Thursday, April 15, 2021

Report Highlights Three Projects That Make VeChain (VET) a Distinct Innovation in Shanghai

VeChain, a blockchain platform designed to enhance supply chain management, has been receiving a host of attention lately. Its use cases have managed to attract a number of private and public institutions for partnership.

A new report published by the Shanghai Municipal Economic and Information Commission in conjunction with the Financial Information Association gives VeChain’s innovation in the blockchain sector a special recognition.

The report titled 2020 Global Blockchain Innovation Applications, highlights the three most important projects that make VeChain (VET) a distinct innovation in Shanghai.

In the report, the evaluation of the projects was made using the amount of progress recorded, their level of innovation, ability to be replicated, and demonstrated. The projects’ evaluation was made by the two entities in different industries and sectors.

The Three Most Important VeChain (VET) Projects Evaluated In the Report

Shanghai Gas Project

The report acknowledges the Shanghai Gas project as the first notable innovation of VeChain blockchain. As a report from CNF has it, VeChain inked a collaboration with Shanghai Gas sometimes in April 2020. VeChain was enabled by the cooperation to build energy as a service ecosystem.

The report mentioned a number of improvements this project has brought to the Shanghai province, such as financial service innovation, improved trade, and industry data sharing.

Cooperation between VeChain (VET) and Walmart Shanghai

The report recognizes the significance of the cooperation between VeChain (VET) and Walmart Shanghai. The two firms launched the Walmart China Blockchain Tracking Platform (WCBTB) at the end of 2019. The supermarket that is based on VeChainThor blockchain has been thriving and expanding to serve its customers better.

Additionally, Walmart is enabled to easily share information regarding its products with customers and suppliers. Their products can also be tracked from where the supply chain started to their stores, where customers will apply WCBTP to know all about the products they are paying for.

The Partnership between VeChain (VET) and DNV GL

Lastly, the report evaluated the significance of the partnership between VeChain (VET) and DNV GL to track and verify products and materials.

The collaboration has to do with the blockchain Mi tracking solution Story™. The solution makes documentation and complete full tracking of products across the world possible, from the producers to the end-users.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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