• The Shanghai Municipal Commission for Economy and Information Technology recognizes VeChain as one of the most innovative companies in the blockchain sector.
  • In a report of the commission 3 important applications and projects of VeChain in Shanghai are presented.

The Shanghai Municipal Economics and Information Commission together with the Financial Information Association published a new report which recognizes VeChain as one of the most innovative companies in the blockchain sector. The report, entitled „2020 Global blockchain Innovation Applications“, highlights three of VeChain’s most important projects in Shanghai province: the partnership with Shanghai Gas, Walmart and the provision of a traceability solution for H&M products.

The report assesses the projects against four criteria: The progress made since the project was officially launched, their degree of innovation and their ability to be replicated and used in other scenarios. The Commission and the Shanghai Association evaluated projects in various industries and sectors. Culture, entertainment, government, financial services were just some of the areas examined.

Report presents 3 VeChain projects in more detail

The first VeChain project was developed in cooperation with the energy giant Shanghai Gas. As already reported, VeChain entered into a partnership with Shanghai Gas in April this year. The cooperation enabled VeChain to build an „Energy as a Service“ ecosystem.

The report notes that this ecosystem, together with a new block chain infrastructure, has improved trade, financial services innovation and industrial data exchange in the province. VeChain partner PriceWaterhouseCoopers offered its consulting services in the areas of project development and research. In this way, the cooperation was able to overcome major challenges that the industry faced, especially in the management of logistics operations.

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

In addition, Walmart can exchange information about its products with suppliers and customers. The company can trace a specific product from the beginning of the supply chain to the next Walmart store. Once there, customers can use the WCBTP to get all the important information about a product.

As a third project, the report presents the partnership between VeChain and DNV GL to verify and track products, materials and processing equipment for the H&M Group. The partnership started in 2018 and enabled the fashion giant to find the best sustainable and recyclable materials for the production of its clothing.

Within the partnership, the blockchain Mi-Tracking solution Story™ is used. The solution enables the documentation and seamless tracking of products worldwide from production to the end user. My Story™ has already been used to track high-quality Italian wine, Norwegian salmon and a range of other food products.