The VeChain Foundation Partners With Cyprus’ Grant Thornton

The VeChain Foundation recently announced a new partnership with Grant Thornton Cyprus which will allow it to bring blockchain technology to untapped industries.

Cyprus becomes the new blockchain hotspot

Cyprus is quickly becoming a hotspot for blockchain innovation in the world. The VeChain Foundation is now partnering with Grant Thornton Cyprus which may help them in establishing the industry further. According to a recent announcement from VeChain, the partnership is focused on bringing blockchain solutions to numerous industries.

The Cyprus-based accounting and consulting firm will leverage its existing network of customers and tap into the food industry, logistics, pharmaceuticals, supply chains, e-commerce and renewable energy to help bring the idea to fruition. Alexis Nicolau, director of distributed technology at Grant Thornton Cyprus said that the legislation governing blockchain technology in the country is “imminent.”

Pandemic changes the global economy

VeChain co-founder and CEO Sunny Lu said that the pandemic has helped in restructuring the global economic order. He noted that VeChain aims to accelerate “digitalization which enhances the need for digital solutions.” The company recently announced a blockchain-based food safety solution as well. It is available on their blockchain-as-a-service platform. The services include a template for tracing origins, cross-border traceability, etc.

VeChain has high hopes for the platform and believes that the tool will be useful for many products and sub-sectors in the food industry like imported food, wine, alcohol, dairy, and even fresh food. Companies working on the platform will also get access to third-party services from DNV GL, Deloitte, and PwC to help reduce the cost of certification, insurance, auditing and supply chain financial services.

According to VeChain, most BaaS platforms today focus on high-level framework services. The food sector faces huge barriers to entry because of which blockchain adoption is not high. Their solution will provide companies in the food industry to deploy and implement blockchain applications quickly to solve real business needs.