Forging partnerships is crucial in the cryptocurrency and blockchain space. Most projects tend to look within their own niche for doing so. VeChain, on the other hand, is going for partnership that can make a genuine difference. Below are some recent partnerships that can make a global impact.
Gaining a foothold in China is always a challenge for blockchain companies. That is, unless the project is a Chinese company. Given the country’s desire to go all-in on blockchain technology, there may be some more international partnerships on the horizon. VeChain is one of the beneficiaries of this desire to explore the full potential of distributed ledger technology.
Earlier this year, Shanghai Gas, a company specializing in producing and distributing natural and liquefied gas, tapped VeChain for its business. More specifically, the VeChain ToolChain will be used to track delivery information and gas quality on the blockchain. Information barriers and discrepancies are still a pressing problem in this industry. This step marks an important milestone toward removing these issues from the equation.
H&M and VeChain
Most people around the world will know H&M by name. It is a famous fashion chain with over 5,000 stores around the world. It is interesting to see this type of company explore the potential of VeChain technology in 2020 and beyond. Having the support of this retailer, as well as all of its brands under management, will bring a lot of attention to this venture, as well as the technology powering it all.
One of the sub-brands of H&M – called Cos – will use VeChain technology indirectly. More specifically, the goal is to leverage DNV GL’s MyStory to gather supply chain data and share details with customers. Being able to figure out where a piece of clothing was manufactured and under which conditions is something consumers have shown a keen interest in. It is the second sub-brand of H&M to leverage this technology, after Arket started doing so in 2018.
Collectibles are a great example of why blockchain technology can offer tremendous benefits. The Singaporean company is collaborating with local toy manufacturers to track products and collectibles on the VeChain blockchain. Current manufacturers partaking in this project include Marit, Mandarake, and CenturyFugu. More may be added over time if this venture proves successful.
Similar to what Shanghai Gas is using, the main focus lies with VeChain’s ToolChain. Through this tool, a marketplace will be created for creators and brand owners. Purchased goods can be verified by buyers to ensure the item is authentic. There is a growing market for forged collectibles, thus addressing that situation is crucial.
Sarah Regensburger Taps VeChain
Although not necessarily known outside of its home country, Sarah Regensburger is a popular fashion brand across the United Kingdom. The company is known for exploring the sustainable fashion segment. That business model is gaining in popularity , as sustainable fashion is more ecological compared to traditional items that have to be discarded after a year or so.
For Sarah Regensburger, it is pertinent to use VeChain technology as a way to provide traceability in the production process. As every piece of clothing is handmade, everything needs to be well-documented. For customers, it gives them insights as to who made the piece of clothing and what materials they used in the process. A very interesting use case for VeChain’s blockchain, all things considered.
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