VeChain (VET) continues its expansion in the market. This time, the company has signed a partnership with the Chinese electronics giant Haier. The firm aims at targetting supply chains, logistics, automobiles, Internet of Things (IoT) and also blockchain IDs, among others.
VeChain Continues Its Expansion
On April 1, Haier, one of the largest collective multinational consumer electronics firms in the world, held an event called “Global Release of the Achievements of COSMOPlat Industrial Internet Eco Brand Platform.” There, they announced a new strategic partnership with Vechain and also DNV GL.
COSMOPlat is a platform known as Internet of Clothing (IoC). This platform is expected to be using VeChain’s technology and blockchain to create a blockchain-based clothing life cycle management platform. With the VeChainThor blockchain, it will be possible to do so.
According to Mr- Zhang Weijie, the Executive Director of Haier Institute of Industrial Intelligence, the cooperation will be improving the clothing lifecycle.
On the matter, he commented:
“This strategic cooperation empowers the clothing lifecycle management system through public blockchain technology, enhancing consumers’ trust which is becoming essential for a business to succeed. An ecosystem approach is the best way to increase levels of transparency and trust, with innovative solutions that bring together various technology elements combined with verification activities.”
The new platform built together is called MyStorey and it will allow customers to identify information about products just by scanning a simple QR code. In this way, users will know which items were used during the manufacturing process. That would provide transparency to both companies and users.
This new product will be changing the way management works and it is expected to improve consumer satisfaction and not only management. Both firms, Haier and VeChain want to expand distributed ledger technology (DLT) adoption to other industries such as household textile, printing and laundry, among others.
VeChain is the 24th largest virtual currency in the market. It has a market capitalization of $358 million and each VET coin can be purchased for $0.006457 according to CoinMarketCap. As most of the crypto market, VET experienced a large drop of 10.7% in the last 24 hours.
Jerome Grilleres, the General Manager of VeChain Europe, said that with this new partnership the market of clothing and laundry has reached a remarkable achievement. VeChain will also keep exploring new application scenarios for blockchain tech in the future.