With the increase in crypto adoption globally, many top brands, P2P businesses have incorporated the use of cryptocurrencies into their businesses as a means of payment, store of value, and most importantly, creating diverse solutions to improve the way businesses are run.
According to Chainalysis, the Global Crypto Adoption Index jumped over 880% with P2P platforms driving cryptocurrency usage in emerging markets.
The spike in crypto growth suggests why global brands are partnering with emerging cryptocurrency projects such as VeChain, Solana, Polygon Matic, and a host of others to build a sustainable and efficient business ecosystem, and with no limitation or barrier to sending and receiving payments.
Key Takeaways
• VeChain’s blockchain was designed to enhance supply chain management.
• VeChain can be used to transfer values to others through payments and remittances
• VeChain is not used to pay for transactions like Bitcoin and other Altcoins.
• Due to VeChain’s flexibility and traceability, it powers lots of complex supply chain processes worldwide.
SEE ALSO: How to Stake VeChain on Ledger Nano Wallet
SEE ALSO: How To Buy VeChain On Binance
What is VeChain?
VeChain is a blockchain platform designed to enhance business processes and support supply chain management in an efficient, transparent, and traceable way. It was founded in China (2015) by Sunny Lu to streamline the complex supply chain through the use of Distributed Ledger Technology (DLT).
VeChain can be used to transfer value to others. For instance, VeChain can be used to pay salaries, vendor management, and other remittances, it can also be used to create a second token (VTHO).
A second token is used to settle transaction fees and as VeChain’s platform gas token. The second token is also used to pay for the creation of smart contracts. It’s important to note that VeChain is not used to pay for transactions like other networks.
Since mid-2017, VeChain witnessed impressive growth from $0.0210 on December 28, 2020, to a high of $0.2782 on April 17, 2021, which represents a 1224.76% increase in price within the space of 4 months.
VeChain’s Price – Today
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Let’s examine VeChain historical price movement.
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VeChain Partnership with Global Brands?
Sunny Lu, former Chief Information Officer (CIO) started VeChain as a subsidiary of Bitse, one of China’s largest blockchain companies, and is among the few blockchains that already have a substantial customer base among established companies.
The rapid growth of the VeChain is in part due to its real-life applications and the very many strategic partnerships which have helped improve the business ecosystem.
In this article, I’ll highlight some strategic partnerships VeChain has with global brands, and how these partnerships have contributed to the growth of the company.
1. Bayern Motor Works (BMW)
BMW is a world-renowned Auto, and auto part manufacturer.
The General Manager of VeChain Singapore stated that “The prototype solves a real problem and the management team are fired up by the potential to scale”
VeChain’s partnership with BMW is driven towards the management of vehicle data for the BMW group as well as bringing POC to solve vehicle data management problems.
2. Price Waterhouse Coopers
PriceWaterhouseCoopers is one of the top five auditors in the world. The company provides auditing services to many reputable organizations and blue-chips around the world.
The partnership between VeChain and PriceWaterouseCooper connects through the blockchain. PWC will make use of VeChains blockchain solutions to help tier clients to trace and verify where their products have passed through.
3. Walmart China and VeChain
Walmart is reputed to be the biggest supermarket line in the world. The company’s shopping malls are spread over all the continents of the world. One of Walmart’s shopping branches, Walmart China is in partnership with VeChain for the upward scaling of their supply chain.
Walmart China and VeChain have partnered to create a blockchain traceability platform built on the VeChain Thor blockchain. Currently, about 23 product lines were tested and have been launched on the platform. They have the aim to cover 100 product sections by the end of the year.
The partnership is meant to cover the logistics and transport of products like rice, cooking oil, mushroom, etc, through the supply chain. This partnership is poised to create more visibility of the Walmart brand in China and its environs. The partnership will also help to improve food safety for the consumers as well as improve quality control.
4. National Research Consulting
The National Research Consulting (NRCC) partnership with VeChain was struck in 2017. NRCC is a company that offers IT consulting to help local companies in China to scale in achieving professional status. NRCC’s client base includes many of the top companies as ranked by various indices.
The partnership between NRCC and VeChain will be making use of anti-counterfeiting technology for the China Tobacco Corporation.
5. Groupe Renault
Groupe Renault, a multinational automobile manufacturer based in France is one of the largest automotive manufacturers in the world, which became the ninety-biggest manufacturers of auto products.
Groupe Renault and VeChain partnered to provide a unique car maintenance book that cannot be tampered with. This car maintenance book enables information sharing about the status and condition of the car to intending buyers.
6. Bright Food
Bright Food is a consumer goods manufacturing company located in China. Established in 1950, by one of the past presidents of China, Jiang Zemin. Bright food is the second-largest food company in China.
Bright Food controls the entire production process of foods, from agricultural supplies, processing centers as well as distribution points.
Bright Food’s partnership with VeChain uses its blockchain to power supply chain management, data management, and cold chain logistics and development tools for supply chain management.
The partnership will help VeChain to integrate Bright Food’s data management from all branches and manage, monitor, and report on live and trust-proof data.
7. iTaotaoke
iTaotaoke is a media company that is located in China. The core mission of the company is to provide an open-source platform where writers, content creators, and publishers can share ideas and monetize their works.
iTaotaoke entered a partnership with VeChain to secure intellectual copyrights and properties of their users. The partnership enables iTaotaoke users to feel more comfortable while using the platform because of the IP protection tools.
8. DNV GL
DNV GL is a company that provides risk management services to many numerous clients involved in oil and gas, healthcare, food processing, and software solutions around the globe.
DNV GL partnered with VeChain to make My Story, a digital assurance solution useful in the food processing industry for data audits and collection.
9. Bitocean
Bitocean is one of the main manufacturers of automotive teller machines in the world. Bitocean is also one of the licensed exchanges that the FSA, Japan as licensed to operate fully in the country.
VeChain provides its users with the ability to transact VET tokens using VET tokens installed in China and Japan.
10. NTT Docomo
NTT Docomo is reputed to be the fourth-largest company in Japan. This partnership with VeChain blockchain is aimed at developing 5G technology as well as deploying it as at when due.
VeChain’s partnership with NTT Docomo is geared towards the production of 5G compliant technology to assist with on-chain activities.
Final Thoughts
Considering the sheer size and importance of VeChain’s partnerships, it is a no-brainer that the blockchain will experience a major user adoption over the coming years.
The attractiveness of VeChain to multi-national companies in solving real-world issues equally makes one bullish on the prospects of the ecosystem in the short and long term.
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