Singapore-based blockchain startup VeChain (VEN) and global logistics provider DB Schenker have co-developed a blockchain-based supplier evaluation system, according to a VeChain Foundation post published today, June 12.
A new decentralized application (DApp) will use the VeChainThor blockchain to score DB Schenker’s third-party logistics partners in China based on collected data – the result being an evaluation for services such as packaging, transportation, and the quality of goods.
The Vechain Foundation claims that the DApp is the first ever implementation of blockchain for supplier management purposes:
“In the future, the system and its related applications can potentially evolve into a platform [that is] widely shared and co-constructed by a broad range of logistics service providers.”
VeChain is a Blockchain-as-a-Service (BaaS) provider that targets enterprise-level businesses. The project’s native cryptocurrency VEN is currently ranked 17th on CoinMarketCap’s listings, with a market capitalization of roughly $1.6 bln at press time…