- VeChain present a use case to track the supply chain details of shoes
- The firm signed a MoU with the Republic of Cyprus to foster blockchain development
- Planned joint venture with the U.S. startup CREAM in Cyprus
Singapore-based cryptocurrency platform VeChain (VET) has partnered with the prominent shoe artist ‘Mr. Sabotage’ – who has been instrumental in coming up with interesting shoe designs for high-end brands like Nike, Reebok, Puma, and Asics. That’s not all, as the firm also signed a MoU for the development of blockchain industry in Cyprus, per a press release published on October 26, 2018.
One Foot Forward with VET
VeChain is slated to showcase their special SBTG shoes implanted with chips that will help in tracking the supply chain of the product. Scanning the chip will allow the users to get all the vital details about the product – including the proof of origin, legitimacy, and photos, among other things.
The team will be displaying these chip-enabled shoes from October 26-28 at the brand showcase event Street Superior.
Sarah Nabaa, Country Manager, Singapore at VeChain Tech posted the following tweet showing how the entire process works.
The money shot! Mr & Mrs SBTG showing how @vechainofficial technology works on their latest limited edition collection. Here’s to 2018 and beyond! @vechainofficial #VeChainXSBTG #blockchain #fashtech #streetwear pic.twitter.com/br9uTef0C8
— Sarah (@mspandorah) October 26, 2018
We see that once the chip is scanned, the app shows the smallest of details about the item – including the shoe size, color, and the material used in making the shoe.
Notably, VeChain is scheduled to showcase more such use cases at the Singapore Tourism Board from November 10-11. It’s worth highlighting that SBTG (aka Mr. Sabotage) will feature Adidas shoes with VeChain chips implanted in them at the event.
Supply chain management has been an issue of much debate in recent times, thanks to the exponentially growing counterfeiting practices and exploitation of children in doing labor intensive jobs at cheap rates. VeChain recognizes this menace and aims to put a hard stop at it by making use of the VeChainThor blockchain.
VeChain Signs MoU with Cyprus to Foster Blockchain Development
Another significant development for the VeChain community this week saw the firm sign a Memorandum of Understanding (MoU) with Invest Cyprus, the national investment partner of the Republic of Cyprus and CREAM, a U.S.-based DLT startup.
The MoU suggests that the involved parties will work collectively to promote the use of distributed ledger technology in the economy, with particular emphasis on the financial industry.
To achieve the objectives laid down in the MoU, VeChain, and CREAM will form a joint venture to develop and implement blockchain-based solutions in the country.
Regarding the development, Michalis P. Michael, Chairman of Invest Cyprus said,
“We are investing in the development of the fintech, blockchain sector and we plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region.”