VeChain is an advance blockchain company which provides product tracking in the supply chain logistics industry has made a collaboration with NTT Docomo, the biggest telecommunications firm in Japan. VeChain is now a member of the 5G Open Partner Program released by NTT Docomo.
Till 2020, the Open Partner Program plans to launch 5G services. It is forming a network of partners, VeChain (VET) is the first of them. With the help of NTT Docomo's 5G protocol, VeChain believes to offer next-gen services.
VeChain, a Blockchain as a Service (BaaS) will work tightly with NTT to provide the network high level of security. The main goal of the system is to enhance Japan's telecommunication service with improved security and speed. Firstly, the partnership will provide services to the industrial sector. Particularly, both the companies will concentrate on tracking capabilities with the supply chain of different industries. Japan wants more speed, transparency and traceability with the industry and VeChain will help to fulfill its needs through blockchain technology.
As per VeChain release, “Our goal is to enhance and enrich our current data services capacity within traceability, supply chain management, and smartphones for our users… with our ongoing effort to bring traceability use cases in Japan into our ecosystem, the 5G program will bring additional value to VeChain’s presence in the region”.
Various other companies which are part of the project include Astellas Pharma, MUFG bank, Sony and Okinawa Prefectural Government.
Both the companies are really optimistic about the project. Various firms also believe that their network will be strongest and it will stand out other firm’s attempts to get the same results.
VeChain and NTT Docomo Advancements
VeChain is creating valuable partnerships and it is one of the most operational blockchain companies. The firm provides service to track the luxury items. Lately, the company declared that their services were utilized by the China government to offer drug and vaccine traceability for more than 30 million people in China.
Most of the firms believe in the potential of two companies, particularly because NTT Docomo was started in 1991 and it has achieved a huge level of success in the telecommunications industry in Japan. NTT is not only working on telecommunication industry, but it is diving deep into new tech services which include cloud services, content, payment processing and AR/VR. Japan is also considered as one of the leading blockchain hubs in the world.
As per Vechain, “The new collaboration has opened new doors for further cooperation of new ventures. Finally, various new partnerships have been developed and services will be passed through VeChain Thor Blockchain. Significantly, VeChain is in close talks with a leading company in one of the most notable Japanese industries.”