VeChain, a Blockchain as a Service (BaaS) company that provides product tracking in the supply chain logistics industry, has just partnered with NTT Docomo, the largest telecommunications company in Japan. It is now a member of the 5G Open Partner Program launched by NTT Docomo. VeChain is based in China.
NTT Docomo’s 5G protocol
By 2020, the Open Partner Program intends to make industrial usage of 5G. It is creating a network of partners, VeChain (VET) being among the first. Using NTT Docomo’s 5G protocol, VeChain hopes to provide next-generation services.
VeChain provides a mixture of hardware devices and blockchain services so that items can be tracked in real time, streamlining the supply chain regarding cost, speed, transparency, trackability, and regulatory requirements. According to the VeChain release –
“Our goal is to enhance and enrich our current data services capacity within traceability, supply chain management, and smartphones for our users… with our ongoing effort to bring traceability use cases in Japan into our ecosystem, the 5G program will bring additional value to VeChain’s presence in the region”.
Other partners in the project include Sony, MUFG bank, Astellas Pharma and Okinawa Prefectural Government. VeChain is the only blockchain company involved thus far.
VeChain making advances
VeChain has been making some significant partnerships and is among very few established and currently operational blockchain companies. It is already providing tracking in the luxury items sector. Recently, VeChain announced that their services were being used by the Chinese government to provide drug and vaccine traceability for over 30 million people in China. This occurred after a vaccine scandal in China, where the manufacturer was supplying defective vaccines to babies.
The project was acquired due to DNV GL, an equity owner in VeChain and certification company for Shanghai medical centers. VeChain is also partnered with BMW, as well as DB Schenker, a huge supply chain logistics company based in the Netherlands but with a multinational footprint.
The collaboration is the latest in a string of partnerships and should open doors to further opportunities. NTT Docomo was founded in 1991 and has a strong presence in the telecommunications industry, as the leading mobile carrier in Japan. Japan is also known as a blockchain hub with the strongest and most accepting regulatory infrastructures in the world. According to VeChain –
“This partnership program has already opened new doors for further cooperation on new endeavors. As a result, many new partnerships have been formulated and services will be onboarded to the VeChainThor Blockchain. Notably, VeChain is currently in close talks with a leading company in one of the most notable Japanese industries.”
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