The VeChain project has made 2 strides forward this week. First, the project released version 1.0.2 of their Thor mainnet, which brings several improvements to the protocol. Second, Chinese insurance giant People’s Insurance Company of China (PICC) has announced a partnership with VeChain and long-associated collaborator of VeChain, DNV GL.
Mainnet Version 1.0.2 Released
On September 1, VeChain released a new update to the VeChainThor blockchain.
Announced via Twitter, the update introduces several improvements, including new features, bug fixes, and overall performance improvements. Among other changes, customized gas limits are now possible, as is subscription support for new blocks, events, and transfers that can be made through a WebSocket request. Synchronization has also been optimized, as the team has tweaked P2P parameters.
VeChainThor mainnet v1.0.2 has been released. Key updates include new features, bug fixes and performance improvements. For more details, please visit https://t.co/vm6Zqa169W pic.twitter.com/rufoUTDSYT
— VeChain Foundation (@vechainofficial) September 3, 2018
The team recommends users upgrade their software, which can be downloaded from the GitHub repo.
VeChain successfully launched their Thor mainnet in late June, in contrast to the multiple problematic launches that occurred around the same time (EOS being a notable example). Very well aware of the damage that security flaws could bring to their reputation, VeChain employed over 100 third-party auditors and security experts to review the code.
People’s Insurance Company of China Partners with VeChain an DNV GL
VeChain’s work on the project appears to be paying off, with their list of partners growing by the month. September sees VeChain and DNV GL working with the People’s Insurance Company of China (PICC) to integrate blockchain technology into their business.
People's Insurance Company of China (PICC), one of the largest insurer globally with $126 billion total assets, is opting to embrace blockchain technology with the help of DNV GL and VeChain. https://t.co/2CyZsybRvm
— VeChain Foundation (@vechainofficial) September 1, 2018
Insurance has long been touted as one of industries for which blockchain technology is particularly suited.
The extensive documentation and verification processes involved in the industry can be made fraud-resistant and streamlined with immutable ledgers. Unreliable data and inefficient legacy systems are primed to be replaced by a ledger that offers stakeholders a single incorruptible source of data that can automatically execute relevant actions with the aid of smart contracts.
Fraud reduction, KYC compliance, and increased turnaround time is precisely what PICC hopes to achieve with blockchain technology. VeChain co-founder Sunny Lu is excited about the collaboration, saying:
Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.
DNV GL has a part to play in PICC’s decision to partner with VeChain. The latter’s partnership with DNV GL, which has helped attract enterprises to VeChain’s blockchain solutions for real-world problems, convinced PICC to use VeChainThor. DNV GL’s track record in global quality assurance and risk management business, which operates in more than 100 countries, gives VeChain a valuable conduit into several industries.
DNV GL CEO of Business Assurance Greater China Region, George Kang, explained:
The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.
Like DNV GL, PICC is a remarkable partner for VeChain, being one of the world’s largest insurance issuers with assets totaling over $126 billion.
This caps off an excellent week for VeChain, which is steadily growing a network in several industries. As more enterprises latch onto their blockchain network to make business operations more efficient, VeChain’s network will be only be scrutinized more.
If the team keeps their heads down and continually makes improvement, they can make some real in-roads and establish a permanent presence in the market.