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VeChain CEO Tracks Impact of Ethereum on His Rising Blockchain Platform

January 13, 2020

Sunny Lu, chief executive officer of VeChain, says a momentous meeting with Ethereum founder Vitalik Buterin in 2015 influenced him to create the supply chain management blockchain.

In a recent PANews interview, Lu recounts how he learned about Bitcoin in 2013. At the time, he was studying the cryptocurrency as a hobby. Two years later, he got an invitation to meet Buterin.

Says the CEO,

“I can still remember vividly from our conversation about the drastic changes smart contracts and virtual machines will bring to our world. He described this blockchain technology in Bitcoin as the ledger system, and he transformed it from a simple record-keeping system into a more complex scenario, a new mechanism to approach complex business models.

It meant you can onboard an enormous number of complicated business models, business activities to the blockchain. So I thought it was a great opportunity, and maybe I can develop some applications based on blockchain. Then, there was Ethereum which opened a gateway for me and encouraged me on developing applications.”

VeChain’s native cryptocurrency initally functioned on the Ethereum blockchain before migrating to its own blockchain last June. Today, some of the biggest names in retail, fashion and car manufacturing, including Walmart and BMW, are working with Lu’s supply chain management blockchain platform.

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