Blockchain adoption is becoming rampant among organizations that were hitherto not associated with the technology. From payments to tracking of industrial processes, blockchain is becoming more popular in the emerging global economy. Another new sector where the technology is also booming is in tracking of non-cryptocurrency transactions.
This is what Chinese multipurpose payment app WeChat Pay is now using blockchain for, according to Binance CEO Changpeng Zhao. In a tweet today 25 October, CZ confirmed that WeChat now uses blockchain to track transaction receipts. Once a receipt is generated, it has a link that can be used to view it on the blockchain explorer, just like any cryptocurrency transactions.
Powered by VeChain?
While not much information was given concerning the new development, some of CZ’s followers are speculating that the use of blockchain on WeChat Pay must have been powered by blockchain technology company, VeChain.
VeChain is a blockchain application platform with a good presence in Asia. In June this year, Walmart China partnered with it to harness the VeChainThor Blockchain Technology for food safety. So far, the integration of the technology has made it easier for Walmart China’s customers to easily track food and verify authenticity.
This is also likely to improve efficiency for WeChat Pay users and the company as both parties can easily verify transactions using the immutable blockchain.
VeChain, in partnership with DNV GL, previously launched a WeChat Mini Program in China. Known as QingTanHui Life, the mini program will expose WeChat’s over one billion users to Digital Carbon Ecosystem (DCE) solution.
Also, VeChain’s partner DNV GL signed a strategic deal owner of WeChat, Tencent, to train and provide industry-standard certification to the former. DNV GL and Tencent will synergies the power of blockchain application and artificial intelligence to create a new era.
Mulling over the two significant links VeChain has had with WeChat in the past, there are reason to believe the blockchain technology may be behind the innovation.
Blockchain Adoption on the Rise
Blockchain technology was not very popular initially, probably because it was associated with the much dreaded cryptocurrencies. It seems though, that the world is starting to realize that the technology can be applied in several other sectors for different uses not just for cryptocurrency.
As a result, there is a growing wave of adoption lately, where traditional institutions leverage its immutability, speed and efficiency to improve their systems, especially in finance.
Applications like WeChat Pay which has over 900 million users is a hotspot for blockchain as it will expose this number of the world’s population to the technology that is taking the world by storm. China is already a hub for blockchain technology so it is hardly surprising that WeChat is coming on board at this time.
This may also just be the beginning of several such adoptions to come as the world continues to grow into a global digital economy built on cutting edge blockchain technology that is revolutionizing business in an unprecedented manner.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.