Interview: VeChain’s potential to build real-world businesses revealed

By June 19, 2020Ethereum
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  • In an interview with the VeChain Foundation, Real Items’ CTO talks about the benefits of VeChainThor for companies.
  • Real Items mainly uses VeChainThor after encountering issues with Ethereum.

In the seventh episode of the VeChain BootCamp, led by VeChain’s Chief Scientist Peter Zhou, CTO and co-founder of Real Items, Ken Woodruff, was interviewed. The interview focused mainly on Woodruff’s experience with VeChain, the benefits it has for companies, its use cases and why it is the best platform to build “real world” businesses, according to the interviewee.

Real Items has been using the VeChainThor blockchain since 2019, in line with the company’s vision that everything can have a digital identity. In addition, Real Items’ co-founder believes that the future of responsible brands will be transparency and immutability. Initially the company used the public and permissionless Ethereum blockchain, but switched to the VeChainThor blockchain after experiencing difficulties.

Why is VeChain the best at building real-world businesses?

Woodruff said Real Items has four objectives as a company: to bring transparency to product consumption, to solidify trust between brands and their users, to establish a line of communication between users and brands, and to give brands access to analysis on the consumption of their products. To achieve these objectives, they have chosen to use VeChainThor after encountering issues when using Ethereum, as mentioned above:

(with the Ethereum blockchain) we managed to make our product work, but we encountered many issues. Many of those were sort of latency problems, latency was a big problem in terms of just getting data out of the blockchain. It can be very slow. Also, storing everything in the blockchain is very expensive (…).

Since then, Woodruff said, the company has evolved to solve these issues. The use of the VeChainThor blockchain, has allowed them to offer products designed to meet their goals, especially those related to user trust in brands. Real Items has a market where users can buy items. Once purchased, the item will be created as a Non-Fungible Record in the VeChainThor and sent to the customer with a PIN code and a QR code that the customer can scan:

You can scan the QR code with your phone’s native camera, we don’t need a special camera or an application (…) At that point you can type the PIN that came with the QR code and that will verify that the product you bought is not fake and at that point you can decide if you want to add that object to your closet.

Other use cases that Real Items has built with VeChain include an application for chatting using WeChat, an integration with Hubspot for making mail campaigns and an integration with Legacy ERM. The latter use case allows other companies to improve their supply chain. The most important use case for Real Items, however, is data analysis. Woodruff said that companies are “thirsty” for data and with VeChain they will be able to give their customers details about the purchasing behavior of their consumers.

According to a report by the auditing firm Deloitte, the VeChainThor blockchain is more balanced than Ethereum. By offering greater security and scalability, VeChainThor has better features for building businesses and developing use cases such as those presented by Real Items’ CTO.

Below you can see the full interview with Ken Woodruff:

Last updated on June 19, 2020

Real Items mainly uses VeChainThor after encountering issues with Ethereum. […]

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