VeChain Pushes Past 1 Million Transactions, Highlighting Blockchain Adoption in the Real World

The chief operating officer of VeChain reports a major milestone for the Singapore-based company. Its mainnet VeChain Thor has reached 1.1 million transactions, a new all-time high.

Kevin Feng tells his followers on Twitter,

“The VeChainThor mainnet recorded over 1.1m transactions and 35m VTHO burned yesterday! Applications running on VeChain should use the blockchain technology to solve real-world economic problems and target a broader user base.”

The mainnet first broke one million transactions on July 3rd. The continued increase in the number of transactions signals greater adoption of blockchain solutions for VeChain’s clients who are applying blockchain technology to improve real-world logistics and delivery systems.

Founded in 2017, VeChain has expanded to become a leading global enterprise-level public blockchain platform, building partnerships with some of the world’s biggest brands including Walmart and Louis Vuitton. It lets consumers, retailers and suppliers track products through the supply chain, allowing participants to verify the authenticity of the goods and to ensure safety.

In an overview of its recent eight-hour marathon ask-me-anything, the company says its partnership with Walmart China is a blueprint for the future.

“The successful cooperation between VeChain and Walmart China, first and foremost, indicates that traditional companies are willing to use public blockchains. Secondly, blockchains in the future will most likely be a mixture of public blockchain and private blockchain, depending on the use case. Thirdly, by partnering with PwC to empower Walmart China’s Food Safety Traceability Platform, we have not only provided this solution to Walmart China consumers but also established contacts with Walmart China’s suppliers. 

In the future, we may gradually convince these companies to apply blockchain, thus putting into reality what we have been talking about — ‘applying blockchain technology across the board’.”

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