Next big deal for Ethereum competitor VeChain: DNVGL, ASI Group and VeChain team up

  • VeChain has partnered with the ASI Group to implement the first cross-continental logistics and trading solution on the VeChainThor blockchain.
  • The aim is to establish an interface between French producers and Chinese buyers via the blockchain in order to monitor the production of high-quality products along the value chain.

VeChain is a project that already had a working product at the start of its own blockchain. To date, the project has concluded cooperation agreements with well-known companies such as Kühne und Nagel, DNV GL, PriceWaterHouseCoopers, BMW and DB Schenker. The latest partnership was established in France.

VeChain, DNVGL and the ASI Group develop joint platform

VeChain announced at China International Import Expo (CIIE) 2019 that they will work with ASI Group and existing partner DNVGL to implement the first cross-continental logistics and trading solution on the public VeChainThor blockchain.

The announcement was made on November 7 at the press conference of the France China Committee, part of the Mouvement des Entreprises de France, a leading network of companies in France with over 750,000 members.

The goal is to develop a platform that monitors the origin of products along the value chain from the first step of production, such as cow selection, through slaughter, packaging and shipping to the supermarket or buyer.

The project will bear the name Foodgates and will be used for a wide range of products in the food and beverage industry, but above all for high-quality beef. Foodgates is to be used for purchasing and procurement of the most important meat products such as “The Concours Général Agricole Paris” (CGA), “Cochon Paysan”, “Blason Prestige”, “Qualité Limousine” and “Label Rouge”.

Tracking on the VeChainThor blockchain will not only ensure that important product authenticity data is securely stored on the blockchain, but will also make it easier for Chinese buyers to obtain information about the respective products as well as producers. In addition, the communication of all actors involved in the value creation process is to be improved.

VeChain on expansion course

After the presentation of the project at the CIIE, countless companies have already registered to participate. China is currently France’s seventh largest trading partner and has imported French goods worth USD 24.5 billion. Last year, bilateral trade reached a record high of USD 60 billion.

The ASI Group specializes in logistics, supply chain and import solutions and offers its services in over 180 countries worldwide. On November 6, Foodgates signed the development of a digital B2B F&B platform to connect French producers and Chinese professional buyers. The aim is to simplify product selection and purchasing.

Kevin Feng, COO at VeChain, describes that the Blockchain technology is ideally suited for this type of industrial application and that the full potential of the VeChainThor Blockchain can be exploited:

The immutability of public blockchain coupled with verifiable information makes this solution really unique and provides an additional level of trust for the consumers. We see the massive potential of this collaboration, as the products are reaching out to an enormous food market in China.

VeChain is thus entering another market worth billions in which VeChain’s technology is used and needed. In contrast to many other projects on the crypto market, VeChain offers many different applications in business and industry. It remains to be seen which further cooperations VeChain will land in the future.

VeChain was also present at the eagerly awaited conference “The Capital”, hosted by CoinMarketCap. The future cooperation will strengthen VeChain’s presence in the global market.

VeChain’s price has responded positively to this news and has risen by +5.45% to USD 0.0057.

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Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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