VeChain is a blockchain company having its headquarters in Singapore and China and operating across the entire continents of Asia, Europe, and America. The platform was co-founded by CEOs Jay Zhang and Sunny Lu in 2015 and focuses on addressing business process and supply chain management issues existing in the global economy through DLT (distributed ledger technology).
The VeChain platform consists of 2 distinct tokens, namely the VeChain Token (VET) and VeChainThor Energy (VTHO). VET is used to transfer value across the entire VeChain network, and VTHO is used as energy (or gas) to power the smart contract transactions on the VeChain network. In the future, VeChain intends to become the ultimate platform for ICOs for conducting transactions between IoT (Internet of Things) connected devices.
According to VeChain, DLT can break any asymmetric information issues, thereby allowing ownership data to return and empower its owner. The platform claims to provide an all-round view of necessary information linked to a particular product and its relevant business processes storage, supply, or transportation. This will help in authorizing stakeholders, thus creating greater market transparency.
VeChain Partnerships and Adoption on a Global Scale
All the VeChain partnerships are outstanding, and the platform is focussing on streamlining the blockchain technology for complex supply chains and business processes. Some of the VeChain’s impressive list of strategic partnerships out of the total 39 strategic partners mentioned in the official website of VeChain are:
- DNV GL
DNV GL is a global quality assurance company that provides audit certification services to companies, thereby certifying the companies to have complied with all the regulatory standards. Blockchain expert VeChain has entered into a strategic partnership with DNV GL to improve its supply chain transparency. As per the agreement, DNV GL will be leveraging VeChain’s Blockchain network and its IoT technologies to enable effective data collection of products from factory to buyers for getting a unique insight into the detailed history of various products.
- PwC
VeChain has partnered with PwC or PriceWaterhouse Coopers to boost the mass adoption of blockchain technology in Asia, mainly in Hong Kong and Southeast Asia. PwC will leverage VeChain’s blockchain-powered solutions to its big client base with this partnership, thereby providing them with improved product traceability and verification. PwC offers auditing services to some of the big names like IBM, Dell, Cisco, Ford, and 3M and over 400 out of the Fortune’s list of 500 companies. Therefore, this partnership with VeChain will help PwC to expand its customer base.
- BitOcean
This is yet another strategic partnership that VeChain has entered into. The platform (BitOcean) provides robust ATM-based solutions for buying and selling cryptocurrencies. With the collaboration with VeChain, BitOcean will allow its users to buy and sell VET (the native token of VeChain) by using physical ATMs in Japan and China. BiOcean is one of the first cryptocurrency exchanges in Japan licensed under the FSA or the Financial Services Authority. This partnership’s main focus is to create a global network of ATMs where users can conveniently exchange fiat currencies for cryptocurrencies.
Will the Above Aspects Affect the Price Positively?
Yes, according to our VeChain predictions, the long list of outstanding strategic partnerships will have a positive impact on VeChain’s price. Association with big names will go in favor of the platform in securing huge investments from traders.
Wrap Up
VeChain is a cryptocurrency that yields a good return on investment, and it provides for an excellent long-term investment. The platform successfully integrates blockchain technology into its existing business processes, thus optimizing resources to their fullest. The impressive list of its partnerships signifies that the company is very serious about continuing its current growth. It also signifies that big firms are interested in VeChain’s overall project development. The best part of VeChain is that it pays attention to implementing blockchain and supply chain improvements and pays equal attention to develop sensors and microchips required to perform the processes.