Web3 for Enterprises
Over the years, our team at V Systems has developed a wide range of solutions for developers, enterprises, and other kinds of users interested in exploring the opportunities offered by Web3.
These solutions can be implemented autonomously or managed by our teams:
- Developers can build tools, write smart contracts, and innovate their applications on the V Systems network autonomously. We provide extensive resources, tutorials, and support for the community to get started with our V Systems chain.
- Over the years, we have helped numerous enterprises of all sizes to integrate Web3 solutions into their structures and businesses. In this way, we have supported organizations to optimize efficiency and security through Web3 solutions, thus contributing to their brand growth.
Our product suite includes:
- Payment smart contracts with Swap, Escrow, Options, and Asset Lock capabilities
- Token smart contracts to generate tokens at affordable prices
- NFT smart contracts swiftly produce Non-Fungible Tokens on the network
- xLumi Payment Channel as a layer 2 solution to enable fast and efficient micropayments
With a special focus on the APAC region, V Systems has been implementing its tools and building on its network on behalf of organizations in the Web2 and Web3 sectors.
While we keep innovating and developing, the application of our tools keeps expanding. Of course, we are bound by NDAs and confidentiality agreements to protect our enterprise clients’ privacy, products, and interests.
Yet, we still would like to share with you some of the key achievements and applications we have worked on (or are working on) for clients and services spanning different sectors — from payment platforms to e-commerce, ESG, banks & financial institutions, web services, and artificial intelligence.
In this first article, we will focus on the broad payment and tokenization service requests that we have received from organizations in different sectors, especially the financial and e-commerce ones.
Catering to enterprises for asset tokenization and improved payment efficiency
Our community of investors and aficionados may recall the launch of our Euclid, Fermat, and Riemann contracts.
The release of the Euclid contracts aimed to bridge the gap between Web2 and Web3 through easy-to-use smart contracts for generating tokens in a swift and affordable way. With the subsequent release of the Fermat contracts, we created an interoperable platform for developers to create blockchain-based applications by means of different protocols: Lock Contract, Non-Fungible Token Contract, and our Payment Channel Contract (xLumi). Finally, in our last stage of contract development, we upgraded the Fermat contracts to produce DeFi solutions for reliable Web3 payments (Riemann smart contracts). The development of Atomic Swap, V Swap, V Option, V Stable Swap, and V Escrow served this purpose.
Over the years, we have been using our on-chain tools to service enterprises in different industries in two main ways:
- By optimizing business processes through asset tokenization and management
- By integrating Web3 payment channels into their platforms and applications
Tokenizing assets
Tokenization is the process of linking assets to crypto tokens, and hence linking the token price to the value of the asset. Sometimes, tokens represent a fraction of an investment or an asset; other times, the holder of the asset’s token is also the owner of the entire asset.
Tokens can be tangible (e.g., real estate tokens), or intangible (Intellectual Property tokens). Regardless of the nature of the underlying asset, the enterprises we have worked with required the tokenization of assets for some key reasons:
The organization was looking for interoperability between systems, currencies, and networks
Especially for larger companies with different platforms and businesses, using one single token for different networks, currencies, and systems can considerably boost productivity, user retention, and growth, and reduce costs. At the same time, it also leaves the door open for easier scalability at later stages for the same token can be used in new, innovative ways.
The organization was looking for speedy and more affordable transaction costs
Tokens representing assets, e.g., securities, can be traded flexibly and with lower fees. While securities (to cite an example) can only be traded during working hours, security tokens are available for trading 24/7.
We have used our V Option contract for decentralized derivatives trading — including leverage trading, perpetual trading, and options trading.
The organization was looking to better prevent data breaches
Tokens are the digital representation of an asset. Yet, they do not include the personal information and data of the asset. This can help prevent data breaches that are otherwise relatively common in traditional industries.
The organization was looking to program token usability
Tokens can be programmed to be used on a specific date, in a specific store or platform, and for a specific purpose. Some of our clients were looking for increased control and guidance for their users to utilize their tokens. It goes without saying that this feature is not available for traditional money or payments.
The organization was looking to automate transaction execution
By means of smart contracts, transactions can be executed only when specific conditions written in the contract are met. This considerably increases security and reliability of transactions while decreasing the need to manually handle and supervise transactions.
While these are the main reasons for clients to implement tokenization, one of the most common requests and needs we have encountered — often combined with tokenization — is the integration of Web3 services into traditional platforms.
Integrating Web3 payment channels
Web3 payments have a few upsides over traditional payments, mostly because they allow micropayments and instant settlement, simplify and lower the costs of cross-border transactions, and increase the protection of users’ data, thus preventing data breaches.
More and more enterprises have been looking to add Web3 payment options to their platforms to diversify and cater to a wider audience. Crypto payments can lower costs and enable micropayments. This is an added layer of security and ease offered to clients looking for alternative payment modes, e.g., pay-as-you-go approaches versus subscriptions and large deposits.
By offering Web3 payments, and while keeping an eye on transaction records in real-time, we have empowered our clients to
- fractionalize order placements,
- offer speedy transactions,
- lower transaction fees for their customers, and
- automate the reconciliation process to verify the correctness of the transaction entries on the blockchain.
Conclusions
For many, it is still hard to envision how Web3 can benefit traditional industries without disrupting client-facing services and without needing burdensome resources and expertise. At V Systems, we have been working relentlessly to bridge the gap between Web2 and Web3 and expand the use cases of our tools in the hope that more and more developers, enterprises, and individuals all over the world can tap into the potential of blockchain technology.
In the coming weeks, we will be sharing more about the application of our smart contracts and Web3 solutions for our clients working in the e-commerce, AI, ESG, banking, and financial sectors.
Stay tuned for more use cases.
For more information and inquiries, please contact us at support@v.systems
About V Systems
V Systems (VSYS) is an open-source network that supports decentralized applications’ efficient and agile development. It is designed for real-world use cases, making it possible to create, send, trade, and track tangible or intangible assets in a digital form. VSYS can handle millions of transactions daily and it runs on a decentralized, open network.
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