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Xi Jinping’s blockchain endorsement was a huge boost for Vechain

Clearing the industry of any bad actors was what enabled China to invest so heavily into blockchain development. Lu said that October 25, the day Xi gave his now-famous speech about the importance of blockchain, was the most important day of the year.
Following his endorsement, Lu noticed that the confidence in the entire blockchain industry went up. This was confirmed in the weeks following the speech, when “billion-dollar companies” began approaching Vechain about a potential collaboration.
However revolutionary it might sound, this is not a new thing for Vechain. Lu explained that the company was built as an answer to Ethereum‘s lack of enterprise solutions. Vechain set out to bridge the gap between groundbreaking tech and an actual, usable platform. Lu really set out to create a business-centric platform — during the interview, the told the story of how he interviewed around 40 c-level executives from a variety of different industries in order to find out what they were interested in when it came to blockchain technology.
The feedback he gathered in 2015 enabled the company to build a platform in the likes of Amazon and Alibaba, which offer standardized and simplified tools for users. With clients such as BMW and Walmart, and pilot projects with retail giant H&M, Vechain seems to be on the right track.
When asked about the company’s plan to offer Blockchain-as-a-Service (BaaS), Lu said its ToolChain platform is being increasingly explored by enterprises. He listed Deloitte and PwC as some of the companies that are currently looking into the specialized platform. The Singapore-based company also lists Breyer Capital, Renault, Microsoft, and LVMH as its clients.