VeChain uses its blockchain mainly to provide RFID (Radio Frequency Identification). This can be used as part of an internet of things framework, supply-chain planning, and also to determine the provenance of unique goods.
The firm has an in-house development team that caters to larger businesses and hopes to be the go-to company for enterprise blockchain needs. In bittersweet news, it sees the COVID-19 pandemic as a sign of urgency for blockchain adoption.
A Partner Who Has Partners
Yesterday, VeChain announced on its Medium that the new partnership will help them to reach a large variety of industries. The quality control firm has a number of clients across many fields, with everything from supply chain management to energy to pharmaceuticals.
In addition, VeChain has partnered with other large companies in the past. Previously, Price Waterhouse Coopers Hong Kong and Singapore had purchased stakes in VeChain.
At the time, the crypto firm was valued at over $2 billion. It now has a market cap of just over $1 billion, though it remains one of the largest blockchain companies. The Norwegian quality assurance firm DNV GL also bought a stake in the VeChain foundation.
Grant Thornton Cyprus’ blockchain chief Alexis Nicolau has noted the importance of the technology’s rapid growth. He claimed that new laws regulating blockchain technology on the island country were, “imminent.”
The pandemic, for its part, has put the limelight on the need for more efficient supply chains. With rich countries suddenly finding shelves empty, the alarm has been sounded this year. Blockchain companies like VeChain have offered solutions.
VeChain CEO Sunny Lu said in the company’s announcement that the global economic order was changing, adding that companies like VeChain were in a unique position help with:
The urgency of accelerating digitalization which enhances the need for digital solutions in the post-pandemic.
Pandemic-Inspired Use Cases
The market at large is finally testing supply chain and authenticity use cases. VeChain has already launched some tools that have immediate use. Just this month, it released a tool for tracking food safety. Recently Coca-Cola bottlers said that they would trial Ethereum for their supply chain.
The Singapore and Chinese-based blockchain firm has been working on technology as well. Earlier this month, VeChain began working with Oxford University to assess consensus protocols.
According to VeChain, the partnership with Grant Thornton Cyprus opens up “thousands” of businesses to blockchain adoption and is an important first step.