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15 June 2024
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VeChain recognized by German goverment for smart supply chain management

  • The German Federal Office for IT Security published a study recognizing VeChain and its technology.
  • The study describes that VeChain has many partners in different branches of industry because of its advanced technology.

In a study published by Germany’s Federal Office for Information Security (BSI), VeChain is recognized among 300 blockchains for its intelligent supply chain management. The study aimed to examine and evaluate the security of 300 blockchains as part of a market analysis.

The study also tried to identify possible fields of application for the projects evaluated. The study had 4 criteria that it consider making the evaluations: the blockchain should be relevant in the market, the amount of security incidents, security and evaluability. In this way, the BSI obtained a vision of the situation per blockchain studied.

VeChain, Corda and EOS among recognized blockchains

The study recognized 8 blockchains of the 300 studied. In addition to VeChain, Corda and EOS were among the blockchains. The study says that Corda could be used to develop health-related applications, if there are no other candidates. EOS, on the other hand, received recognition for being a technology that allows the construction of decentralized applications and for its market capitalization of $3 billion. This makes EOS highly relevant in the market.

About VeChain, the study states that its technology is similar to Ethereum and offers a wide range of practical applications:

The VeChain blockchain will store information about certain products. Unlike OriginTrail, VeChain has a much higher market cap and is supported by a high number of large companies. With the study of VeChain and OriginTrail, the field of application “Supply Chain Management” is covered.

The report studied the open source code of VeChain, EOS and Corda and used automated analysis tools such as static code analysis and manually checked the security-related components of the code.

As reported by CNF, VeChain has obtained a large number of cooperations with important partners. Together with its partner DNV GL it participated in a webinar to present the blockchain technology and its use cases for the sustainable management of the seas. The event was co-organised between Chinese authorities and Norwegian representatives in Shanghai.

In addition, VeChain and DNV GL also partnered with Italian brand ICAB La Fiammante to use the VeChainThor blockchain to record all information related to the Italian tomato supply chain in a pilot project. VeChain also partnered with pharmaceutical giant Bayer to develop a blockchain-based platform called Csecure. The platform will be used to improve drug delivery management in clinical trials. It will also aim to improve data transparency, traceability and efficacy of these trials.

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