The PwC Europe blockchain lead, Husen Kapasi, spoke during the Hannover Messe 2022, explaining the in-depth details of the VeChain blockchain. The industrial development fair had attracted many global participants, and VeChain took the opportunity to promote its blockchain.
Kapasi demonstrated how the VeChain network could streamline the supply chain process during the fair. He said that through the blockchain network, a retailer or a manufacturer could trace a product from when it leaves the supplier until it reaches the consumer.
VeChain provides benefits to the supply chain
The details provided by Kapasi spoke about ways to achieve a connected supply chain network. A connected supply chain network made moving products from the supplier to the end consumer easier. This supply chain promoted transparency, and it was more sustainable.
He also explained how a retailer and a manufacturer could achieve full traceability of the products as they move from the supplier to the customer. “We integrated supply chain control tower with blockchain-based traceability applications gathering information across the value chain,” he said.
Kapasi gave a live demonstration of an example of how this supply chain process would work. The demo showed the entire process followed when a product moves from the supplier until it reaches the end consumer.
The demo also focused on how the technology was based upon the VeChain blockchain. Blockchain technology is seeking new use cases outside of supporting digital assets, and the supply chain process is one of the sectors that could benefit from the benefits offered by blockchain.
VeChain moves to Europe
Europe has become an attractive hub for cryptocurrency businesses that want to expand their operations. The region is home to some of the largest blockchain and crypto-based businesses, and VeChain is now joining the sector.
VeChain has been interested in moving into Europe for the longest time. The blockchain company has a good year in 2021 because it recorded a significant rise in the adoption of its blockchain network. Its global reach during the year also increased significantly.
In February 2022, VeChain announced that it would be setting up its European headquarters. The goal behind setting up this headquarter location is to fuel increased mass adoption of cryptocurrencies in Europe. European-based companies have recorded an increased demand for blockchain solutions, and this could go a long way in helping VeChain find a strong foothold in the region.
VeChain’s venture into the European market started when the company’s CEO, Sunny Lu, was summoned to San Marino to discuss the carbon-neutral nature of its blockchain network. One of the contentious issues about blockchain is the energy consumption of certain consensus models such as proof-of-work.
Blockchain networks focused on environmental sustainability have recorded increased adoption over the years, and VeChain is poised to record increased adoption. The blockchain is expanding its reach in Europe, and it has already set up a tech team and a technology center in the region.
The demand for blockchain technology solutions has been witnessed globally, and Europe is well-positioned to be a primary hub for blockchain-based activities. With VeChain offering effectiveness and efficiency and having the added benefit of being a carbon-neutral network, it could record increased adoption over the years.
VeChain is not the only crypto-linked company moving its headquarters into Europe. Binance, the world’s largest exchange by trading volume, recently received an operating license in Italy. It became the first major exchange to operate in the country. Binance is setting up its headquarters in Milan and hiring a local team to assist with the operations.
To learn more visit our Investing in VeChain guide.