One of the most innovative blockchain companies: Vechain

Shanghai Municipal Commission of Economy and Informatization recognizes VeChain as one of the most innovative companies in the blockchain sector.

The Shanghai Municipal Economics and Information Commission together with the Financial Information Association published a new report that recognizes VeChain‘s innovation in the blockchain sector. Called 2020 Global Blockchain Innovation Applications, the report highlights 3 of VeChain’s most important projects in Shanghai province: its partnership with Shanghai Gas, Walmart and H&M’s sustainable deployment.

Report highlights 3 VeChain projects

The report highlights the cooperation between VeChain and Walmart Shanghai. At the end of last year, both companies launched the Walmart China Blockchain Tracking Platform (WCBTP). Based on the VeChainThor blockchain, the supermarket chain has been able to expand the variety of products it offers to its customers.

In the report, it is noted that this ecosystem together with a new blockchain infrastructure improved trade, financial service innovation and industry data sharing in the province. VeChain partner PriceWaterhouseCoopers offered its consulting services in project development and research. In this way, the cooperation was able to overcome obstacles faced by the industry, especially in the management of logistics operations.

The first of the VeChain’s projects in Shanghai that the report points out as a case of innovation is the Shanghai Gas project. As reported by CNF, VeChain partnered with Shanghai Gas in April this year. The cooperation enabled VeChain to establish an energy as a service ecosystem.

In addition, Walmart can share information about its products with suppliers and customers. They can track a given product from the beginning of the supply chain until it reaches their nearest Walmart store. Once there, customers can use the WCBTP to receive all information regarding a product.

Finally, the report highlights the partnership between VeChain and DNV GL to verify and track products, materials and processing plants for the H&M group. The partnership began in 2018 and has enabled the fashion giant to find the best sustainable and recyclable materials to produce its clothing.

Author : Reynaldo