Published 1 year ago • 2 minute read

3 Major Vechain (VET) Partnerships in 2020

VeChain (VET) has earned a place in the blockchain industry by powering the revolution in critical sectors such as health, supply chain, agriculture, and automotive. To further make an impact in the space, it launched the VeChain ToolChain in mid-2019. ToolChain provides blockchain-as-a-service (BaaS) functionalities to more industries such as insurance and art auction.

Consequently, governments and companies have pledged to use the network for traceability and data verification, among other uses. As such, VeChain has not fallen short of notable partnerships. Below are three key VeChain partnerships in 2020.

Producers Market

Instead of a partnership, Producers Market opted to tap into VeChain ToolChain as a traceability solution to increase their global competitiveness despite the slump brought by COVID-19. It targets farmers in the Caribbean and Latin America. Notably, farmers in this region produce 23 percent of all global exports in fish and other agricultural products.

Producers Market uses StoryBird, an application built on the VeChain (VET) platform, to empower farmers through a direct link to the market. StoryBird functions by collecting and uploading authentic product information on the VeChain blockchain. Consequently, involved parties throughout the chain can verify the authenticity of the products.

VeChain (VET) and the Chinese Government

The government of Hubei Province in China has hinted at a possible cooperation with VeChain (VET). The partnership aims at tackling the effects of coronavirus through a strengthened health system. Part of the strengthening is through a traceable supply chain.

VeChain is also contributing towards the fight against COVID-19 through a partnership with DNV GL. Through an application developed by DNV and powered by VeChain, companies can assess, mitigate and manage coronavirus infection risk.

VeChain China

VeChain and Travala.com

VeChain (VET) partnered with the crypto-focused travel booking site, Travala.com to bring VET coins closer to its users. The collaboration led to the travel booking platform adding VET as a payment option. This exposes the cryptocurrency to more than two million hotels and homes listed on Travala.com.

The partnership provided a way to connect the VET token with real-world use cases and client base. Additionally, it serves to widen the adoption of the decentralized platform. For Travala.com, the partnership is one way of contributing to cryptocurrency adoption.

Conclusion

VeChain (VET) continues to ink partnerships with real-world impacts. Its ToolChain offering provides a ready-made option for companies to plug in and solve real problems.

Notably, VeChain partnerships in 2020 have touched on the COVID-19 pandemic that has ravaged almost every sector. On the other hand, partnering with Travala.com drives blockchain and cryptocurrency adoption. But are these partnerships a good idea to buy VeChain? That’s up to you!

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