Singapore based blockchain platform Vechain has reportedly partnered with Chinese consumer electronics giant Haier and risk management company DNV GL to improve transparency in the supply chain.
This is big for Vechain if you consider that Haier is the largest home appliances manufacturer in the world, owning some a whole host of brands that have gone on to become household names; such as Aqua, Candy, Fisher & Paykel, Casarte, and GE appliances.
Haier have been making big moves recently with the company having launched its internet of clothing ‘IoC’ networked laundry solution just last month. This ‘IoC’ concept seeks to connect the smart washing machine, the laundry rack and the folding machine.
In collaboration with Haier IOC, Vechain’s traceability application, my story, will be used to prevent fraud, verify products, track carbon footprints, and more. Consumers will be able to benefit from this development by scanning the QR code attached to codes to receive information on products.
Vechain had this to say on this development;
“My Story is an off-the-shelf blockchain based digital assurance solution…combining deep industry expertise of prominent industry leaders, and DNV GL, with independent physical audits, data collection, and verification services.”
DNV GL will aid in the verification of data stored on the blockchain which will include business models, technical interfaces, and process controls. It will also be in charge of verifying and distributing carbon credits.
The CEO of DNV GL business assurance, Mr Luca Crisciotti;
“This strategic cooperation empowers the clothing lifecycle management system through public blockchain technology, enhancing consumers’ trust which is becoming essential for a business to succeed.”
It is also important to remember that last year DNV GL bought a stake in Vechain as part of its plans to raise trust and transparency through digital solutions.
Haier, which generates an estimated $40 billion in annual revenue, is attempting to promote a more carbon-efficient lifestyle. The IoC initiative by the company-mentioned earlier- is designed to make household products such as washing machines more environmentally friendly. According to Haier;
“[The platform] now works with more than 4,800 apparel resources to integrate washing machines, smart wardrobes, dressing mirrors, ironing machines and more to offer customers a smart solution covering washing, fabric care, storage, matching and shopping.”
This move is not only big for Vechain and Haier; it also marks another win for crypto. This is indeed welcome news to add to the fact that the crypto markets are getting animated again. Is this another sign that cryptos are on the verge of mainstream adoption? I believe so.
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