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VeChain ToolChain receives Innovation Award at largest high-tech exhibition in China

  • The blockchain platform VeChain ToolChain™ developed by VeChain has won the 2020 “China Green Technology Innovation Award”.
  • The VeChain Foundation has established valuable contacts with tech giants of the industry at the China International High-Tech Achievements Fair.

On November 11, 2020, China hosted the country’s largest technology fair in Shenzhen, the China International High-Tech Achievements Fair. The event was hosted by the Ministry of Commerce, Ministry of Science and Technology, Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Agriculture and Rural Affairs, and several other key agencies of the country.

VeChain was invited to discuss as a representative of the blockchain sector with government leaders, domestic and foreign companies as well as international organizations the possibilities and strategies of using blockchain technology in the green economy and building green digital infrastructures. VeChain spoke with Lu Xinming, Deputy Director of the Department of Climate Protection of the Ministry of Ecology and Environment, and Lu Kan, Director of the Green Development Department of the Department of Environmental Resources of the National Development and Reform Commission.

At the conference the VeChain developed blockchain platform VeChain ToolChain won the “2020 China Green Technology Innovation Award”. The environmentally friendly and sustainable digital solutions, which can be implemented by using the VeChain ToolChain , are industry leading and open up new possibilities for many companies to make their business processes greener overall and thus more climate- and environmentally friendly.

The VeChainThor blockchain can guarantee the transparency and consistency of upstream and downstream data in the supply chain. Brand owners and retailers can rely on this data to ensure compliance with product raw materials and environmentally friendly production processes, and to provide consumers with transparent and credible “green documents” that enhance confidence in the brand image. In addition, on-chain data allows companies to provide real, non-manipulable and sustainable public reports to government and regulators, and to more conveniently receive government financial subsidies and investments.

VeChain added that the company plans to further expand its collaboration with well-known companies such as BYD and H&M:

In the future, VeChain will work with its strategic partner PricewaterhouseCoopers, one of the world’s four largest accounting firms, and DNV GL, the world’s leading certification body, to provide the most accurate and efficient sustainable digitization based on the company’s direction and business needs. Solutions and will continue to make efforts in the area of sustainable development to help more business users to get to the top of the industry and lead the “green economy”.

VeChain develops health platform with Chinese government

As Crypto News Flash already reported, VeChain is developing a new public health platform based on the VeChainThor blockchain together with the provincial government of Hubei. This will provide a comprehensive supply chain traceability solution and “a closed loop of information to the public” for the healthcare system of the future.

About Author

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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