Whether it’s the apparel worn by athletes or the science behind the way they train, UFC is always trying to change the game. That mentality doesn’t just stop at the Octagon, though. UFC is constantly looking to identify and align itself with organizations and brands that have that “it” factor.
By having cutting edge sponsors and partners, UFC can always be ahead of the curve by pursuing the next big thing.
That’s exactly why UFC couldn’t be more excited about its groundbreaking partnership with VeChain.
In 2015, VeChain began operating as a private consortium blockchain network co-founded by Jay Zhang, CFO, and Sunny Lu, CEO. They recognized the potential for the blockchain technology to radically transform industrial processes that involve data sharing among parties.
A blockchain is a connected chain of ‘blocks’ that essentially is a package of data that can contain any kind of information. Protecting this data and tracking this data could help eliminate fraud and other security breaches.
Zhang and Lu focused on public blockchains, which is essentially a form of blockchain that is transparent, open, and visible to many parties. In 2017, they launched a public version of VeChain on the Ethereum blockchain using the token ticker VEN. Then on June 30, 2018, ‘VeChainThor, with the token VET was born.
Since then, VeChainThor has grown tremendously and its scope of application has broadened to cater to sustainability initiatives, carbon management, automobiles, energy, medicine, and much more.
UFC.com caught up with co-founder Sunny Lu to discuss VeChain and how its leading the blockchain industry movement.
Tell us a little more about what exactly VeChainThor is:
VeChain is a versatile, powerful, smart contract platform with unique features, built to tackle the challenges facing the real-world adoption of blockchain tech. VeChain has worked in energy, medicine, F&B, supply chain/logistics, sustainability, carbon management, decentralized finance and more, with enterprises and governments. It is actually used by real world clientele in a commercial environment at scale, not smoke and mirrors as per a majority of crypto projects. Zero percent downtime in four years.
What plans does VeChain have in terms of organizational growth?
VeChain is opening a new HQ in San Marino, a new tech centre in Ireland, and a new business centre in Milan. Europe is a huge growth area for us, and we’re well positioned to take advantage of the incredible opportunities it presents.
VeChain is also focused on building new tools, hiring developers, acquiring businesses, and looking to serve the hungry European region with blockchain technology.
What makes VeChain unique?
VeChain is highly unique in that its technologies are being used for tangible applications in the real economy. It has landed commercial contracts with major clientele, such as Walmart, and operates at a commercial scale. This is almost unheard of in the space, which is predominantly filled with hype and hot air.
VeChain is also unique in that it has close working relationships with major consulting firms like DNV and PwC, who have been crucial in helping land contracts with Fortune 500 companies and governments across the globe.
The kind of cases being built on VeChain are also highly unique. The majority of people only know blockchain and crypto as financial tools, but VeChain is building solutions in the fields of sustainability, carbon management, medicine, automobile, energy, decentralized finance and more.
Why did a partnership with UFC make sense for both UFC and VeChain?
First off, there are certainly mutual benefits that arise from the massive community overlap that can be found within UFC and VeChain circles. Both communities are young, educated, affluent, and tech savvy. Tapping into this audience allows VeChain to gain greater exposure to a global audience of young entrepreneurs and business owners who may now look further into how blockchain can tangibly benefit their businesses.
Also, the opportunity to join hands and grow alongside one of the most popular sports in the world was an opportunity VeChain didn’t want to miss.
How can VeChain change the world?
There are handful of ways that VeChain is already making an impact, but the impact that VeChain will have on the world in the future is significant. Here are just a few of the projects currently being handled by the VeChainThor blockchain:
- Anincentivized ecosystem in San Marino: Positive environmental behavior is rewarded with tokens that can be exchanged for goods or services. Part of a government project, the ecosystem forms part of San Marino’s 2030 UN Sustainable Development Roadmap
- Plastic reclamation from the hydrosphere using blockchain to trace the location and weight data of refuse collected, as well as processing in to new products
- Carbon recording using blockchain, enabling much more accurate monitoring, and more effective carbon markets/carbon trading in years ahead
- Circular economics; tracking the lifecycle of goods from production to end of life - providing consumers with sustainability and provenance data, ensuring end-of-life recycling and resource reentry to the production cycle
- Allowing companies to share green credentials/activities with consumers,–enhancing brand engagement and allowing consumers to choose products in line with their values via their spending habits
- Eliminating fraud in secondary luxury markets by using embedded NFC chips that carry production/authenticity data from a manufacturer. Prevents resale fraud, protects consumers and provides brands far greater oversight of the lifecycle of their products
Added Lu: “This is just the beginning of a long-term partnership with UFC.We are really looking forward to changing the world together.”