SHANGHAI, June 30, 2021 /PRNewswire/ -- On the 9th of September 2020 during the on-going impact of the COVID-19 pandemic, VeChain, in conjunction with DNV, introduced the blockchain-based risk self-assessment application, VeTrust. Built on the VeChainThor public blockchain, it combines DNV's infection risk management methodology and track record of providing globally recognised compliance standards to help entities manage COVID-19 risk factors. Following adoption by hotels such as InterContinental Shanghai Hongqiao NECC, VeTrust has been steadily expanding its presence, developing new usage scenarios across various industries in China. Currently, over 200 public areas are onboarded into the VeTrust platform.
On the 22nd of June 2021, during an event held by the People's Government of Suzhou New District, VeTrust was showcased as one of the Top 10 blockchain applications and was formally acknowledged by officials.
In the pursuit of more effective top-down COVID-19 risk management, the local government has been using the VeTrust platform to visualize the process of infection risk management for all administrative areas in the district. It covers a total of 95 residential communities and over 300,000 residents (as of 2021), with immutable, trustless proof of hygiene compliance being securely shared with the government daily.
VeTrust provides a standardised framework for self-assessment in infection risk management, assisting community officials in their management duties. The level of readiness of a certain community will be assessed by a weighted calculation, displayed visually as QR codes (Green — Conformity, Yellow — Readiness, Red — Nonconformity). Through the VeTrust dashboard, other public officers such as administrative teams can also easily access data related to the implementation of infection risk management standards in a seamless, instantaneous nature and verify that the health and safety of community residents are being maintained.
Utilizing the secure and scalable VeChainThor public blockchain, VeTrust's application model of combining blockchain and administrative governance is able to guarantee a higher level of health and safety, as well as a better and more safe living environment for community residents, enhancing the sense of security, mitigating epidemiological risk and improving quality of life.
A Bright Future
As the world continues to develop 'smart cities', applications such as VeTrust create a receptive environment for the technology and open up further possibilities for blockchain adoption and usage. As a critical trust layer for data, blockchain has the power to fundamentally change how society operates, removing intermediaries and falsities from the vast volumes of data created daily. The potential of immutable, decentralised data is unprecedented, promising to deliver disruption and innovation on a scale not seen since the birth of the internet.
VeTrust is further proof that blockchain is far more than just a speculative, theoretical and abstract technology. The adoption and real world usage of VeTrust by the local government in Suzhou showcases the potential of blockchain as a powerful technological asset and by proxy, signals to the world that the VeChainThor blockchain is secure, scalable and ready for deployment as a commercial application layer.
With years of development in a variety of key industries, VeChain continues to demonstrate why it will help lead the public blockchain revolution and unleash mass adoption of the technology around the globe.
About VeChain Launched in 2015, VeChain Technology is a global leading enterprise-friendly blockchain company which aims to connect blockchain technology to the real world by providing enterprises with blockchain-enabled solutions suited to their business needs.
It offers VeChain ToolChain™, a low-code blockchain-based SaaS platform that allows enterprise clients to rapidly build and drive digital transformation on a global scale, enabling the evolution of a trust-free and a distributed ecosystem.
VeChain Technology is a pioneer of real-world blockchain applications, with international offices in China, Singapore, Luxembourg, Japan, France, Italy and the United States. With strong independent development capabilities, combined with the professional compliance guidance of our strategic partners, PwC and DNV, VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group etc. Website: www.vechain.com