The CEO of VeChain, Sunny Lu, has revealed why the top four accounting and auditing firm Deloitte dumped the Ethereum network for VeChain blockchain.
Sunny during an interview, Digital Currency Investor program, on YouTube was asked whether VeChain is better than Ethereum or VeChain will possibly replace Vitalik Buterin’s blockchain technology.
The cerebral blockchain inventor saw the question as being technical, but, he responded by saying VeChain, DNV GL and Global CTO at Deloitte Blockchain and Member of VeChain Foundation Advisory Board, Antonio Senatore, were all invited to the Shanghai International Blockchain Week 2019 to discuss blockchain technology.
During the event, rated one of the biggest blockchain convention in Shanghai, Antonio revealed what VeChain has to offer Deloitte, showing on a big screen what they have been doing and their decision to migrate what Deloitte has been building for their clients and themselves.
During this keynote presentation, the Global CTO of Deloitte Blockchain said the app was migrated from Ethereum to VeChain due to several different reasons.
The creator of VeChain said he felt happy receiving a vote of confidence from the top four auditing firm. Coupled with that, Sunny said PwC and Deloitte are VeChain’s strong shareholders.
Sunny said “ if the global CTO of Deloitte makes that kind of comment… it’s very objective”. Sunny said there were many reasons behind the decision made by Deloitte then. The CEO of VeChain said enterprise cares about what people build and not what the technology they are building on can offer.
VeChain has been receiving wide adoption lately. The blockchain technology has a wide adoption from different organizations across the world.
Recently, VeChain launched a toolchain traceability solution for Walmart China’s strong subsidiary, Sams Club in China
VeChain also sealed a deal with one of the world’s largest pharmaceutical firms to invent a traceability solution on the blockchain. Bayer China said it was collaborating with VeChain to launch the traceability solution that track clinical trial drugs.
The solution, known as “CSecure,” monitors drugs on the supply chain using blockchain technology.
The agreement to help Bayer China achieve the traceability solution came after VeChain unmatched supply chain traceability solution was noticed following a tremendous display by the blockchain startup during a competition organized by Bayer China.
Meanwhile, the traceability solution will be based on the ToolChain, an enterprise blockchain-as-a-service (BaaS) solution designed by VeChain for its clients across the globe.