VeChain is a platform which was created to enhance the management of the supply chain processes. It enables retailers and consumers to determine if the products that they buy are qualitative and authentic. The service has established partnerships with an impressive number of enterprises and businesses who are using its blockchain solution. Below we’ll cover Vechain partnerships and important information about each company.
Why are Partnerships Important?
Partnerships are certainly important in the cryptocurrency market. They help companies get access to a large number of users and clients. Moreover, they make their services available to normal users.
When there is a crypto partnership with a traditional company, blockchain solutions are expanded and help the entire ecosystem move forward. Depending on the type of partnership, there could also be a price increase.
List of VeChain Partnerships
This is just a list of the partnerships that are currently helping the VeChain platform expand. However, there could be many others in the future. Everything depends on how crypto expands around the world and whether there are more companies requiring VeChain solutions.
Take into consideration that on a regular basis, more companies adopt digital assets. This could be one of the best things for VeChain and the VET virtual currency. In the coming years, blockchain technology could play an even larger role in the whole crypto market.
Kuehne & Nagel
Industry: Supply chain and Logistics
Revenue: $22.4 billion
Partnered since: September 2016
Kuehne & Nagel is the biggest global freight forwarder, being responsible for nearly 15% of the world’s air and sea freight business in terms of revenue. K+H has 1336 offices distributed across 109 companies and employs over 75,000+ people.
Kuehne & Nagel China implemented VeChain’s blockchain technology to smartify parcels and assets, and to allow customers to track their parcels in a transparent manner.
Direct Imported Goods (D.I.G)
Industry: Wine importer
Partnered since: 07-05-2017
D.I.G is a wine importer which manages over 30% of China’s wine imports. D.I.G. is a government-owned subsidiary of Shanghai Waigaoqiao Free Trade Zone Development.
VeChain will be used to validate and trace winery data from the producers, via supply chain by using smart NFC chips in the wine bottles, to end this counterfeiting market. There could be more VeChain partnerships coming in the future.
Industry: Audit and advisory
Revenue: $37.7 billion
Partnered since: 15-05-2017
PriceWaterhouseCoopers is one of the top four auditors in the world. The company’s list of clients comprises IBM, Ford, Dell, Cisco, and 3M as well as 400+ out of the Fortune 500 companies.
PwC will implement VeChain’s blockchain solutions to its big client base, enabling its clients to verify and trace where their products came from. It will also help provide credibility for future intersted parties in Vechain partnerships.
National Research Consulting Center (NRCC)
Partnered since: 15-05-2017
NRCC is a company that offers management, standard and IT consulting which is headquartered in China. NRCC is specialized in helping develop domestic companies achieve professional status or organizations that are looking for international standards and approvals.
NRCC has over 1000 long-term enterprises clients, many of which are included in the Fortune Global 1000. NRCC uses VeChain to develop and implement anti-counterfeiting technology for the China National Tobacco Corporation. This is just one of the largest VeChain partnerships
Revenue: $67 billion
Partnered since: 25-07-2017
Groupe Renault is a multinational automobile manufacturer based in France, which became the ninth biggest automaker in the world by production volume, in 2016. Groupe Renault owns many subsidiaries, including AvtoVAZ, Dacia, Alpine, and Samsung Motors and Batilly.
In collaboration with Microsoft and Viseo, VeChain developed a digital car maintenance book which is tamper-proof. This enables the owner of a vehicle to share data about the car that is tamper proof, such as mileage when he wants to sell it. Renault is one of the largest automotive companies in the world and it has a VeChain partnership.
Industry: Financial services
Partnered since: 27-12-2017
BitOcean is a manufacturer for ATM which allows users to buy and sell cryptocurrencies. BitOcean is one of the first cryptocurrency exchanges that received full licensing from Japan’s Financial Services Authority (FSA).
Its partnership with VeChain will allow users to buy and sell VET tokens using physical ATMs installed in Japan and China.
Industry: financial services
Assets: $3.3 billion
Partnered since: 18-01-2018
Fanghuwang offers collateral-backed loans (property mortgage loans) to Small and medium enterprises in China. Fanghuwang employs technologies such as cloud computing and big data analysis to ensure quality, and efficient risk control services.
In this partnership with VeChain, Fanghuwang will create solutions to improve the way data is collected, stored and shared. For this, they have developed another Dapp called VeVid, which offers a Digital ID and KYC tool to companies on the VeChain blockchain.
Revenue: $2.4 billion
Partnered since: 24-01-2018
DNV GL is a global company that provides risk management and certification services confirming that an organization meets certain criteria. DNV GL provides companies from the maritime, renewable energy, oil & gas, food & beverage, and healthcare industries with audits and advisory services, software solutions, and certifications. DNV GL is also the biggest certifier of vessels and offshore structures.
In March 2018, they implemented VeChain’s first Dapp My Story, a digital assurance solution which targets the food and beverages industry based on audits and data collection.
Yida China Holdings Limited
Industry: Real estate
Partnered since: 19-02-2018
One of China’s biggest real estate developers, Yida, is specialized in building industrial parks and smart cities, next to residential districts and shopping outlets.
Yida is implementing the platform’s blockchain technology in its current technology portfolio.
Assets: $42 billion (2018)
Partnered since: 05-08-2018
NTT Docomo is one of the largest telecommunication companies in Japan and the fourth largest public company in the country, having over 53 million customers (more than half of Japan’s cellular market).
This specific listing on the Vechain partnerships list is part of the Docomo 5G Open Partner Program. The program will see both companies working together to develop 5G technology, which will hit the markets in 2020.
ENN Energy Holdings Limited
Industry: Clean Energy
Assets: $10 billion
Partnered since: 01-11-2018
One of China’s biggest clean energy distributors, ENN, was established in 1992, and now owns more than 400 companies and branches in operation. It provides its services to over 16 million customers in 17 of the 34 Chinese provinces.
ENN will be working alongside Shanghai Gas Group and VeChain to create an LNG management solution that uses Blockchain and IoT technology to manage the quality assurance process for different types of natural gas.
Republic of Cyprus; National Level Vechain Partnership
Partnered since: 02-11-2018
Invest Cyprus, the government’s dedicated partner for working with Foreign Investments, will be working alongside VeChain Foundation and CREAM to found a joint entity in Cyprus. This will aid the development and implementation of blockchain solutions.
The two parties will make proposals to Invest Cyprus, such as policy reforms that facilitate using blockchain as an underlying infrastructure for the operations and financial services of the Cyprus government.
Walmart China and VeChain Work Together On Traceability Platform
VeChain has partnered with Walmart China in order to create the Walmart China Blockchain Traceability Platform that is built on top of the VeChainThor Blockchain. The announcement regarding this platform and collaboration between Walmart China and VeChain was made on June 25.
This announcement related to the Walmart China Blockchain Traceability Platform came with the introduction of the first 23 product lines that were tested and launched on this platform. The goal is to reach 100 product lines by the end of the current year. This would be very positive for the adoption of VeChain and its network.
In the future, many different product categories are expected to be included in the new Walmart China Blockchain Traceability Platform. Some of the products included in this project are fresh meat, rice, mushrooms, cooking oil and more.
The new traceability system is expected to represent 50% of the total sales of packaged fresh meat, 40% of all the sale of packaged vegetables, and 12.5% of the total sales of seafood by the end of 2020.
This is expected to be one of the most prosperous traceability products in the market at large-scale that uses blockchain technology. Through this system, individuals will be able to know more about each product, including the source of the food, and the whole logistics process, including inspection report and many other data points.
Kevin Feng, Chief Operating Officer of VeChain, commented on the collaboration with Walmart China:
“As the world-leading enterprise-public blockchain platform, VeChain aims to empower enterprises in the large-scale digitization process by providing safe and mature blockchain deployment solutions and promote the wide application of blockchain technology.”
At the same time, he explained that this partnership is very important not only for blockchain technology as a whole but also for VeChain and its network. This is also going to provide a more transparent and reassuring consumption experience. Although there have been many projects related to traceability platforms using blockchain technology, this is one of the most important trials until now.
PwC has also been involved in this agreement. Their goal is to build trust and solve important problems, two of the main priorities for PwC. According to Elton Yeung, Strategy and Innovation Leader, PwC Mainland China and Hong Kong, the Walmart Blockchain Traceability System is an excellent example of blockchain technology that is applied in the retail industry.
These new implementations are also helping to improve food safety and quality management. They also provide a strong guarantee for building consumer trust because they allow individuals to better understand how products are handled and managed until they reach the home of a buyer.
This is one of the main goals of Walmart, that has been working in order to improve food safety and quality management. VeChain’s blockchain technology is also expected to improve traceability and allow the firm to become a leader in traceability management.
Using the VeChainThor Blockchain network, they are giving priority to products of “high-concern and high-risk.” PwC and VeChain provide technical support to Walmart China in order for it to be able to seamlessly implement these new blockchain-based traceability systems. VeChain partnerships could continue expanding if the market continues to move higher.
VeChain has already been operating with other companies in countries such as Singapore or Luxembourg or cities such as Paris, Hong Kong and Shanghai.
Vechain joined forces with the UFC in June of this year. The deal should benefit both brands in their respective markets. The Vechain Foundation will access an unprecedented level of integration into key UFC assets.
For example, Vechain will be featured on UFC championship bouts, the UFC fight deck, UFC digital, and other UFC events. The supply chain blockchain will also be promoted by participating UFC athletes, thus leveraging the UFC’s worldwide popularity. This should push Vechain’s supply chain management solution to UFC fans. Therefore, if you happen to attend UFC’s biggest events or UFC’s live events, you can be sure to see Vechain’s logos plastered all over.
And this goes for all UFC’s biggest events on different fighter rankings. There are over ten fighter rankings for UFC athletes that are highly competitive an pull in large crowds.
Read More Beyond Vechain Partnerships
To read more about Vechain Thor project and Vechain partnerships, check out the official price prediction article for VET, and check back for regular updates. You can read our additional post on Three Reasons Why VET Could Rebound Soon, as well as a technical analysis on VET trading pairs.