VeChain Partnerships... Much Ado About Nothing? - Bitsonline

VeChain Partnerships… Much Ado About Nothing?

If partnerships are the new lifeblood of cryptocurrency projects, VeChain is on course for one of crypto’s more successful years. But are VeChain partnerships all they seem?

Also see: Goldman Sachs’ CFO Says Firm Still Interested in Crypto

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VeChain Partnership Announcements… the New Megaphone in the Crypto Space?

VeChain announced recently that it had partnered with BYD Auto and DNV GL to utilize VeChain’s automobile lifecycle management solution for the green carmaker. The solution promises to host the data of millions of cars, buses, and trains on a public blockchain platform.

The blockchain-backed ecosystem will reward vehicle operators with carbon credits, based on their vehicles’ driving performance and carbon reduction characteristics. Ultimately, the project will help reduce the global carbon footprint.

As Sunny Lu, CEO and co-founder of VeChain stated:

“As the global leader in green car manufacturing, BYD offered us the the opportunity to pioneer real change. It takes innovators like BYD to make the world a cleaner place. Carbon banking will be a new reality for billions.”

DNV GL is a global certification company that works in a vast range of industries, including the maritime industry, renewable energy, oil & gas, and food & beverage. The group invested heavily in VeChain.

Not the First of VeChain Partnerships

VeChain has announced an impressive number of new partnerships in a short period of time. Less than two weeks ago the startup signed an agreement with the People’s Insurance Company of China, helping the latter digitize and decentralize data hitherto stuck to a trail of paperwork.

Earlier this year, the company teamed up with the storied Oxford University in a project called VeResearch. That particular partnership involves Oxford University helping the startup with the mathematics it needs to deploy for its future operations.

VeChain’s growing list of partners is already long, including such names as PriceWaterhouseCoopers, China Unicom, DB Schenker, NTT Docomo, BMW, and Renault. But caution is required when considering the impact these tie-ups could have. VeChain’s partnership with global logistics company Kuehne & Nagel is a case in point.

VeChain partnerships

Reporting on the deal between the two companies has been reckless, with links to press releases that do not exist, and no official announcement from Kuehne & Nagel itself. The reason? Bitsonline reached out to Kuehne & Nagel for an answer.

Speaking on the condition of anonymity because no formal announcement had been made, a spokesperson for the logistics company told us that while the company is working with VeChain to develop a blockchain-based supply chain management system, development remains at the very early stages and the shipping giant already has highly advanced RFID tag technology controlling its flows of goods.

Similarly, a number of the VeChain Partnerships involve VeChain procuring services of the partners and not the other way round. PriceWaterhouseCoopers and Oxford University are two such examples.

Justin Sun Syndrome

Not that you’ll find anyone in the Tron community bringing the least amount of scrutiny to it, but Justin Sun Syndrome–symptomized by littering news outlets and social media channels with announcements that announce a forthcoming announcement–was thought to be an art form that had long since departed the space.

And while VeChain announcements are nowhere near as frequent and are considerably more substantive, it appears cryptocurrency communities remain unprepared to demand the same rigours to the projects they support than investors in more mature asset classes.

Have your say. When VeChain partnerships are announced, do you automatically assume it is VeChain selling a service to a customer?

Images via Pixabay

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