VeChain Thor Q1 2019 Partnership That Put It Ahead Of Its Competitors

Blockchain technology has given the world the tools to disrupt finance and the way people have related with money thus far. This disruption does not end with financial services but has been applied to several other industries.

One of the industries being revolutionized by the blockchain is the supply chain industry.

There are several crypto projects working on the supply chain, and a notable one is VeChain Thor. The purpose of VeChain is to guarantee the quality and authenticity of products. This is particularly important for luxury goods shipped over a great distance.

The VeChain project finds application particularly in the logistics, automobile, healthcare and fashion industries.

Crypto projects like VeChain requires partnerships that will put their solution to use. VeChain has already been consolidating partnerships that can help grow their ecosystem.

So far in 2019, VeChain Thor has secured a partnership with Amazon Web Services (AWS).

VeChain Thor Overview

VeChain is a blockchain platform founded in 2015. It functions as a Blockchain-as-a-Service company although it is run by the VeChain Foundation, a non-profit registered in Singapore.

VeChain’s supply chain solution includes a smart chip with which items can be tracked through its lifespan to ensure quality and authenticity. The smart chip can be implemented with IoT items such as NFC Chips, RFID trackers, or QR codes.

Today, VeChain is more than just a supply chain solution — it works like a dapp platform similar to Ethereum and EOS. In February 2018, the project rebranded to VeChain Thor to capture the broad vision of what the project is about.

The platform runs a 2-token model similar to NEO which has the NEO token and the GAS token. VeChain has the VeChain token (VET) and the VeThor tokens (VTHO). The VET is the network token and can be considered a tradable credit to access the VeChain network. VTHO is a consumable token that functions as gas for the VeChain ecosystem.

The project was first launched on Ethereum with an ERC-20 token standard known as VEN. The mainnet launch happened on June 30 2018, and was followed by token migration from the Ethereum blockchain to the VeChain mainnet.

The platform already has some notable partners which include DNV GL and BMW. The partnerships mostly entail researching the blockchain solution to better understand it, and hopefully to prepare for mainstream use.

VeChain Q1 2019 Partnership

Amazon Web Services

VeChain announced on February 18 that AWS is now enabling a one-click VeChainThor blockchain deployment for enterprises. This allows fast and secure deployment of blockchain applications on AWS cloud by a host of enterprises.

This one-click solution helps to remove the cumbersome manual deployment process associated with blockchain applications.

Furthermore, VeChain is adopting Amazon EC2 to allow the uploading of data and smart contract deployment, and Amazon RDS for data persistence and cost reduction.

VeChain has also joined the AWS Partner Network as a technology partner of AWS.

Speaking about the partnership, Alex Yung, corporate VP and MD of AWS Greater China, said:

We welcome VeChain to join the AWS Partner Network and deploy the leading-edge BaaS solution on AWS, AWS provides rich security capabilities and services, extensive compliance certification, and a global infrastructure. The AWS Blockchain Templates were introduced in 2018, allowing customers to quickly and easily create and deploy secure blockchain networks using popular Ethereum and Superbook open source frameworks while minimizing human error. We hope VeChain, and its customers, will accelerate the pace of innovation and continue to sharpen their competitive advantage with these features.

Conclusion

VeChain experienced many accomplishments in 2018 despite the bearish market, and we can expect that they’ll keep up the pace in 2019.

So far, they have made a host of partners, with several of them already using their solution. Their partnerships can be seen in the figure below:

These partnerships are expected to produce more usage of the VeChain blockchain in 2019 compared to previous years. The rate at which these companies put VeChain to use will affect the growth of their ecosystem.

There is stiff competition in the areas of supply chain and dapp platforms in the blockchain industry. In the midst of this, VeChain continues to show strong potential for mainstream adoption.