VeChain Goes Global With Logistics Giant to Revolutionize Supply Chain Management
VeChain, a leading blockchain platform offering service solutions for business enterprises, announced a partnership with DB Schenker, one of the world’s leading global logistics providers.
DB Schenker is the transport and logistics division of Deutsche Bahn and manages a network of over 68,000 logistics experts in 2,000 locations. The logistics giant powers most of Europe’s freight companies, dominating management solutions for air, ocean, rail and land transport. It also handles contract logistics around the globe.
VeChain’s partnership with DB Schenker puts VeChain at the pinnacle of real-world use cases for blockchain which has been highly touted as a transformative technology that can overhaul legacy systems by offering greater transparency and more efficiency while lowering costs.
In addition to the European market, Singapore-based VeChain will gain exposure to China where DB Schenker collaborates with third-party logistics providers. The goal is to create a worldwide logistics network.
VeChain is proceeding with caution and clarity around the complexities of building out the platform with respect to third parties as it will require being able to measure the performance and service quality of multiple business partners.
The partners are launching a decentralized application (DApp) that allows DB Schenker to evaluate and score any suppliers in the ecosystem. According to VeChain’s announcement, the evaluation platform is the first of its kind, allowing DBSchenker to utilize the blockchain for supplier management purposes.
Blockchain has spawned a sea of initiatives and projects that are fueling the crypto craze. Detractors have pointed out that adoption is slow, while developers have been working on interoperability between legacy systems and new blockchain-based protocols. To bring blockchain enterprise solutions to market, developers are also focusing on scalability and speed.
The Frankfurt-based logistics giant DB Schenker is also the largest freight operator in the UK, where it operates the British Royal Train used by Queen Elizabeth II and the Royal Family, and has a long-term contract with Hitachi Rail. Because DB Schenker operates in 140 countries, representing 71% of the globe, market penetration potential for VeChain is immense.