VeChain rises more than 10% after announcement of new blockchain initiative

  • VeChain has founded a new initiative together with its long-time partner DNV GL to promote the use of the blockchain technology.
  • This initiative is designed as a global development strategy of the Chinese government, in which more than 130 countries from various international organizations participate.

From December 19 to 20, 2019, the People’s Government of Shanghai hosted the 3rd Belt and Road Initiative (BRI) Forum at Tsinghua University. As part of this event, VeChain, together with DNV GL, The Belt and Road Initiative Research Institute of Tsinghua University, Industry Internet Research Institute (under the Ministry of Industry and Information Technology of the People’s Republic of China), Tus Data Asset and China Silk Road Group Limited, formed The Belt and Road Initiative Blockchain Alliance (also called “BRIBA”) to promote the development of BRI through the use of blockchain technology.

Initiative is supported by the Chinese government

The BRI is a global development strategy of the Chinese government, involving 136 countries and more than 30 international organizations from Asia, Europe, the Middle East and elsewhere. According to the Chinese State Council, by the end of August 2019 the Chinese government had signed 195 documents relating to the economy at the global level.

Members of the BRIBA Initiative are all pioneers in their field. Tsinghua University’s Belt and Road Initiative Research Institute is an elite think tank supported by the renowned Tsinghua University. The university is ranked #1 in China and #16 worldwide in the QS University Rankings 2020, and is considered the alma mater for many high-ranking government leaders and officials, including President Xi Jinping.

The alliance was formed to bring together all existing resources and employees as well as new talents to drive the BRI infrastructure, business and projects and its development through the use of the blockchain. VeChain states that they have found and attracted talents from more than 7 countries including China, Italy, France, Singapore, France, Luxembourg, Japan and the United States of America.

VeChain describes that the VeChain Foundation was able to gain international experience to pilot the introduction of the blockchain technology in real use cases worldwide:

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My Story™ , the digital assurance solution built on VeChainThor Blockchain, launched by DNV GL, has traced prominent Italian wines including Ricci Curbastro, Ruffino and Torrevento, which shows the trust and positiveness of blockchain deployment in Italy, who has signed agreement to join BRI this year.

VeChain brings with it many years of experience in developing blockchain and will provide technical consulting services to increase the impact and success of BRI, especially abroad. This will promote the adoption of the VeChainThor blockchain and the blockchain in general.

VeChain has partners around the world

As already mentioned, VeChain was able to build up a worldwide partner network in the last years. The services offered by VeChain are needed by companies from different industries. The main focus, however, is on product verification and the secure storage of information on the blockchain.

VeChain partnered with the Anhui Tea Industry Association last week. Within the scope of this cooperation up to 670 Chinese companies from the tea industry can use the VeChainThor blockchain. Furthermore, the hack, which took place on December 13th, 2019, where more than 6.9 million VET could be stolen, is under control according to VeChain’s latest statements.

A detailed blacklist was created in cooperation with several partners. The known accounts will be frozen in cooperation with the largest stock exchanges to avoid further dumping.

The price of VET benefits from the recent announcement and as a result has risen by more than 10% to 0.0612 USD.

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About Author

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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