In another development, VeChain has displayed a clear competitive edge in the blockchain industry across the China by appearing in the Global Blockchain Application report due to its use cases in three different places.
The report, christened 2020 Global Blockchain Innovation Applications, was released at the World Artificial Intelligence Conference which took place in Shanghai city of China, and it was co created by Shanghai Finance Information Association and the Shanghai Municipal Commission of Economy and Informatization.
After evaluating applications based on four major criteria which which are reproducibility and demonstration, compliance with application case results, economic and social benefits, advancement, and innovation, VeChain surfaces imposingly as the single public blockchains with impressive use case.
VeChain’s use case at the H&M sustainable fashion store, Walmart China’s Food Safety Platform and the Shanghai Gas project placed the blockchain technology at the mantle for selection.
The VeChain Blockchain in Shangai Gas
The Shanghai Gas Energy service platform on page 11 of the report explained how VeChain technology has helped the company develop the world’s first liquefied natural gas (LNG) information digitization platform.
The developed platform helped create a link to upstream and downstream businesses in the natural gas industry and has allowed the secure sharing of data between receiving stations, sales, operations, and insurance and finance services.
It was further explained in the report that VeChain provided blockchain infrastructure and application architecture support for the Shanghai Gas project.
Walmart China Blockchain Traceability Platform
At Walmart China, VeChain technology has helped the company meet shoppers’ requirements for higher demand on quality and food safety. The enterprise oriented blockchain technology enables the platform to share product data between suppliers, Consumers and Walmart distribution centres.
The establishment added that Consumers can scan the available QR codes to view information of products uploaded on the VeChain’s ToolChain platform. The information to be accessed include a number of data that gives users every details about the product from the manufacturing stage to the retail stage.
VeChain Technology Uses by H&M and Arket
H&M Group in the field of sustainable fashion has continuously explored blockchain application using VeChain, by implementing NFC tags into Arket beanies.
The establishment reported that it has been able to track life data of raw textile materials with the help of VeChain technology and a third-party Verifier DNV GL.
H&M group uses smart devices and IoT sensors to store its customer’s records using either a web app or a mobile app.
However, the company said working with VeChain has made integration more flexible.
