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Electric Component Giant Schneider Selects VeChain as Its Ecosystem Partner

Electric component giant Schneider

December 31, 2021

Reading Time: 2 minutes

Electric component giant Schneider announced that it had selected blockchain-based platform VeChain, to be its ecosystem partner.

VeChain confirmed the selection in a statement on Twitter. According to the supply chain management-centred blockchain, Schneider Electric aims to exploit the possibilities of VeChain to digitize the economy.

Partnership with Schneider is a Great Opportunity for VeChain

Vechain’s partnership with electric component giant Schneider is an excellent opportunity for the blockchain-based platform. In October, VeChain spoke at Schneider Electric’s Green Innovation Summit held in China. Fast forward to today, VeChain is officially the ecosystem partner of the Fortune 500 company, which has a $100 billion market capitalization.

In the tweet, VeChain stated that the company was incredibly proud to share that they are the official Schneider Electric’s digital ecosystem partner. VeChain affirms that it takes a lead role in delivering public blockchain to Fortune 500s and providing them with the technology to help digitize the economy.

Currently, VeChain technology dominates food safety, agriculture, spirits and luxury goods. The VeChain platform combines blockchain and smart chip technologies to track customers’ items.

VeChain Proactive in Securing Partnerships that Promote Blockchain Technology

VeChain has been proactive in securing partnerships that advance mainstream adoption of blockchain technology. Recently, the blockchain-based platform revealed a collaboration with the government of Inner Mongolia that would leverage the VeChainThor blockchain to power a vast and complete traceability platform.

Some of the other VeChain partnerships include one with car manufacturer BMW. Although the details of the partnerships are being kept on the down-low, it is reported that VeChain will help BMW track and prevent odometer fraud during car sales.

VeChain also partnered with China’s branch of retail giant Walmart last year. VeChain is tracking food products for Walmart through supply chains.

Moreover, VeChain is working on a new decentralized exchange called ZumoSwap. ZumoSwap is targeted to be an alternative to Exchange, be VeChain’s automated market maker, and liquidity provision protocol.

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