VeChain [VEN]’s blockchain solutions for luxury and automobile industry

Alexey Sidorov, CEO, and Founder of Lendex Talks interviewed the General Manager of Europe of VeChain, Jerome Grilleres recently.

VeChain is one of the leading global enterprise level public blockchain platform and aims at connecting blockchain technology to the real world. It develops blockchain solutions for various applications and is very active in the luxury and automobile industry.

Jerome Grilleres spoke to Lendex about applications of Blockchain in the automobile industry and how it adds value to car services and how blockchain technology fights counterfeit products in luxury segment.

When asked about Vechain, he said in the interview that VeChain is basically a business collaboration platform for developing different applications for different industries such as the luxury industry for anti-counterfeits and the automobile industry for connected passport of a vehicle. He went on to say that VeChain brings tools for the corporate world to exchange information with the general public.

Jerome further added:

“VeChain is bringing a network of partners to work on new products. One of the partners is TNVGL , large certification company.”

VeChain is working with TNVGL to provide large e-certification that will go on the blockchain and will be proposed to all the clients.

Lendex Talks questioned Jerome Grilleres about the applicability of VeChain in the automobile industry to which he answered that VeChain is currently working with Renault, a French automobile company to develop a car maintained book connected on the Blockchain. In addition, when the user wants to sell the car, the buyer can verify if the seller is selling it the right way. Renault has become one of the first to have set up a proof of concept that works end to end.

Jerome Grilleres says:

“If more and more car manufacturers use this type of product, there will be an incentive for these service companies to enter the ecosystem.”

Further, Alexey Sidorov asked him about the use cases for VeChain in the luxury goods industry. To which Jerome says that VeChain is pinpointing solutions to counterfeit products in this industry. Luxury companies price their products differently, based on geography, for instance. Companies do not want their original priced products to be sold elsewhere at higher prices.

To prevent this, VeChain came up with a little NFC chip that cannot be duplicated. This chip, if placed in an item throughout its lifetime, different stakeholders can scan the item and input the information in the blockchain as to what changes were made. A number of luxury brands are looking into using the blockchain for addressing the pinpoints.

He added:

“We are working with a few of them which we cannot name right now because we haven’t publicly communicated with them.”

He was also asked about the traditional financial opportunities with blockchain to which he answered that the financial industry has specific characteristics such as:

  1. Highly regulated.
  2. Very mature and quite closed.

He says,

“For blockchain to penetrate this world will be a real challenge. Nevertheless, I think that using blockchain for purposes like clearing transactions is going to develop a lot.”

According to AMBCrypto’s price data, VeChain [VEN] is currently trading at $2.40 with a market cap of $1.25 billion as seen at press time.

The post VeChain [VEN]’s blockchain solutions for luxury and automobile industry appeared first on AMBCrypto.

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