German car manufacturer BMW has become the latest notable company to partner with a blockchain firm. VeChain, the notable blockchain-based supply chain enhancement platform has announced a partnership deal with BMW. The announcement was made by Sunny Lu, the CEO of VeChain on Monday, 26 February 2018. After months of unconfirmed rumors and speculations about an impending partnership deal between both companies finally their plans are revealed.
Blockchain technology continues to permeate different sectors of the global business process. Many companies are either developing blockchain-based platforms or partnering with blockchain technology solution providers to optimize their business activities.
While details about the deal are still scarce, it is a likely bet that the partnership revolves around utilizing the supply chain enhancement capabilities of the VeChain platform for the benefit of BMW’s business process. VeChain is primarily a Blockchain-as-a-Service (BaaS) firm that has a particular focus on the Internet of Things (IoT). The platform uses the power of the blockchain to authenticate and guarantee the quality of goods on a supply chain. The blockchain authentication is achieved using smart chips which monitor and tracks the goods throughout the supply chain, recording securely on the distributed ledger.
From VeChain (VEN) to VeChain Thor (VET)
The deal with BMW isn’t the only big news to come out of VeChain as the platform has rebranded itself from VeChain (VEN) to VeChain Thor (VET). The rebranding of a cryptocurrency or blockchain enterprise isn’t entirely new as many firms have done so in the past. Railblocks changed its name to NANO, and there was a massive increase in the price of its tokens in the immediate aftermath of the name change. Apparently, the reason for the name change was because the developers felt the name Railblocks was too difficult to pronounce.
In a related development, Coinnest, the South Korean cryptocurrency exchange platform has begun listing VeChain tokens on its platform. In a tweet posted by the VeChain Foundation, it announced the listing of the VET/KRW pair on Coinnest. The listing was made on Sunday, February 25, 2018, in preparation for the commencement of trading in VET tokens on Monday, 26 February 2018. With this listing, Coinnest becomes the first cryptocurrency exchange platform to offer a direct fiat-to-VET and vice versa exchange service. VeChain is also collaborating with Oxford University in the area of research. As part of the collaboration, the university will participate in technological development activities of the VeChain Thor platform.
VeChain is Disrupting the Global Supply Chain Industry
The partnership deal with BMW is only the latest in a series of collaborations with many businesses in diverse niches. VeChain apart from being one of the top performing cryptocurrencies of 2018 is also finding a lot of application in numerous business processes. In 2017, the platform partnered with BABYGHOST to combat the problem of counterfeit fashion items. The platform is also being used to solve the problem of counterfeit wine in China. Regarding blockchain adoption in the global supply chain management function, VeChain is definitely a major player.