VeChain Has New Partnerships

September 28, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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TruTrace’s blockchain-based was initially designed for the legal cannabis industry to demystify the seed-to-sale process for all relevant stakeholders including producers, distributors, shippers, government agencies and consumers by powering commercial standards via blockchain technology. Protecting consumers and brands from contaminants and counterfeiting, will be further bolstered with the utilization of the VeChainThor blockchain, this being exceptionally true for the cannabis sector which exists at a legal crossroads between countries, states and even whether or not this product should be classified as medical or recreational. This partnership was announced month ago.

Robert Galarza, CEO of TruTrace stated:

“When we began the development of TruTrace, our mission was to serve as an interconnected blockchain-secured product registry and traceability solution which could bring all stakeholders together and serve to track and manage variabilities from batch to batch and lot to lot”

“Although our confidence in the power of blockchain to support this mission never wavered, there were difficulties using this technology without onerous gas fees or being limited to permission-based systems. Fortunately, this all changed with the adoption of VeChainThor, which is a true enterprise-grade blockchain that understands how to bring value to clients at a reasonable cost with the ability to scale at a global level.”

Another intergration partnership was announced three weeks ago with OrionOne streamlining the Use of Blockchain in supply chain applications.

The connection between OrionOne’s best-in-class logistics platform and VeChain’s blockchain application VeChain ToolChain allows OrionOne to offer companies a seamless and rapid onboarding ramp to begin utilizing blockchain in their business, all without burdensome investments in network infrastructure or management of cryptocurrencies.

These challenges provide an unique opportunity for innovation through the adoption of emerging technologies and the digitization of supply chains. OrionOne’s logistics software helps companies organize and manage people, goods, and resources across the entire supply chain, including transactions and supplier relationships, providing an end-to-end overview of a product’s journey to market.

Blockchain technology continues to disrupt the supply chain industry. Decentralization, an important trait of public blockchains, provides a trust mechanism, making data more robust and reliable when managing multiple competing stakeholders. Record keeping, compliance, and dispute management are just several ways blockchain can ensure product quality throughout the supply chain.

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