Vechain is a project that I have been following since 2018, and one thing that stands out to me about this blockchain start-up is their constant partnership announcements. The impressive thing about these partnerships is that they span a variety of industries including automotive, pharmaceutical, oil and gas, gaming, wine, and retail, just to name a few. The fact that this project is applicable in many areas is one of the many reasons I have been following this project and why I am so bullish on their future.

Vechain Partnerships

Vechain was started in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. Louis Vuitton suffers a tremendous amount from knock of material that ultimately causes them to lose money. Sunny Lu decided to utilize blockchain technology to solve this problem not only in the luxury brand space, but in all industries that rely on the authenticity of their products.

Vechain explained simply is a company that utilizes blockchain in the supply chain space. Any company that requires their products to be verified before reaching the consumer can benefit from working with Vechain. At each point within the supply chain, Vechain has created the capability for information regarding the product in question to be uploaded onto the blockchain. With this information stored on the blockchain, all parties that come in contact with the product can verify that the information is accurate. Think about the last time you heard about a food recall. The blue bell ice cream at your nearby store is found to have traces of bacteria in it.  In situations like this It usually takes officials weeks to trace back the product and find the culprit. With Vechain, the source of contamination can be found in minutes.

One of the latest companies that is moving forward with Vechain is Shanghai Gas. A company that provides energy to the Shanghai metropolitan area. In 2018 Shanghai Gas decided to partake in a pilot program with Vechain to see how they could reduce their operation costs and improve the efficiency in their supply chain. After a successful completion of the 2 year pilot phase Shanghai Gas obtained valuable efficiencies. Perhaps the one that stands out the most is the visibility into their LNG(Liqufied Natural Gas). LNG is normally warmed to make natural gas to be used in heating and cooking as well as electricity generation and other industrial uses. LNG can also be kept as a liquid to be used as an alternative transportation fuel. Oil and gas companies Produce, transport, and sell LNG. 

In the pilot phase of this project Vechain was able to collect and upload the quality of the LNG onto their VechainThor blockchain, and as a result the solution significantly removes the information barriers in the supply chain of Shanghai Gas. Shanghai Gas has decided to move onto the implementation phase with Vechain. They now have more transparency into their production process, and can manage risk when it comes to LNG that doesnt meet certain quality requirements. Not many oil and gas companies can say they know the quality of their LNG at each stage of their supply chain from the start of production all they way to when they sell it to their customer. 

LNG information uploaded onto Vechainthor blockchain.

Vechain is making strides in multiple industries, yet is still severely undervalued. The price of vechain at time of writing is 0.0038USD. I anticipate major growth in the coming years as more companies transition from pilot phase to implementation.