Wanxiang Blockchain Launches Vena Consortium to Build One-Stop Digitalization Solutions for Enterprises

SHANGHAI, Jan. 5, 2022 /PRNewswire/ -- Wanxiang Blockchain marked the start of a promising 2022 with its next-generation blockchain technology platform "Vena Consortium". Built upon PlatONE, a consortium blockchain featuring privacy computing, and Wanxiang Blockchain's experience in creating blockchain solutions for industrial internet, digital assets, digital cities and many other scenarios, Vena Consortium has been designed to provide one-stop solutions for governments and enterprises to tackle challenges in digital transformation with Venachain, a high performance consortium blockchain, and various functions, such as privacy computing, cross-chain, smart contract, blockchain browser, DID, BaaS, etc.

Blockchain has been expected to deal with the problems that come with the new business models in the digital era. For one thing, we have realized that blockchain alone can hardly fix the problems facing governments and enterprises in digital transformation. It is imperative to build comprehensive solutions by combining blockchain with other digital technologies, including IoT, AI, Cloud Computing, 5G, etc.

For another, as the pace of digital transformation accelerates and Metaverse, the commonly recognized destination of digitalization, gains popularity, blockchain has been required to meet higher technical standards and make the best of its advantages in building trust and protecting data privacy to promote smoother and more efficient collaborations among different players.

In this connection, Wanxiang Blockchain launched its next-generation blockchain technology platform "Vena Consortium" that combines Venachain, a self-developed consortium blockchain with other functions and tools, such as privacy computing, cross-chain, smart contracts, blockchain browser, DID, BaaS, etc. as an effort to empower the digital transformation of governments and enterprises.

Build a Trusted Data Pedestal upon Venachain

As the core of Vena Consortium, Venachain is a high-performance consortium blockchain developed by Wanxiang Blockchain to help governments and enterprises tackle challenges in digital transformation. The TPS of a single chain in Venachain has been over 50,000. Besides, it also supports cross-chain and can be easily deployed so as to build a Trusted Data Pedestal for the digital economy and cultivate a favorable digital ecosystem for efficient collaboration.

More Than a Consortium Blockchain

Apart from the Venachain, Vena Consortium also provides functions and tools like privacy computing, cross-chain, DID, distributed message, blockchain browser and BaaS to meet higher demands for data authenticity, privacy and sharing. Supported by Wanxiang Blockchain's technical abilities and global influence, Vena Consortium is able to pioneer the innovation of Distributed Cognitive Technology consisting of blockchain, IoT, Knowledge Graph and adjacent technologies so as to provide comprehensive solutions to empower the digitalization of various industries. Moreover, based on Wanxiang Blockchain's experience in mechanism design, Vena Consortium will also contribute to upgrading the incentive mechanisms and the governance models of the digital economy. This will hopefully improve governance efficiency, encourage multilateral cooperation and weave blockchain into different industries.

Through its cooperation with influential companies and organizations in the fields of IoT, AI and chips, such as aitos.io, Datayes, RISC-V Foundation, etc., Vena Consortium has developed comprehensive and viable solutions for various industries, including supply chain finance, industrial internet, digital cities, digital assets and so on.

Vena Consortium will make relentless efforts to make the best use of Wanxiang Blockchain's technical abilities and global influence to tackle the challenges facing governments and enterprises in the digital era with more advanced and comprehensive solutions.

SOURCE Wanxiang Blockchain