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VeChain Teams Up with Global Logistics Giant DB Schenker

Global logistics giant DB Schenker is to launch a supplier evaluation system on the VeChainThor platform — the first of its kind, according to the Singapore-based blockchain.

Surging at the announcement’s outbreak, VET leapt from $3.21 to $3.42 per token — in spite of June 12’s stagnant market capitalization. At time of press, VeChain is the 17th largest coin by market cap at $1.65 billion and sitting at $3.02, up 9% over the past 24 hours..

VeChainThor will host a new decentralized application (DApp) that monitors, tracks, and evaluates the performance of DB Schenker’s third-party logistics providers in China. Based on a range of collected data, the application is intended to allow DB Schenker to “to better evaluate the service of the suppliers.”

Describing the collaboration as the first blockchain-based supplier management solution, the VeChain team appear to see the partnership as the first of many:

“In the future, the system and its related applications can potentially evolve into a platform widely shared and co-constructed by a broad range of logistics service providers.”

While VeChain’s tracking and inventory-focused blockchain may not have legal ties to China,  it appears to be honing its focus in on the East Asian nation, having signed a number of industrial partnerships and deals with the Chinese government in 2018.

A subsidiary of German rail network Deutsche Bahn AG, DB Schenker offers logistics services in land, air, ocean, contract logistics and supply chain management. While the outfit operates in more than 50 countries, DB Schenker’s presence in China seems to be the central focus of the DApp — VeChain’s announcement stating:

“With extensive experience of over 50 years in China, DB Schenker today employs 5,700 logistics specialists in over 60 key cities across the country providing reliable and customized logistics services.”

As VeChain continues to seduce enterprises with its Blockchain-as-a-Service platform, it will surely be celebrating the commitment of such an industry heavyweight as DB Schenker — who recorded multi-billion dollar revenue increases in 2017 alone.

Cover Photo by Pierpaolo Lanfrancotti on Unsplash

Posted In: , , Altcoins, Partnerships
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Jonnie Emsley
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Jonnie Emsley

Fintech Journalist @ CryptoSlate

Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of the world and emerging tech trends makes him tick.

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