VeChain, abbreviated as VET within the crypto industry, is a public blockchain platform that focuses on supply chain management and smart contracts. It is as steady as they come, with enormous potential given the industry that it interacts in, and with a relatively stable floor: with $651.854.912, it has the 19th highest total market cap, and its value is $0,011755, with tons of room to grow.
VeChain already has a strong foundation and a solid badge in its resume: during Q1 of 2018, which was the moment in which virtually all of the major cryptocurrencies experienced marked decline, it was the only one in the top 20 that didn’t have its numbers in red.
VeChain is a blockchain-based technology that transforms global information. It digitalizes products or real events by joining API with the application layer of the system that connects blockchain with real-world information. It makes use of Smart Contracts with a focus on real industrial operations.
VeChain’s Future Outlook
The primary reason for its success and future potential is that the platform has more than a few real-world applications, especially in the industrial field. It is creating a brand-new business model that offers the trust associated with blockchain solutions to all involved parties: entities, industries, and consumers.
Another reason for VeChain’s bright future is the number of crucial partnerships it is forming; slowly, but surely. When a project is backed with these kinds of strategic alliances, it is because it has the potential to benefit both parties involved, promoting growth and laying the foundations for success.
Partnerships and Agreements
The VeChain project has a broad list of companies and enterprises using its blockchain solution. Some of them are:
- BitOcean: This financial services provider made of hosting the first ICO on the VeChainThor blockchain a priority. BitOcean has already gotten regulatory approval from Japan’s FSA to operate its business.
- DNV GL: An assurance and risk management service provider with worldwide reach, DNV GL offerings include auditing, software solutions, and advisory services, among others. It was the first enterprise to take advantage of VeChain’s dApp, known as My Story.
- Fanghuwang: It does its business by managing collateral-backed loans to SMEs with a close eye on artificial intelligence and other cutting-edge developments. As a consequence, partnering with a blockchain-based company like VeChain is only natural, and the two entities created a dApp called VeVID, a KYC tool for any company hooking into the VeChain blockchain.
- Kuehne & Nagel: It is a perfect match with VeChain because of its involvement in the supply chain business. VeChain has helped this company to optimize its costs and to add more transparency, making its shipping parcels “smarter.”
- BMW: The BMW Group is a well-known German multinational car and motorcycle manufacturer. VeChain is helping the automobile giant with the BMW Startup Garage Program. The proposed alliance has the objective of implementing the use of blockchain technology as a solution for the storage of vehicle data and its secure, controlled provision to third parties.
Other partnerships that promise to take VeChain “to the moon:”
- PriceWaterhouseCoopers (PwC)
- National Research Consulting Center (NRCC)
- Yida China Holdings Limited
- Direct Imported Goods (D.I.G)
- China Unicom
- DB Schenker
- Groupe Renault
- Bright Food
- NTT Docomo
- People’s Insurance Company of China (PICC)