German govt recognizes VeChain as best for supply chain management

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on Jun 10, 2020
  • Germany's BSI recently studied 300 blockchains to find the best match for supply chain management.
  • The project that scored the highest is VeChain, alongside names like EOS and Corda.
  • VeChain fits all the requirements, and it has the greatest number of important partners.

Germany’s Federal Office for Information Security (BSI) recently studied over 300 blockchain projects. The goal of the study was to find the best solution for a smart supply chain management system. Once the study has been concluded, the BSI published its report, recognizing VeChain (VET) as the top choice.

The study highlighted 8 projects

As mentioned, the study examined over 300 blockchains, evaluating their security, and trying to identify potential fields of application. It focused on four different criteria when making these evaluations.

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In order to pass, the blockchain needed to be relevant in the market, it needed to have a low number of security incidents, it had to have strong security, as well as evaluability.

The study ended up recognizing 8 blockchains, out of a total of 300. VeChain scored the highest, followed by others, including EOS and Corda.

According to the report, Corda has use cases in health-related application development, if no other candidate were to surpass it in this area. As for EOS, it was recognized for being one of the best technologies for dApp development and its market cap alone, which exceeded $3 billion at the time.

What did the study conclude about VeChain?

As for VeChain, the study found that its technology is similar to that of Ethereum. It says that “The VeChain blockchain will store information about certain products. Unlike OriginTrail, VeChain has a much higher market cap and is supported by a high number of large companies. With the study of VeChain and OriginTrail, the field of application “Supply Chain Management” is covered.

The report looked into the projects’ open-source code, as well as automated analysis tools. VeChain managed to obtain a large number of collaborations with major partners. One such partner is DNV GL, with which it participated in a webinar, with the goal of presenting use cases of blockchain technology.

These use cases particularly focused on sustainable management of the seas, which is of major importance for supply chains.

The two also partnered with ICAB La Fiammante, an Italian brand, for its use of VeChainThor blockchain. The blockchain is used for recording the data in regard to the Italian tomato supply chain in a new project.

Another major VeChain partner is Bayer, a pharmaceutical giant, with which the project is developing a blockchain platform, Csecure. The goal is to use the platform for bettering drug delivery management for clinical trials.

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