VeChain signs a partnership deal with a leading supply chain firm.

VeChain and YunKeAn (LogSafer) a leading supply chain risk management platform enter into partnership to develop blockchain solutions for logistic insurance industry, a ~ $50billion global market

– According to the Medium article by VeChain foundation which was posted on march 13th.

VeChain entered into a partnership with LogSafer, a leading supply chain risk management and a major logistics insurance platform in China with over 2,500 corporate clients. In the agreement, the two parties will work together to integrate big data and Internet of Things technology into existing and future solutions. The combination of VeChain’s proprietary IoT sensors and the VeChainThor blockchain applied intelligently to the supply chain risk management industry will assist in revolutionizing insurance and value protection services for shipping, logistics and trading companies of every size. The logistic insurance market is estimated by Grand View Research to be approximately $50 billion globally.

LogSafer CEO Mr. Guo Hui believes:

Cross-border supply chain risk management is faced with problems such as lack of mutual trust, repeated collection of documents or data, lack of real-time risk data, and so on, resulting in high costs and low efficiency. Through the efficient coordination mechanism provided by the blockchain, efficient risk management and control ecology will be created, which will greatly increase the efficiency of risk management and control at each link and further reduce transaction costs.

VeChain tweeted:

VeChain also announced their first Dapp(Decentralized Application) in partnership with DNV GL which has been named ‘My Story’ which will be used by the wine industry.

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