VeChain’s agreement with the Chinese gas companies Huazhi and Shanghai Gas enters the start-up phase. The blockchain system is tested for the first time in Zhoushan.
Grant Thornton Cyprus, the world’s fifth largest auditing and consulting company, intends to offer international services on blockchain basis from VeChain to its clients in over 130 countries.
The University of Oxford is working with VeChain to provide independent scientific advice.
Through VeChain’s ToolChain, a block chain solution has been provided for the problems in the food supply chain that were immediately highlighted by the Corona crisis.
Much progress in partnerships for blockchain based solutions across all sections of the business is currently provided by the blockchain company VeChain. The implementation in the Chinese gas sector is especially worth mentioning. In 2018 the foundation for this project was already laid through an agreement with the Chinese company Huazhi New Energy Co Ltd.. The goal is to use the VeChain-Thor Blockchain for the liquid gas pipeline network.
All jointly running processes and components as well as inspections and transactions shall be mapped and stored on the Thor-Chain in a transparent and unchangeable manner.
The task of VeChain itself is to provide and further develop the necessary blockchain technology and software. In the meantime, Huazhi takes care of the necessary equipment in the technical area. And they’re also responsible for further business relations with other companies. The goal is also to find new partners who want to actively use the blockchain technology. In a report in the local press is said:
„Huazhi has established contacts with several companies in the industry for the promotion of the program, and will also provide regulatory guidance for the solution, ensure the authorization and management of related processes, coordinate resources and provide support for the development of LNG-related companies, and ensure coverage throughout the country promotion.“
The first test of the project is now taking place at an LNG filling station in Zhoushan.
Furthermore, the deal signed by the VeChain Foundation and the natural gas company Shanghai Gas Group Co Ltd. to implement an „Energy as a Service“ ecosystem enters the next phase.
But these are not the only advances the crypto company can show.
Grant Thornton Cyprus wants VeChain blockchain services for customers
The VeChain Foundation has also entered into a partnership with Grant Thornton Cyprus. This is the fifth largest auditing and consulting company in the world. It is planned to provide solutions based on blockchain technology to a variety of companies in all industries. Primarily, direct clients of Grant Thornton Cyprus will be acquired for this purpose.
Other areas for implementation include the food industry and supply chains, automotive industry, pharmaceutical industry and renewable energy. The Director of Distributed Ledger Technology at Grant Thornton Cyprus, Alexis Nicolaou, sees great opportunities in blockchain technology as he says:
„As the coming of legislation governing Blockchain Technology in Cyprus is imminent, Grant Thornton Cyprus is investing in partnerships with leading businesses in the industry, so as to be able to meet the needs of its client base and other local and foreign companies. The extensive range of applications that VeChain ToolChainTM offers, will help us in meeting those needs in the most effective and efficient manner“.
Already in September 2018 the company expanded its services with a new blockchain department. The entire network is spread over more than 130 countries. This department will work with VeChain’s developers to provide international blockchain services to the company’s customers.
The big list of partnerships is growing
A gigantic number of projects have been started recently by VeChain together with other companies. In the following the most outstanding ones are listed:
The Mathematical Institute of Oxford University will offer independent scientific consulting services in cooperation with VeChain. A part of these services is based on the technical paper „AlphaBlock: An Evaluation Framework for Blockchain Consensus Protocols“ published by the two partners.
Its purpose is to provide an evaluation framework for blockchain consensus protocols. This should make it possible to objectively evaluate the actual performance of the respective consensus drafts. On a topological graph model, the node connection is mapped in order to determine and evaluate the costs and backlogs of the new blocks.
Already in February 2020, a new consensus algorithm was presented by the leading developers of VeChain, Dr. Zhou and Dr. Ren. The draft is to be
„safer, use-case-oriented, more adaptive, faster and less prone to hard forks.“
Based on the VeChain ToolChain, a blockchain solution for the problems in the food supply chain was published. They have become particularly visible due to the corona crisis. The IBM Institute for Business Value published a report about this. According to the report, 71% of consumers are willing to pay up to 37% for more transparency and traceability in the food sector.
VeChain offers an all-in-one solution for its partners on this basis. The resulting problems are to be analysed and tackled in order to create more trust for the consumers. It is estimated, that this will generate additional profits. 150 billion dollars additional per year for companies in the food supply chain are predicted.
The Future of VeChain
Since its foundation in 2015 VeChain has developed into a leading, public and practice-oriented blockchain platform. The company has been groundbreaking in the field of business development and has offices worldwide. Numerous other partnerships have been achieved with BMW, Walmart China, Bayer China, H&M, ENN, LVMH and PICC, among others.
Many companies see blockchain technology as an opportunity to improve their services through greater efficiency and transparency. However, developing their own blockchain-based solution was difficult for most companies due to the high complexity and lack of experience.
The comprehensive solutions, that VeChain offers its partners were developed for many years. And therefore they are an optimal option for many of their customers.
Partnerships like with Grant Thornton Cyprus clearly show the vision and the great potential that more and more companies are beginning to see in this technology.
Since its low in the corona crisis this year, the price of VeChain(VET) temporarily rose up to max. $0.023. We can be curious whether the price will continue to be positively influenced by the development of the projects mentioned above.