Electric component giant Schneider Electric has selected supply chain management-centred blockchain platform VeChain as its ecosystem partner
Partnership
VeChain confirmed the partnership through Twitter indicating that Schneider Electric will leverage its technology to digitize the economy. Recently, VeChain has been teasing about a possible partnership with the blockchain-based company dominating the October 2021 Schneider Electric Green Innovation Summit in China. The partnership elevates project status as a blockchain company considering that Schneider Electric is a Fortune 500 company with a market capitalization of about $100 billion.
VeChain is the one of leading blockchain application platform driven by Enterprise adoption. Its platform is currently used in various industries such as food safety, luxury goods, liquor, and agriculture. Project mixes the blockchain and smart chip technologies for tracking items. The smart chip can be integrated with different Internet of Things such as QR codes, RFID trackers, and NFC chips.
According to Companies marketcap, the firm is currently the 136th largest company in the world. The foundation noted in the report that VeChain has been working with Fortune 500 companies, helping them digitize the economy. The main vision of the project is to build a trust-free and distributed business ecosystem based on blockchain.
Quotes
According to the VeChain ecosystem advisor at the time of project launch: “BMW Asia was VERY kind to allow us to reveal their partnership with the project. We have to wait till the project is over to share more details, just like the other projects. Kudos to them!”
The VeChain foundation saw this adoption as a giant step for blockchain in general: “We are proud to announce that the Government of Inner Mongolia, China has chosen VeChainThor to power a massive, full traceability platform! This milestone, Government-led project is a massive step forward for VeChain and the mass adoption of blockchain.”
