• VeChain is safe to invest in because it has a great team and will keep expanding.
  • VeChain has been expanding its network with multiple partnerships in the blockchain space recently.

 

Despite the crypto winter affecting several crypto projects, the blockchain platform with a focus on the supply chain management process, VeChain, continues to expand. VeChain has expanded its reach in the last few months by partnering with various firms across different sectors. It has also been upgrading its platform with a recent upgrade of its proof-of-Authority (PoA) consensus mechanism.

According to the platform, PoA 2.0 will offer speed and reliability, which are essential for any business app. While it seems more centralized, given its low number of nodes, VeChain’s PoA 2.0 mechanism consumes less energy and emits low amounts of carbon. VeChain added that its PoA mechanism makes it possible to build and scale green technologies on a level that hasn’t been seen before on any public blockchain.

On top, the project has been inking strategic partnerships that could play a vital role in its adoption.

More VeChain partnerships

As previously reported here on CNF, VeChain is in partnership with the mixed martial arts organization, UFC, to become its official blockchain partner. According to multiple reports, the deal is worth about $100 million over five years. The partnership will expose VeChain’s products and services to UFC’s user base through various UFC events.

For instance, the VeChain brand will be publicly displayed inside UFC’s octagon at more than 40 yearly events. UFC athletes will also receive payments for featuring in VeChain marketing-related content. Also, VeChain has some of the top commercial examples of public blockchain use cases in the food industry.

For instance, VeChain helped Walmart China tackle food safety issues. VeChain records suppliers’ information on its trustless VeChain Thor. Thus, allowing Walmart China to spend a lot less money and time on inventory. Also, the technology reduces tracking time for any particular item to 10 seconds. Previously, such track time would have taken 26 hours. It has since expanded its services to Walmart. In a September 27 tweet, the VeChain community hub disclosed that VeChain helped Walmart complete 700,000 transactions within 3 hours. The tweet added that it is a considerable feat, given there were no cases of spam or token shuffling in any of the transactions.

VeChain is also deploying its innovative green technology to help the un deliver its Sustainable Development Goals (SDG). In August 2022, the VeChain platform partnered with amazon web services to enhance its VeCarbon platform. The platform will help firms access data about their carbon footprint. Then, they can manage it properly and be compliant with emissions targets.

Last year, the enterprise blockchain solution stated that four of the 17 UN SDGs align with the capabilities of its technologies. The VeChain foundation continues to work on several carbon-related projects across China and the EU, empowering enterprises with blockchain sustainability solutions. VeChain Thor is arguably the most eco-friendly public blockchain and aims to help enterprises and governments worldwide achieve their SDGs efficiently and at a low cost.