The German B2B software development firm- Actiware has joined hands with the Singaporean supply chain management company- VeChain’s blockchain-based solutions, as per the recent press release published on 31st March. This integration will allow for improved data traceability and accountability. This integration is mutually beneficial to both of the companies.
VeChain was seen quite active in the crypto space since recent times. It looks like it is a horse of a long race. There has not been any breakthrough in the price of the crypto token of VeChain, but the adoption of the blockchain of the company is ensuring a bright future to the VET holders for good returns in the coming times.
The integration of VeChain functions into the automation process of Actiware will make the tracing of the machines runtime’s metadata much easier and efficient. The metadata can be taken from OPC UA, MQTT, AMQP and so on. The data uploaded on the VeChain blockchain will then become tamper-proof, and therefore, it would be highly difficult for anyone to manipulate ant details of the data. The press release also stated that the transactions would be made available on the network to the user on a 24/7 basis. Further, it can serve the business partners as a central point of reference for any business-related activity.
The access to the VeChain blockchain is made quite stringent. The users will be allowed to access the transactions in a set pattern such as ‘chronological order which can further be filtered on the basis of type and scope,’ as per the reports obtained from blockchainreporter.net. This set up also supports private networks as well as the public VeChain Thor.
Since there is a huge scope of document storage, therefore, the user can easily manage safe and traceable information on the VeChain blockchain. Further, there is a good scope of interoperability. The press release stated that VeChain would support over eighty enterprise resource planning ERP software. Here is an excerpt from the press release-
“Thanks to the universal process engine, the innovative VeChain ecosystem has a generic connection to over 80 ERP systems (such as SAP S/4, SAP Business One, Microsoft Dynamics, ABAS ERP, inforERP, …), edge devices, machine controls such as Siemens S7, cloud providers such as Salesforce, Amazon AWS, Microsoft Azure and the user’s local environment. The embedding of VeChain transactions is easily done by Flow-Designer.”
On the other hand, the co-founder of VeChain- Sunny Lu tweeted on the press release- “Interesting, I’d like to find more.”
Interesting, I’d like to find more. https://t.co/hRPlkmeYko
— Sunny LU, VeChain (@sunshinelu24) April 2, 2019
Yesterday, it was announced that the Singaporean supply chain management company has registered under the Chinese new blockchain regulations. On the other hand, VeChain seems to be quite active when it comes to partnering with important companies. The latest partnership that has been reported is the partnership with Haier; This will enable VeChain to integrate the VeChain Thor blockchain to Haier’s Cosmoplat solution, as per reports from theoofy.com. Again touching the long term viewpoint, VeChain seems to bask in long term returns in the form of greater adoption from such partnerships. There may not be a huge impact on the rates of VeChain Thor (VET) price short-term.