The VeChain project is working on integrating blockchain technology and digital currencies to the logistics industry. So far, the platform has made significant steps on this front, partnering with DHL’s Asia-Pacific Innovation Center (APIC) in Singapore. The news of the collaboration were broken by Sarah Nabba, the manager of VeChain Tech in Singapore.
According to her, VeChain will greatly benefit from the extensive network of clients brought in by DHL.
The partnership with a renowned company such as DHL has the potential to transform the fortunes of the VeChain project. This is because VeChain will be nurtured and supported by the DHL Innovation Centre while working together with the company in its logistics business.
The DHL Asia-Pacific Innovation Centre is the first institution of its type in the entire region. The facility is worth SGD$10 million and is the only DHL innovation center outside Germany. It was introduced with the support of the Singaporean Economic Development Board. The role of the APIC is to nurture futuristic technologies that have the potential to disrupt the logistics sector.
VeChain is looking to improve its Blockchain-as-a-Service (BaaS) operation model to be more appealing to enterprise-level businesses. Recently, VeChain announced that it had completed the development of a blockchain-driven supplier assessment system in partnership with DB Schenker, a global logistics company. The resultant DApp will leverage the VeChainThor blockchain network to rate DB Schenker’s logistics partners in China based on collected data. The result will rank services such as packaging, transport mad the quality of cargo.
According to the VeChain Foundation, the DApp is the first blockchain-based solution in the supply management sector. VeChain developers believe that the DApp can evolve into a platform that is revered by players in the logistics industry.
Most of the challenges in the logistics industry can be solved by integrating blockchain technology. For instance, inalterability and transparency of blockchain transactions can be of great benefit to leading corporate institutions such as Maersk, IBM, FedEx, Samsung, and Walmart. For this reason, VeChain is actively working on expanding its services to cover more companies.
The ability of technology to solve problems facing an industry cannot be disputed. This is why VeChain is hedging on blockchain technology to bring a lasting solution to the problems in the supply and logistics industry. Ultimately, VeChain hopes to increase efficiency, reliability and speed of transactions in the logistics sector.