The September 9, 2020 blog post by VeChain and its partner concerning a new blockchain-based risk self-assessment toolkit namely VeTrust at its entry-level made headlines in Shanghai China, and beyond.
According to Sunny Lu, co-founder and VeChain CEO said that the toolkit is aimed at mitigating the long-term global economic impact of the novel deadly virus. The innovative solution will track record to aid in managing COVID-19 risk factors. It will also enhance the safety and risk assessment measures, something that will salvage collapsing small and mid-scale hotels in China.
How VeTrust will mitigate COVID-19 Risks
A virus that started in Wuhan December 2019, quickly spread across the globe disrupting the major economic sector, with the hotel industry being the most affected. According to China’s Hospitality Association, China hotel industry lost over $9.44 billion revenue while up to 74% of the hotels shut down within 27 days.
The situation has since then worsened leaving China’s hotel industry almost wrecked. Its recovery will depend on its ability to manage COVID-19 risk factors and means to restore the trust between the customers and hotel attendants.
With VeTrust, hotels will be able to provide trustworthy and immutable proof of cleanliness standards such as housekeeping practices and food hygiene preparation measures at hotel premises. By leveraging VeChain ToolChain data visualization module VenTrust toolkit will send a notification to alert uses when standards are not meet.
Thus, the level of preparation and readiness will be revealed by simply scanning a QR-code where the green colour will signify Conformity while Yellow will indicate Readiness and Red Nonconformity.
How VeTrust utilizes Blockchain Technology in service delivery
VeTrust will use VeChain ToolChain to build self-assessment standard checklist for infection risk management. It will integrate aspects of DNV GL’ infection risk management healthcare standards that entails health, safety, and the environment as well as safety rating standards and quality management systems. Also, it will streamline stakeholders at different operational stages to significantly lower operational cost.
In summary, VeTrust is designed to provide long-term benefits by updating training material and an in-app assessment checklist. This will help hotels to remain informed with current regulation aimed at curbing the spread of Covid-19 and be in a position to comply with regulatory standards and meet consumer concerns