After a recent product presentation to Accenture, formal financial backing from PWC, and a further upcoming presentation to the LVMH group, the claim made by VeChain’s adherents that is fast becoming the enterprise of choice seems to carry credibility.
That claim was consolidated this week by the signing of two partnerships with Chinese outfits Bright Foods and Shanghai Xiandao.
VeChain signs a partnership with Bright Foods and its IT/Tech subsidiary Shanghai Xiandao Food to integrate blockchain technology into Bright Food (Group) Co. — the second largest food company in China who is owned by the Shanghai Municipal Government.https://t.co/VnM5hVl8H5
— VeChain Foundation (@vechainofficial) May 16, 2018
Bright Food (Group) Co. currently has an annual turnover of around $25bn USD, and is owned by the Shanghai Municipal Government. The deal sees VeChainThor blockchain integrated throughout Bright Food’s entire supply chain management and data management systems, controlling the entire lifecycle of their product lines, all the way from crop through to retail.
Bright Food also operates over ninety Chinese-domestic and foreign subsidiaries through four publicly listed companies. Using blockchain-based IoT with cold-chain logistics will provide clear provenance record keeping, helping to consolidate quality control mechanisms and product safety in real time.
The deal arguably marks another credibility victory for the blockchain sector as a whole. In demonstrating business-friendly technology, cost savings and the competitive advantages that blockchain technology can offer, VeChain may also have just cemented its challenge for a top ten spot in the cryptocurrency rankings by market cap.