The blockchain technology is evolving with different new additions and VeChain (VET) has moved one step further by introducing a revolutionary One-stop BaaS platform i.e. VET ToolChain which will allow users across the globe to implement blockchain technology with ease.
As the world is progressing with Artificial Intelligence, IoT, and 5G, blockchain technology along with these three technologies will revolutionize the way the world is moving today. Especially for the enterprise’s, blockchain is a very key factor in taking their business to a new level. This technology will allow businesses to make good decisions which would lead it to the top-level.
VeChain has introduced a new ToolChain that is a new level blockchain-as-a-service (BaaS). The core focus of that network is to let the users come across the blockchain network. VET ToolChain gives users various interfaces to eradicate the high technical threshold and considerably lower the costs for individuals and SMEs in the blockchain integration. The main idea behind the ToolChain is providing an off-the-shelf solution with different standardized application modules.
Moreover, the VET ToolChain has a vertical blockchain application that focuses on managing the life cycle of the product, which is used as SaaS solution. This provides an opportunity for those companies which haven’t integrated blockchain technology, they can easily integrate the blockchain technology without zero requirements. Another important thing is that the channel partners and eco-enterprises are now able to create their own applications of VeChainThor blockchain BaaS platform.
The SMEs would add further benefit with its extensive one-stop customized blockchain service which would include some key factors as follows; product life-cycle management, supply chain management, data storage, data verification, and process verification, thereby improving their brand image and scaling their businesses.
With the wide range of the market, the demand is variable, so on the basis of demand, VeChain (VET) ToolChain solution is available in three different versions. There is a Standard, Developer, and Channel Partner version. These three versions have different capabilities, for instance, the Standard version would allow SMEs but without any development, the capability to have its own blockchain based lifecycle management solution. The Developer versions will provide a variety of API interfaces, SDK development kits, and detailed developer documentation. The last and third version will be able to support the independent deployment and multi-dimensional customization of ToolChain which would be based on the channel partner’s business ability and strength.
The VeChain ToolChain has already been successfully implemented across different industries including, FMCG, automobile, insurance, energy, wine, agriculture, art auction, and many other industries. This will play a key role in these industries in data verification, anti-counterfeiting, data sharing, and traceability.
At the moment, the market has been in the red zone since last night but it has gone up and down in the last couple of days. But, the key aspect is that Bitcoin has been recovering which has helped the rest of the market. VeChain with its recent progress and previous key partnerships is shaping into a really strong crypto platform and this will help its growth in coming years.