VeChain cooperates with ShareRing – VET becomes a payment method in the sharing economy

  • As part of a cooperation with the blockchain start-up ShareRing, the VeChain Token (VET) will be used as a means of payment in the sharing economy.
  • ShareRing intends to bring together the fragmented sharing economy on one platform.

The VeChain Foundation has entered into a cooperation with the ShareRing ecosystem. Within the partnership, ShareRing will integrate the VeChain Token (VET) on its platform. This will enable VeChain to be used in 2.5 million hotels in 190 countries worldwide, for 1.2 million vehicles in 150 countries, for an electronic visa on arrival (eVOA) in Thailand, for activities & tours, flights and insurance when ShareRing launches its mainnet on February 8th.

VeChain is a public blockchain platform already used by over 30 of the Fortune 500 companies, including Walmart, BMW, LVMH, Renault and PwC. It is designed to serve as the foundation for a sustainable and scalable business blockchain ecosystem and lower the barrier between companies and blockchain technology. With ShareRing the VeChain Token (VET) has found another use case.

ShareRing intends to revolutionize the sharing economy

ShareRing is an ambitious blockchain start-up that aims to provide a holistic solution for consumers and businesses to unite the highly fragmented sharing economy by bringing together common services across all industries and regions. ShareRing’s decentralized marketplace will allow users to securely access, connect and pay for services anywhere in the world.

ShareRing ecosystem

Source: https://twitter.com/ShareRingGlobal/status/1222748886759956481

Rental service providers receive immediate payments, without currency conversion fees, at very low transaction fees. A ShareRing app is in the final stages of development, according to the official announcement. The app will provide a geo-localizing service that will display and provide access to all sharing services in the users local environment.

ShareRing also has the OneID solution. Consumers only need to fill out their ID submission once, and the entire submission process takes less than two minutes. The OneID module allows merchants to verify a customer’s identity through hash verification. This eliminates the need for merchants to store or view personal information. This protects both merchants and users from fraud.

ShareRing’s eVOA feature allows applicants to apply online and obtain travel authorization before departure. This eVOA can be presented at immigration counters in Thailand upon arrival at major Thai airports, allowing travelers to travel through within minutes.

The OneID system is set to become the linchpin technology in Thailand’s electronic eVOA system; one of only two companies working with the Thai authorities to provide this service:

The new Visa system eliminates much of the hassle involved in entering the country; in addition to bringing an estimated 10 million users to the ShareRing platform in the first year.

Walmart China starts using the VeChainThor blockchain

Recently it became known that Walmart has officially started to track their products by using the VeChainThor blockchain. Walmart China uses the VeChainThor Blockchain in a joint venture with PricewaterhouseCoopers (PwC), Inner Mongolia Kerchin and the China Chain-Store & Franchise Association. The first batch of 23 products was already tested at the end of last year. Now 100 more products are to be tracked with VeChain, covering more than 10 different food categories.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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