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VeChain (VET) is arguably one of the hottest projects in crypto right now in terms of partnerships and potential for future adoption as the blockchain startup is involved with PwC, Deloitte, BMW and China’s Financial Insurance Giant.
As previously reported by IIB, Deloitte recently migrated from Ethereum to VeChain, indicating the Chinese blockchain project now has half of the Big Four on VeChain’s blockchain in addition to partnerships with BMW, Amazon Web Services, Haier, and many many more.
VeChain Partnerships Seeing Progress
In addition to the partnerships mentioned above, VeChain partnered with China’s financial services giant, People’s Insurance Company of China (PICC) back in September 2018.
The partnership is now seeing progress as VeChain successfully migrated Norway’s Registrar Giant, DNV GL’s certificates on to the VeChain blockchain. This is significant because PICC is a partner of DNV GL.
The PICC and VeChain business relationship will digitally transform the insurance industry as the existing system used by PICC produces an overwhelming paper trail and suffers from insufficiencies within data collection, verification, and auditing.
Moreover, the company believes VeChain’s blockchain technology will bring digital transformation in the insurance industry and will help to reduce the turnaround time, improvise KYC [Know Your Customer] compliance, and prevent frauds.
VeChain Enters Business Relationship with PwC
Another recent development regarding VeChain partnerships has to do with one of the Big Four auditings firms.
The Global auditing giant PricewaterhouseCoopers (PwC) has announced a joint business relationship with VeChain by acquiring a small ownership interest in VeChain.
#PwCHK & #PwCSG announce joint business relationship with @Vechainofficial. Read more: https://t.co/SX6LrHXz9y #PwC #Blockchain pic.twitter.com/eLq9sBGGpk
— PwC China / Hong Kong (@PwC_China) May 4, 2018
Per the press release, PwC Asia Pacific and Greater China Chairman, Raymund Chao, said:
“We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society.”
The press release also states that PwC Hong Kong is collaborating with VeChain to provide trust-based services on the VeChain platform. Adding to this, PwC highlighted that they will need to use VeChain tokens to access and use the platform, which is why they have acquired a small ownership in VeChain.
Final Thoughts
All in all, VeChain is poised to do extremely well in the near future as their many partnerships begin to unfold plans for the use of Vechain’s powerful blockchain technology that specializes in the Internet of Things (IoT), supply chain management, and anti-counterfeiting.
Therefore, is VeChain a sleeping giant that’s about to wake up once businesses actually begin to use blockchain technology? It appears so, based off of the multitude of partnerships and increase in speed towards businesses adopting blockchain technology.
Currently, VeChain is trading around $0.0063 which is up 37% from the beginning of the year. However, VeChain may still have a lot of room to gain as the price action does not appear to have reflected all of the news as of late.
Do you think VeChain is a sleeping giant? Will all of VeChain’s partnerships begin utilizing the Vechain blockchain soon? Let us know what you think in the comment section below.