The Singapore based non-profit company stated:
“VeChain’s blockchain + IoT solution to the 1st BAAS (Blockchain as a Service) to enter China’s Tobacco industry by working with National level government body – State Tobacco Monopoly Administration and China Central Government owned China National Tobacco Corporation, via an exclusive partnership with NRCC (National Research Consulting Center).”
According to the report commissioned by the International Chamber of Commerce, by 2022 the global counterfeit market is expected to reach $2.3 trillion which VeChian is basically trying to solve. Having an impressive clientele of IoT projects such as IOTA, WaBi, and Walton, VeChain offers a strong team, multinational clients and a working product.
This partnership would be conducted under the guidance of DNV Gl which is an internationally accredited registrar with a network of more than 800,000 companies from all over the world. DNV GI is also the one that creates the global standard for large enterprises’ internal processes that comprises of quality assurance methods, production procedures, and production safety procedures.
VeChain’s blockchain technology will transform tobacco industry
The partnership has other focus areas as well that are more long term strategic and disruptive. The parties involved in the current model of Tobacco product distribution are manufacturers, distributors, retailers, and end users. Across the world and industries, the heavy dependence on intermediaries reduces the efficiency of the process that also means incurring a huge cost. With blockchain technology, this industry can be transformed completely. Right now, China accounts for about 30% of the total cigarette consumption globally. Moreover, in terms of revenue, China is the largest manufacturer of tobacco products.
Statistics show that in the first half of 2017, about 24,752,000 cases of cigarettes were sold by China that drew the sales of approximately 772.712 billion yuan.
It has been a huge move, just after a week of VeChain’s big announcement of several other partnerships and having Breyer capital as an advisor. It would be interesting to see which industry and economy collaborates with blockchain based technologies now.
What are your views on VeChain’s China move? Will it affect its price?? Let us know your thought in comments below.
The presented content may include personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for you personal financial loss.
Link: http://www.coingape.com/vechain-collaborates-with-china-to-provide-blockchain-based-solutions/
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