VeChain Continues to Grow with New Strategic Partnership

The crypto space is primarily is focused around revolutionising the fintech and banking industry as the first cryptocurrency ever created, Bitcoin was created to be used as a currency like digital cash.

Even so, with this innovative industry develops and matures, a number of other blockchain use cases have come to light and the tech is affecting an variety of different industries. One of the leaders at the front of this cryptocurrency project, VeChain which is innovating a number of industries other than finance.

Aside from the plans and developments on VeChain to target supply chains, logistics, automobiles, Internet of Things, government affairs and blockchains IDs, they have delved into the fashion industry with innovative blockchain solutions.

At the start of April, one of the biggest collective multinational consumer electronics and home appliances, Hairer held the Global Release of the Achievements of COSMOPlat Industrial Internet Eco Brand Platforms event where they announced a strategic partnership with VeChain and DNV GL.

COSMOPlat is a newly launched Internet of Clothing platform that will use the VeChainThor blockchain protocol to create the first blockchain-based clothing life cycle management platform.

The goal of the VeChain partnership and COSMOPlat platform isn’t to just provide to merchants but to other clothing industry with complete transparency and connectively between themselves, but also to include the consumer too.

The VeChain Foundation posted a blog on Medium, in which the Executive Director of Haier Institute of Industrial Intelligence, Zhang Weijie stated:

“This strategic cooperation [with VeChain] empowers the clothing lifecycle management system through public blockchain technology, enhancing consumers’ trust which is becoming essential for a business to succeed. An ecosystem approach is the best way to increase levels of transparency and trust, with innovative solutions that bring together various technology elements combined with verification activities.”

With VeChainThor’s blockchain technology and the COSMOPlat platform, a massive string of data information between stores, farmlands, factories, consumers and more will be created for Haier’s fashion line products.

In terms of price, VeChain is currently sat at the 24th place on the top 100 according to CoinMarketCap. The price of the token is $0.006 following a one percent decrease over the past 24 hours at the time of writing.