Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network

Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network

VeChain Foundation announced today that they are collaborating with DB Schenker, one of the world’s leading logistics providers. This collaboration will be a pioneer in the use of blockchain for the logistics industry.

VeChain's Tweet on their official page. Source: Twitter.

VeChain’s Tweet on their official page | Source: Twitter

DB Schenker is a global logistics solutions and supply management company. It is a division of the German rail operator, Deutsche Bahn AG that focuses on logistics. This company was created by reorganizing and re-branding Deutsche Bahn. Subsidiaries of this company comprise of a logistics division encompassing air, land, and sea freight, and a rail division made up of European rail freight companies.

This company has been in the freight logistics subsidiary of Deutsche Bahn since 2007. Jochen Thewes is the chairman of DB Schenker. With a dense network of over 68,000 logistics experts in 2,000 locations, their strategy is to:

“Our strategy for 2020 includes all dimensions of acting sustainably and successfully. By challenging the status quo in the logistics industry, we strive toward economic, social, and environmental harmony in logistics and supply chain management.By 2020 we will be the leading integrated transportation and logistics provider.”

VeChain and DB Schenker: Blockchain for the logistics industry: Source: Meduim.

VeChain and DB Schenker: Blockchain for the logistics industry: Source: Medium.

VeChain Foundation’s approach now is to include the world’s best service providers, goods distributors, and global experts into their platform’s ecosystem which ensures the integration of as much business processes as possible. This collaboration with DB Schenker aims to eliminate the complexity of measuring the performance and service quality, for an extensive and seamless logistics solutions across China for running any industry and trade.

This is the first time that Blockchain is used for supplier management purposes [supply chain]. VeChainThor blockchain helps the business partners based on the collected data and allows DB Schenker to better evaluate the service of the suppliers. This system and its related applications in the future can potentially develop into a platform that is widely shared and co-constructed by a broad range of logistics service providers.

VeChain Foundation on Medium said:

“Technology makes us better. We believe that Blockchain is able to fundamentally change the logistics industry and we look forward to cooperating with more industry players building a logistics ecosystem based on mutual construction, trust, collaboration, and benefit.”

Jessy Delisle, a Twitter user commented:

“These guys won’t leave anything left for the other projects.”

marxwal, a crypto enthusiast, and a Twitter user commented:

“This is huge. DB Schenker is a huge supplier in scandinavia”

Prabs, another crypto enthusiast commented:

“This is perfect. In the financial markets we have a similar scoring system for analysts and economists based upon their accuracy and also how often they update their recommendations. The fact that Vechain is doing this for logistics is mind blowing.”