be activly open sourcing whatever they can.
Finally, Antonio announces that he has been invited to join the VeChain Foundation board of advisory and that he has greatfully accepted the position. Deloitte will help with advising VeChain’s technology roadmap as well as contributing to the open source ecosystem and most importantly, to focus onboarding enterprises to the VeChainThor public blockchain.
Deloitte, DNV GL and VeChain
Parminder Parmar and Michael Burke continue to give a general overview of what Deloitte has been doing within the blockchain industry, including their collaborations with DNV GL. Deloitte has been working with DNV GL to develop a blockchain solution to secure the certificate assurance process in business assurance. Due to the powerful features of VeChainThor (MPP, MTT etc), Deloitte has migrated their certificates from Ethereum to the VeChainThor public blockchain and will offer each certificate publicly as a service to the users, give them a digital identity in the form of a cryptocurrency token in a wallet in the coming future inwhich users will be able to interact with enterprise platforms in a decentrailized manner.
Deloitte and DNV GL are currently migrating 150,000 certificates from their Ethereum private chain to the VeChainThor public blockchain.
Parminder talks about Deloitte’s VeChain explorer and the benefits over the current blockchain explorers. Deloitte has also developed ‘Loki’ (Truffle for VeChain) and both tools will be avaialble to the public soon.
Cihan Albay — IT Innovation Management Asia Pacific, BMW Group
Cihan talks in detail about how BMW is at the forefront of innovation and how the BMW Group IT Innovation Network constantly assess new technologies, gather insights amd transfer key outcomes to business solutions, including blockchain.
BMW Group and Blockchain
BMW is currently using blockchain within these three key areas:
- Mobility — Ride sharing and autonomous driving.
- Supply chain — Part traceability and document management.
- Customers — Financial services, loyalty programs and verified data of a vehicle.
Cihan shares BMW’s blockchain roadmap:
- Track and Trace — Value by increased transparency and effeciencies.
- Value Exchange — Value by secure financial transaction and value exchange.
- Scale and Autonomy — Value of higher-level services on top of blockchain managed financial transaction, data and compute.
BMW Startup Garage
Cihan introduces an overview of their Startup Garage Program in which VeChain was a part of — A gateway into the global trillion dollar mobility market
BMW’s goal is to intergrate and apply startup solutions in real innovation projects. The Startup Garage Program lets you fully utilize BMW’s networks and suppliers to help create the world’s best premium mobility solutions.
The Startup Garage Program is NOT an accellerator nor is it an incubator, it’s a venture client which finds late stage startups which have already proven technology and working products to partner with BMW Group to leverage BMW’s cars, tools, engineers, customers and data sets to specifically customize products towards BMW’s needs.
A startup is evaluated and only if accepted, undergo a 4 month program working directly with BMW’s different business units globally. After this 4 month phase where the product is built, the product is then piloted and further customized to suit BMW’s specific needs. If the product meets the needs of BMW, further work with BMW is taken on and a client relationship is made.
BMW and VeChain — VerifyCar App
VerifyCar is a vehicle digital passport on the blockchain.
The Problem. Odometer fraud is widespread and has a negative impact on trust. A staggering 33% of secondhand cars sold in Germany have a manipulated odometer. VerifyCar varifies data sets and allows people to verify second hand seller and car details.
BMW has built a digital ledger using the VeChainThor public blockchain and every interaction of the car will have a stored hash key on the blockchain. Whether thats changing car parts such as the battery or filter, servicing your car etc.. As BMW cars now have their own sim cards, the car’s sim card sends out the in-vehicle data sets on regualr intervals to BMW for verifiaction and then uploaded on to the VeChainThor public blockchain. External sources such as car workshops or insurance companies can call these data sets from the blockchain.
Cihan explains that the VerifyCar App has already been tested with internal vehicles and has proven that the solution works and they are currently assessing their business strategy to roll out the product.
Sid Mofya — Director & Chief Operations Officer at Draper Venture Network
Sid Mofya presents the ‘Power of Networks’ and how the Draper Venture Network are excited to continue to work with VeChain after investing two years ago.
Sid commends VeChain on their development of building a global enterprise network, a network in which now includes over 100 leading enterprise partnerships worldwide covering over 16 categories and 36 sub industry sectors, an amazing achievement in such a short time. In November 2018, VeChain was the receiver of the Global Scaling Award from the Draper Venture Network.
X. Eyeé — Sr. Technical Account Manager & Blockchain Ambassador at Microsoft Azure
X. Eyeé introduces herself and her role within the blockchain space.
Her agenda is focused on Ambient Intelligence and how enterprise companies use blockchain, AI and IoT.
Jackson Fu — Co-Founder of CREAMethod Incubator
Jackson Fu introduces himself as well as his company CREAM, a dedicated ecosystem builder and what they do to help bring adoption in a different method to the VeChainThor blockchain.
Who Are We?
A leading strategic coaching, incubation and investment firm utilizing blockchain technology and crypto-economy to unleash the potential of enterprises and startups around the world.
CREAM’s belief is that blockchain technology is a valuable tool to help everybody to have a better life through projects, business and governments a lot better.
5 things that CREAM believes in:
- Blockchain technology is empowering.
- Blockchain technology is dysfunctional without a robust token economy.
- Blockchain technology is only as powerful as its community.
- Blockchain-based real business real business projects only work with a well rounded and execution focused team.
- VeChainThor blockchain is the most effective public blockchain for mass-adoption, perhaps the only one viable at this moment. Why?
The Power of the VeChainThor Public Blockchain
In order to use a public blockchain you need to incentivize and keep the everyone within the ecosystem to be a stake holder, therefore a token is needed. To power the blockchain, a token is needed to be burned as gas to pay for infrastructure.
Jackson talks about the importance adoption and how the VeChainThor public blockchain empowers normal people who have never used cryptocurrency or interacted with blockchain before to use blockchain powerd applications.
CREAMethod — The Method of CREAM
CREAMethod is an entity of CREAM, an incubator to help bring projects and businesses outside of the ecosystem on to the VeChainThor blockchain by pivoting their business model in what Jackson calls as “Blockchainization”, allowing them to adopt blockchain, as well as empowering them with community. CREAMethod also offers startups and businesses a financial investment to help “Blockchainize” them.
Fiat Lux Investments
Jackson introduces a new investment arm called Fiat Lux Investments, which is CREAM’s fund management affiliate. Fiat Lux Investments will:
- Invest in CREAM’s projects.
- Help raise funds to deploy into CREAMethod accepted projects.
- Offer an open oppurtunity to invest alongside CREAM.
VeChain and CREAM
CREAM is an ecosystem builder who partnered with VeChain in November of 2017 to help them:
- Expand and build VeChain’s branding strategy.
- Shape and develop the community strategy of VeChain.
- Helped to construct capital strategy for VeChain, including the earlier announced ThorPower (the $500,000,000 fund of fund [FOF]).
What We Have Done?
A list of current and past CREAM incubated projects including:
- Safe Haven
- 8Hours Foundation / PlayTable
- H… (Jackson hints at a new project that is coming)
8Hours Foundation — PlayTable
The 8Hours Foundation mission is simple, technology is supposed to bring people together and not to push them apart, so the message is to give your friends and loved ones 8 hours per week to get together and play video games together.
PlayTable is the world’s 1st blockchain-enabled tabletop gaming console, where physical pieces and collectibles come to life using RFID and blockchain technology.
The Future Outlook of CREAM
Jackson closes with the future outlook for CREAM and how they are thriving to be the “dominating force” within the VeChain Ecosystem for incubating long-term sustainable businesses.
Daniel Kelman — Chief Strategy Officer at OceanEx
Daniel is an attorney who has been counseling companies in the blockchain space for many years. In the wake of the MtGox hacking scandal, he moved to Tokyo where he worked to represent the interests of creditors who lost funds. Daniel Kelman is also the Chief Strategy Officer at OceanEx.
Legislation for Enterprise Adoption was the topic of Kelman’s Summit presentation and what VeChain has been doing to support legislation.
Jiayu Zhou — Chief Technology Officer at OceanEx
OceanEx’s Chief Technology Officer talks about the importance of an ecosystem having good infrastructure. OceanEx is developing an AI powered intelligent cryptocurrency exchange within the VeChain Ecosystem.
OceanEx’s goal is to offer the best trading experience to its users which not only includes a great and functioning interface, the exchange will require good liquidity and financial options, a secure environment to secure its users assets and thirdly, emphasizing the importance of having the most stringent AML and KYC policy to help pave the way to global compliance to serve everyone around the world.
Jiayu talks about the current achievements of OceanEx and the strong growth momentum of the exchange.
The technical challenges of OceanEx are presented in detail and he explains how they tackle these challenges using advanced AI and other technology including:
- Account safety
- High performance
Jiayu goes on to explain how the OceanEx wallet Management System works in order to secure users’ assets. In depth research and studies have been taken out to understand certain patterns of withdrawals and user activity on a cryptocurrency exchange. Some of this research has been funded through VeChain’s very own VeResearch program.
Panel Discussion Hosted by Bianca Chen — OX3 TV Production Founder & CEO
Hosted by Bianca Chen (OX3 Production Founder & CEO & Thomas Reuters Financial Reporter), the panel featured Pat Tang (Plair CEO), Jedidiah Taylor (DecentBet CEO) and John Dempsey (8Hours Foundation Founding Director and PlayTable CEO). The panel discussion was focused on sharing their experiences after joining the VeChain Ecosystem through the CREAMethod’s incubation and their dicisions to choose the VeChainThor blockchain.
Closing Remarks, Sunny Lu
Sunny Lu takes the stage one last time to thank all of the keynote speakers, attendees and everyone else involved in the very first VeChain Summit.
Sunny closes with a few last words as well as a couple of suprise announcements.
Advisory Board & Steering Committee Additions
Sunny introduces Masanari Koike, who will also be joining the advisory board. Masanari was a former member of the House of Representitives of Japan and is a Visiting Fellow of the Tsinghua University. Masanari will help VeChain expand to the Japanese market.
As announced earlier in the Summit, Antonio Senatore (Global CTO — Deloitte Blockchain) will also be joinging the advisory board.
Chun Yin (CY) Cheung (PwC) is changing his role to become an advisor which vacates his seat in the VeChain Foundation Steering Commitee. Sunny introduces the new Steering Commitee member, Daniel Kelman.
VeChain and San Marino
Sunny speaks of the recent news regarding San Marino Innovation, as of March 1st, 2019, San Marino has setup the law and passed legislation to offer both Initial Coin Offerings (ICOs) and Security Token Offerings (STOs). The 90 day publicity time window ends June 1st, 2019, so after this time has elapsed it will be official and it’s highly likely we will see a fully compliant ICO or STO, or both, in San Marino on the VeChainThor public blockchain.
PwC and VeChain News
In what Sunny calls “a significant milestone to the entire blockchain space”, he says that PwC and the “customer” will announce more details together within the next few months.
The United Nations Development Programme (UNDP) Join the Digital Carbon Initiative
On the morning of the VeChain Summit, Sunny received the message and announces that the United Nations Development Programme (UNDP) will be joining the Digital Carbon Ecosystem developed by DNV GL, BYD and VeChain.
Post VeChain Summit Videos
— This concludes VeChain Summit 2019 —
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