Today, I’m going to speak about a pretty big project that has really taken the initiative when it comes to forming partnerships and expanding its ecosystem. This is VeChain, a supply chain focused project that is quickly establishing itself in multiple sectors in the global trade system, and which has a strong presence in China.
VeChain has a lot of partnerships and I’m going to list all of them here in some detail.
List of Partnerships
- DNV GL (Source)
- PriceWaterhouseCooper (Source)
- Walmart China (Source)
- Yida China Holdings (Source)
- BitOcean (Source)
- BMW (Source)
- NTT Docomo (Source)
- Haier (Source)
- China’s National Research Consulting Center (Source)
- Republic of Cyprus (Source)
- People’s Insurance Company of China (Source)
- DB Schenker (Source)
- Reebonz Holding Limited (Source)
- Groupe Renault (Source)
- Directed Imported Goods (Source)
- China partnership (Source)
- Shanghai eGrid (Source)
- Norway in a Box (Source)
- BIOS Middle East (Source)
- Fuji MARUMO Tea (Source)
- ENN Energy Holdings Limited (Source)
- BYD (Source)
- LogSafer (Source)
- Bright Foods (Source)
- iTaotaoke (Source)
- Fanghuwang (Source)
Partnerships in Detail
1. DNV GL
January 2018: VeChain and DNV GL announce a partnership that will focus on transparency of product and supplier information in the supply chain industry. As is the case with many blockchain solutions in the supply chain industry, it is being done with the intention of bringing disintermediation and improving efficiency. Offering an example, DNV GL says a potential use case is working with food producers to ensure food safety along the chain.
The partnership between VeChain and DNV GL is a significant one, because it acts as a gateway to many other partnerships (as you will see). A Norwegian accredited registrar and international classification society, DNV GL is a huge name in the supply chain industry, serving over 13,000 vessels and mobile offshore units - which gives it a global market share of 21%.
May 2017: VeChain and PwC, also known as PriceWaterhouseCooper, partner to build a blockchain traceability system. This effort saw collaboration with Walmart China. The traceability system allows customers to scan QR codes to get information about a product’s status, including details about the location, logistics-related information and product inspection reports.
There is little need to introduce PWC, which is one of the “big four” professional services firms. It provides services to 420 of the 500 Fortune 500 companies, and operates in 158 countries. In 2019, it generated a revenue of roughly $42 billion.
3. Walmart China
May 2017: VeChain and Walmart China’s partnership is a part of the previous one, as it was actually a collaboration between the three entities. The partnership was revealed in a special event called the 2019 China Products Safety Publicity Week Traceability System Construction Seminar, which was co-organized by Walmart China. The Chinese counterpart of the retail chain said that it expected to see multiple traceable products account for a majority of its stock by the end of 2020.
Walmart China is the Chinese face of the Walmart retail corporation, and has grown to over 400 stores since its inception in 1996.
4. Yida China Holdings
February 2018: VeChain and Yida Future sign a partnership that sees the former build solutions for the Yida Group. The latter is the group’s IT management division, and the group itself is a notable real estate developer in the nation. The specifics of the partnership itself mention the integration of Gui’an smart city administrative solutions (discussed later) into existing projects.
Yida Future is a subsidiary of the Yida Group and functions as its technological arm. Among other things, the company focuses on smart business park, insurance industry, government administration and medical solutions.
December 2017: VeChain and BitOcean form a strategic partnership which sees the latter’s network of ATMs adding VeChain’s tokens to their ATMs. The token can be purchased with the Japanese Yen and is another check box in BitOcean’s global expansion plans.
BitOcean is a Bitcoin ATM manufacturer that is China’s first self-developed two-way Bitcoin ATM machine.
February 2018: VeChain and BMW partner - making this yet another automobile manufacturer looking into blockchain technology. This collaboration saw the release of an app called VerifyCar, which is essentially a digital passport for vehicles. Among other things, the application will tackle odometer fraud and allow users to view maintenance history.
Like some of the other major companies that VeChain has partnered with, BMW doesn’t need an introduction. The German automobile manufacturer is the 12th largest producer of motor vehicles, producing nearly 2.6 million vehicles a year.
7. NTT Docomo
August 2018: NTT Docomo chooses VeChain as one of its members in the first batch of partners for the 5G Open Partner Program. VeChain’s role will be to provide next-generation technology by utilizing 5G services on the VeChainThor blockhain.
NTT Docomo is Japan’s largest telecommunication company and holds about 45% of all mobile phone subscriptions, as of March 2018. In 2018, the company’s market cap was only behind Toyota.
April 2019: VeChain, DNV GL and Haier enter a tripartite strategic partnership that sees the three “empower the clothing lifecycle management system with blockchain and IoT Technology.” VeChain’s clothing traceability solution will be integrated into Haier’s Internet of Clothing (IoC), an IoT laundry solution. The partnership will also see the deployment of My Story in the clothing industry. Many more details are available, which can be viewed in the original announcement.
Haier is a Chinese home appliance and consumer electronics company that produces a range of products from mobile phones to air conditioners. In 2019, it was recognized by BrandZ as the most valuable IoT ecosystem brand in the world with a brand value of $16.3 billion.
9. China’s National Research Consulting Center
May 2017: VeChain and China’s National Research Consulting Center partner to bring solutions to China’s tobacco industry. VeChain will provide proof of origin and anti-counterfeit solutions to track tobacco products on the supply chain, in a bid to stop smuggled counterfeit cigarettes. Additionally, VeChain will work with regulatory bodies to create blockchain and IoT solutions.
10. Invest Cyprus (Republic of Cyprus)
November 2018: VeChain and Invest Cyprus, the investment partner of the Republic of Cyprus, form a Memorandum of Understanding (MoU), with the agenda including policy reform suggestions that will have blockchain technology serve operations and financial services. Essentially, it will look into bringing blockchain into the nation’s economy - and this is a highly respectable endeavour from a blockchain project. More details will be released in time.
Invest Cyprus is Cyprus’ dedicated partner “for attracting and facilitating Foreign Direct Investment (FDI) in key economic sectors.”
11. People’s Insurance Company of China
September 2018: VeChain and the People’s Insurance Company of China (PICC) partner (along with DNV GL) to bring “bring digital transformation across the entirety of PICC.” Specifically, the solutions provided will focus on the protection of user data, ownership distribution and the enhancement of existing AI, all without clients having to undergo extensive training.
The PICC is a property and casualty insurance company in China, providing vehicle, property and home insurance, besides serving other areas.
12. DB Schenker
June 2018: VeChain and DB Schenker collaborate to release a third-party supplier evaluation system. The focus of this system will be on China’s logistics industry, for any and all industry and trades. The benefit of the system will be that it expedites processes and enhances the quality of service of the industry.
DB Schenker is a subsidiary of Deutsche Bahn AG, a German rail company. The latter operates in the logistics and freight transport areas, and generates roughly $17.9 billion in revenue.
13. Reebonz Holding Limited
February 2019: VeChain and Reebonz sign a MoU that will bring blockchain technology that verifies the provenance of luxury products from end to end. As a part of the MoU, the two parties will develop a digital tag that will “enable the development of upstream and downstream supply chain assurance to allow product traceability, supply chain planning, product management, and proof of ownership.”
Reebonz is an Asian online luxury marketplace and platform that has a strong focus on data and technology. It features over 1000 brands and 172 boutiques.
14. Groupe Renault
July 2017: VeChain and Renault team up, somewhat indirectly, to build a digital car maintenance book. The actual partnership was between Renault, Microsoft and Viseo, but VeChain was closely involved with the latter, which is also a blockchain technology firm. At the time, VeChain was known as BitSe, which is why you see that name and not VeChain.
Renault is another major car manufacturer, just like BMW. The French company was started in 1899 and is the ninth biggest automaker in the world by production volume.
15. Directed Imported Goods
May 2017: VeChain teams up with Shanghai’s Directed Imported Goods (DIG), a major wine importer in the region, to tackle illicit Chinese wine trade. VeChain along with DIG have developed an authentication system for luxury wines. Bottles come equipped with an NFC chip to track the origin of the wine. Apparently, there has been a 10% increase in sales since the launch of the system.
DIG’s outlets are known for selling imported meats, seafood, fruits and luxury goods at low prices.
16. China partnership
December 2017: VeChain has been tapped as a partner to help develop the Gui’an New Area, a unique economic development zone. VeChain’s will be the blockchain technology partner, helping the planning, designing and implementation of such processes. This includes collecting and analyzing data, protecting privacy and applying the technology to businesses.
17. Shanghai eGrid
April 2018: VeChain and Shanghai eGrid sign a deal to integrate VeChain’s automobile solutions into the Shanghai eGrid’s ERP, SCP and CRM solutions. Furthermore, the two parties will look at more ways in which the VeChainThor blockchain can be integrated into business processes.
Shanghai eGrid is a technology and information services company that works in several fields. Clients include the Chinese counterparts of Volkswagen and General Motors, BYD, and many other prominent Chinese entities.
18. Norway in a Box
April 2019: Along with DNV GL, VeChain and Norway in a Box partner to bring blockchain technology to Norweigian products, including seafood, supplements, water and home furnishings, with the intention of entering the Chinese market. The three entities are building a trust platform to ensure that Chinese consumers are receiving high quality products from Norway. Users can scan a QR code to receive a product’s information and background.
Norway in a Box offers authentic Norwegian products to consumers around the world, including seafood and water.
19. BIOS Middle East
December 2018: VeChain and BIOS Middle East sign an MoU to build a Blockchain-as-a-Service platform, as well as offer blockchain enabled cloud services. It is expected that the platform will service the energy, finance, retail and healthcare sectors.
BIOS Middle East is a managed service and cloud provider that is headquartered in Dubai. It aids over 300 customers with cloud services and helps them with digital transformation of business processes.
20. Fuji MARUMO Tea
December 2018: VeChain and Fuji MARUMO Tea partner to implement advanced traceability and IoT solutions in the latter’s tea supply line. Customers will be able to verify the origin of tea products using embedded NFC chips. The first trial batch of 100 products - limited edition offerings of tea - was the basis of a Proof-of-Concept that lays the groundwork for more collaboration.
Fuji MARUMO Tea is an established Japanese tea company that has been in operation for over 90 years.
21. ENN Energy Holdings Limited
November 2018: VeChain and ENN Energy Holdings partner to integrate the VeChainThor blockchain into ENN’s services, with the goal of serving China’s market. Various points of data related to Liquified Natural Gas (LNG) will be tracked on the blockchain, removing the time consuming and error-prone obsolete methods that are currently in use.
ENN is one of China’s largest energy service providers. A clean energy distributor, It operates in 187 project cities and serves a population of 95 million.
September 2018: VeChain and BYD partner to tackle carbon emissions. In collaboration with DNV GL, the two parties built a carbon banking solution on the VeChainThor blockchain. The application sees vehicle operators rewarded with carbon credits based on driving performance and carbon reduction. The overall aim is to reduce the global carbon footprint.
BYD is one of the world’s largest manufacturers of electric vehicles and batteries. Its overall agenda is building a sustainable future and to that end offers products like passenger and commercial vehicles, rail transits and batteries.
April 2018: VeChain and LogSafer partner to bring big data and IoT solutions to supply chain risk management and logistics insurance. VeChain’s solutions will be used to enhance insurance and value protection services for shipping, logistics and trading companies.
LogSafer is a supply chain risk management and logistics insurance platform that has partnered with over 20 insurance companies, including Allianz, PICC, AIG and Pingan. It uses innovative technologies like blockchain, big data and internet technologies.
24. Bright Food
March 2018: VeChain and Bright Food partner to develop BrightCode, an application that is designed to promote product safety and increase consumer trust. Besides other uses, it will be used to keep track of the lifecycle of products. An initial batch of milk products has already been tested.
Bright Food is China’s second largest food supplier and generated nearly $23 billion in revenue in 2018. It is owned by the Shanghai Municipal Government.
January 2018: VeChain and iTaotaoke partner to help content creators secure their intellectual properties. The VeChainThor blockchain will be used to build intellectual property and content market services to end content theft and provide better content monetization. This is one of VeChain’s more unique partnerships, as the others are largely related to the supply chain industry.
iTaotaoke is a platform for content marketing and community operations, focusing on traditional media, publishing, education and end users. The company’s team members have a history of working at Alibaba and Ant Financial, the parent company of AliPay.
January 2018: VeChain and Fanghuwang partner to bring the former’s solutions to the financial services industry, with the agenda being improving the effectiveness of financial products. Priorities include enhancing client data collection systems, quality, storage security and shareability, and the reduction of costs.
Fanghuwang is a real estate financing service that provides property mortgage loans to small and medium businesses. It places an emphasis on cloud computing and big data analysis to control risk and provide mortgage loans. It reportedly reduces loan approval times by 75% and reduces financing costs by 70%.
And that's about it. If I've missed any partnerships, let me know in the comments below and I'll add it to the list.