Consensus 2017 Lesson: Luxury Products are Going on the Blockchain
(Gold Silver Bitcoin) – $450 million RMB on a blockchain. That’s what VeChain brings to the table in the world of blockchain. It’s really the most promising blockchain use case out of China – and there are many.
It’s tough to know what is going on behind the Great Firewall, but by all accounts, blockchain is is growing very popular there. Big exchanges have begun to add Ethereum to their trading platform just months after meeting with central bank officials to discuss the future of the digital currency in China.
BitSE, which designed the in-production blockchain VeChain used by companies like Babyghost to place merchandise on a blockchain, plans to add to the already two million products on its application, which is a permissioned fork of Ethereum.
VeChain, which joined PwC’s incubation program late last month, deployed its application last year, and it was first used by fashion company Babyghost in a fashion show to give attendees an interactive, fashion show experience.
Bitse’s VeChain, designed for luxury goods, not only boasts its partnership with Babyghost, but, also, represents one of the biggest wine importers in China.
BitSE’s tag sits on top of the wine bottle, and the chip monitors vibrations, temperature and other characteristics throughout the wine supply chain. When the bottle is opened, the tag is destroyed – theoretically, just prior to consumption.
VeChain’s focus has been on expanding its business into Southeast Asia. Towards that end, the company joined PwC’s incubation program.
Raymund Chao, PwC Greater China Chairman said: “Embracing advanced technology for growth becomes the top priority for many business sectors. Innovative applications and solutions could improve the effectiveness of supply chain, brand reputation, and even customer experience. We are excited about the joint initiative between PwC and BitSE and the VeChain services we provide that could help our clients achieve greater success. I envisage our services will create an impact and deliver on our firm’s purpose of building trust in society and solve important problems.”
Oon Jin added: “Disruption is here to stay in our current volatile business environment and it brings both opportunities and challenges. We firmly believe that it is through embracing disruptive change that allows innovation to flourish. This is an exciting milestone for us, and we are confident that together with VeChain we will bring more value to the marketplace through collaborative innovation.”