• VeChain network is focused on introducing transparency in the global supply chain in different industries with the help of NFTs.
• The VeChain network has already partnered with several crucial enterprises including BMW, Walmart China, PwC, and DNV GL, among others.

The use of blockchain technology by mainstream users has been widely anticipated to take place post-Covid-19 pandemic. The VeChain Foundation, a San Marino-based blockchain technology company, has been working on a transformative solution for global logistics hand in hand with regulators.

Notably, the VeChain network through its VeChainThor blockchain has remained relevant during the past bear market due to its high scalability and low carbon footprint. According to the latest on-chain data, VeChainThor has registered about 2.18 million active wallet addresses that have facilitated over 48 million transactions.

VeChain Network Thrives in Global Logistics 

The global logistics industry relies on a network of a complicated web of enterprises working together with regulators from different jurisdictions. For instance, a single supply chain entails the supplier and the customer involving third-party financial institutions, tax clearing agents, and various transportation companies; whether it’s via air, land, or sea. The VeChain team has developed a sophisticated network and partnered with different enterprises to enable seamless global logistics solutions.

On the top list, the VeChain team has developed a set of APIs and SDK toolkits dubbed VeChain ToolChain, which can be integrated by different businesses to enable seamless supply chain management. Additionally, the VeChain team has developed an intricate web of IoT devices that collect from the physical world and stored on the VeChainThor.

Essentially, the VeChainThor blockchain assigns every product a unique identifier through its supply chain management, hence enabling users to track throughout the process. Notably, smart contracts are used to ensure that supply chain management is favorable to all parties involved without relying on trust.

Worth noting that the VeChain network has tapped into the Non-Fungible Tokens (NFTs) industry to offer reliable information in the supply chain of any given product. Essentially, the VeChain through Phygitals eliminates the occurrence of counterfeit products as customers of any product can trace the goods back to the manufacturer, or seller through blockchain technology.

Notable Partnerships 

With the VeChain supply chain management technology, enterprises can scale through a regulated system and in turn reduce fraud in the process. As of reporting time, the VeChain network has partnered with Walmart China to enable customers to track the movement of fresh products from farms to stores. The Vechain network has also partnered with BMW to help its buyers authenticate its luxury cars. 

The company has partnered with Everledger to create a digital passport for each car that is stored on the VeChain blockchain. The passport contains information about the car’s history, including its manufacturing, maintenance, and ownership records.

The VeChain team is also working closely with DNV GL, a leading certification company, to help authenticate seafood products. In the luxury industry, the VeChain network has partnered with PwC to help customers track the movements of goods.

Recommended for you:

• Buy VeChain (VET) Guide
• VeChain (VET) Wallet Tutorial
• Check 24-hour VET Price
• More VeChain News
• What is VeChain?