- March 29, 2020
- Posted by: Andreas
- Categories: Altcoins
Vechain is an altcoin that has garnered a lot of buzz in the cryptocurrency community. The reason lies mainly with their ambitious plans and not shying away to tell the world about them.
These promises have also manifested in a large variety of business partnerships with huge enterprise clients using the VechainThor blockchain.
Before we go on to the partnerships themselves, it’s only just to give a very brief overview of the project itself. For a more detailed analysis, please check out our longer article – What is Vechain?
The Vechain project aims to make supply chain processes more efficient by utilizing blockchain technology. Smart chips and RFID tags help to write data onto the chain, providing immutable data over the course of the whole product journey.
Every transaction is paid for using Vechain Thor, the second token in the system. The main token, VET, produces Vechain Thor passively when held in a wallet.
The VechainThor blockchain also acts as a blockchain platform. This means that anyone can develop dApps to make a solution that answers to their specific needs. And quite a few companies have already made use of that possibility.
While we may be used to ICOs being the metric to show the number of dApps, it is not always the case. Not every project needs its own coin, so no ICO is then necessary.
Even though the crypto market seems to always try to launch ICOs in order to raise money, it is not the only way. Developing a dApp that uses the platform’s main currencies is actually possible and a much easier way to do it.
When you look at the lists below, we have linked a few Medium articles by the Vechain Foundation to explain the partnerships more in-depth. Many of them are more than a year old. Recently Sunny Lu, the CEO of Vechain, said that all of the partnerships are still active and looking to implement the projects.
First, let’s start with the partnerships Vechain has in place. There are some large corporations in this list that are actively looking to offer blockchain services through the VechainThor blockchain platform. This is a feature that Vechain really stands out in the crypto market.
A global company that is mostly known for being the source of ISO certifications. Want an ISO 9001 to show your company’s processes are efficient? Turn to DNV GL.
Now DNV GL members are also part of the Steering Committee at Vechain. While many blockchain projects have big-name entrepreneurs listed as advisors, Renato Grottola is actually active. He talks about the importance of the digitization of the industry and the DNV GL homepage also reflects their drive towards digital solutions.
Many of the Vechain blockchain users have found their way to it through DNV GL. They operate mainly in the air and sea freight business. For Vechain, this means a long list of potential future customers through DNV GL.
Together, they developed the MyStory dApp to fight counterfeit products in the food & drinks industry.
PriceWaterhouseCoopers is one of the Big Four auditing companies in the world. Their list of clients includes most of the Fortune 500 companies. What does it all mean to Vechain, though?
They have partnered with the Chinese subsidiary of PwC. The auditing company advises its clients about different solutions on the market. One of them is supply chain, where blockchain is an up-and-coming technology.
So, partnering with PwC has the potential to bring in many more new enterprises. The stand-out success so far is Chinese Walmart who now uses the blockchain platform to verify its product sources.
National Resource Consulting Center (NRCC)
Another consultation business, NRCC has its focus on the Chinese market with a similar scope to DNV GL. Which means they help companies to acquire international standards that can give a business that much-needed credibility in a worldwide market.
Their customer-base is upwards of 1,000 enterprise clients. Many of them belong to the Fortune Global 1000.
One of the most important customers through NRCC is the China National Tobacco Corporation. Together, they developed the anti-counterfeiting technology to fight the black market for cigarettes.
One of the largest real estate developers in China, Yida’s focus is on developing industrial parks and smart cities. The partnership was announced at the start of 2019.
Smart cities have long been a part of Vechain’s portfolio. The purpose is to track many things on the blockchain to improve overall efficiency. Yida, as a developer for such things, can prove to be a really valuable partnership in this space.
While the partnerships section included huge companies that are trying to work out solutions for their own clients, this section includes the customers looking to use the solutions in their workflow.
Many customers have probably been onboarded with the help of these above-mentioned enterprises. But the Vechain Foundation themselves have been actively seeking to add new customers to this list, even developing their own toolkit for that – called ToolChain.
The clients include very different industries, varying from luxury brands to automotive and food & drink sectors.
Direct Imported Goods (D.I.G)
Another government-level partner partnership with China, as D.I.G is owned by the Chinese state. Their focus is on importing wines to China.
The problem they turned to Vechain with, is the one mentioned several times here – counterfeit goods. The estimation tells us that about 30,000 fake wines are sold every hour in China. For fighting the status quo, they are looking to bring the wines onto blockchain to verify the authenticity of products.
China Unicom is, again, a state-owned company that is active in the telecommunications sector. Their user-base makes them the 4th largest worldwide service provider in the industry.
The partnership with China Unicom entails making its supply chain operations more efficient.
BMW is developing a virtual car passport. The name of the project is VerifyCar and you can learn more about it here.
The dApp helps to make sure that the data regarding mileage, service history, etc. is correct. Connecting modern sensors to the internet helps to write data in real-time and eliminate the risk of scrolling back the mileage on cars, for example.
This was the first automotive client in Vechain’s portfolio. The Group includes different car brands like Renault, Dacia, Alpine and Lada.
The scope of the project is very similar to that of BMW’s. The purpose is to build a digital passport using blockchain technology. It shows verified data about the history of a vehicle. This helps to increase trust when buying and selling used cars.
Kuehne & Nagel
Vechain being a blockchain with its focus on supply chain management, global freight forwarding companies fall right into their scope.
Kuehne & Nagel is one of them who has been announced to work with Vechain. They are the biggest enterprise in the industry, accounting for almost 15% of the world’s freight business, including both shipping and air.
The project they are working together involves using smart chips to track the movement of packages over the journey. The incoming data helps to make the flow more efficient with less human interaction.
Similarly to Kuehne & Nagel, DB Schenker is active in the transportation and logistics industry. A well-known name, they have offices in more than 60 cities in China alone.
The blockchain solution will include gathering data from 3rd parties they are working with, to ensure that the information they provide is accurate. This will help to improve performance based on reliable data.
Scanning smart chips reduces the need for inserting information manually which, in turn, eliminates the risk of someone manipulating the information.
Bright Food is another Chinese national brand that is active in the food and drinks industry.
A huge retailer of goods, their product lines include dairy products, for example. Milk with Vechain QR codes is available in supermarkets.
The utilization of blockchain technology helps to monitor the lifecycle of the products from farm to shelf. This helps to improve the whole supply chain management. Trust-proof data is especially important to fight counterfeits in an industry that also involves baby food.
Sunny Lu, the CEO of Vechain, was the CIO of Louis Vuitton China before establishing this blockchain company. His contacts made it possible to strike a partnership with LVMH.
The French luxury brands conglomerate includes brands like Dior, Ginenchy, Louis Vuitton, etc.
The luxury goods industry is laden with fakes, Vechain provides enables fitting smart chips to the products to prove the authenticity of products. For example, Sunny Lu recently stated that 100% of Givency’s leather goods are already fitted with a tag to show the source of leather and products themselves.
So, we are going to stop here. The scope of these projects is often pretty similar and you already have quite a good grasp of what Vechain is helping these enterprises to accomplish.
However, the list is actually a lot longer and new companies are being added to it constantly. See here for more information:
- eGrid Consulting
- NTT Docomo
- ENN Energy Holdings Limited
- Shanghai Gas
- Cyprus National Level Partnership
- Fuji Tea
- Baijie Teng IoT Technology Corporation
- BIOS Middle East
- Norway in a Box
- Walmart China
- San Marino National Level Partnership
- Belt and Road Initiative
- Digital Carbon Ecosystem
- Anhui Tea Industry
- Pu’er Tea
So, here you have it. A long list of Vechain partnerships and customers. What do we know about the stage of implementation?
Not much, to be honest. We know that many stores have had PoC products on the shelves at one time or another. This includes various food products as well as clothes from LVMH and H&M.
Sunny Lu, however, has reiterated that even he thought the implementation would take a lot less time. The process of moving from PoC to full-scale implementation is a long road for these big corporations. Still, we must keep in mind that all partnerships are still active.
Where to Buy?
We are not in a position to give any financial advice.
You should definitely do thorough research on your own before putting money towards buying any VET tokens. Should this list of partnerships be the last piece of the puzzle, though, we have the next step ready for you.
See our article on how to buy Vechain (VET). We cover the best exchanges for buying this altcoin along with step-by-step instructions.