The VeChain Foundation has formed a partnership with a major Chinese risk management and shipping firm to explore possibilities for using blockchain technology throughout its supply chain.
The partnership is expected to see the implementation of Vechain’s technology throughout LogSafer’s business. In a blog post published on their website, LogSafer said the cooperation agreement will allow the two company’s work together “to combine big data, Internet of Things, and blockchain technologies.”
The news was also announced on VeChain’s Twitter account on Tuesday morning GMT.
— VeChain Foundation (@vechainofficial) March 13, 2018
LogSafer is a risk management firm for small to medium-sized shipping both in and out of China as well as for logistics and trading companies. As well as offering insurance coverage, LogSafer enables clients to virtually track and recover shipments as well as helping them to identify potential risks.
According to the LogSafer blog post, VeChain implementation will better track shipments and record real-time data for companies to better understand the dynamics of their supply chain.
By using blockchain, LogSafer anticipates that it will be able to offer its clients a kind of “double insurance” against potential risks as well as using the collected data to help solve certain pain points along the supply chain.
Following the partnership, VeChain’s CEO, Sunny Lu, said:
“VeChain hopes to use blockchain technology to tap more potential value for existing business creation, find new partnerships in actual business activities, use technology to help enterprise development, and connect companies to create ecosystems and share value.”
As a not-for-profit company based in Singapore, the Vechain Foundation develops blockchains that can prove product authenticity by tracking items across the supply line. It does this by giving supply goods a unique Vechain ID (VID), a code which allows both suppliers and consumers to track the item remotely. The code can then be scanned to determine the product’s authenticity.
In mid-February, Lu announced on Twitter he was meeting with the Deputy Prime Minister of Belgium, Alexander De Croo, to discuss how the blockchain developer could help the country’s digital economy initiatives. VeChain also has partnership agreements with the risk management and quality assurer, DNV GL, and has developed products for the accountancy firm, PwC.
More on blockchain
ICX Tokens Soar 80% this Week as Bithumb Announces ICON Listing
An ICON (ICX) listing on the cryptocurrency exchange Bithumb has sent the value of the coin soaring in early morning...
Revealed: Bitcoin Blockchain Contains Links to Child Pornography
The legality of blockchain has fundamentally been brought into question following the discovery of illegal content on the Bitcoin blockchain,...
Using Blockchain to Block Accounting Frauds
With Blockchain revolutionising business in every way possible, it is poised to change the way accounting will be done in...