VeChain partners with consumer electronics giant Haier, price up nearly 12%

02 Apr, 2019
by Richard Allen
Price Action
VeChain partners with consumer electronics giant Haier, price up nearly 12%

VeChain has recently announced a tripartite strategic partnership with DNC GL and Haier IoC to bring blockchain and IoT technology to clothing lifestyle management.

Haier, consumer electronics giant, has announced a partnership with business assurance firm DNV GL and VeChain that will see the three firms integrate the veChainThor Blockchain-based clothing traceability solution into Haier facilitating the Digital Carbon Ecosystem. Additionally, the VeChainThor Blockchain will be a core technology in which COSMOPlat members operate.

COSMOPlat is Haier’s “open industrial internet platform with independent intellectual property rights making it the first ever platform for third parties to participate in the entire industrial process.”

According to the announcement, the partnership looks to utilize public blockchain technology in all applicable use cases within the life cycle of clothing and clothing management. Other notable use cases include smart shopping, smart inventory management, and tracking using the VeChainThor Blockchain.

Haier IoC, or Internet of Clothing, is a platform that the firm believes will generate billions of business transactions a year for their users.

VeChain is currently up 11.74%, trading at $0.0070. Although down slightly at the time of writing, the announcement resulted in a solid price spike that saw VET trade at $0.0072 from $0.0068.

Read more: VeChain featured on large Italian television channel: Wines are Safu

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Read more about: VeChain (VET)

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