VeChain’s New Partnership Could Bring Blockchain Tech to Dozens of Untapped Industries

Cyprus is becoming a hotspot for Blockchain technology.

The VeChain Foundation has partnered with accounting and consulting firm Grant Thornton Cyprus.

According to an announcement from the company, the partnership hopes to extend blockchain solutions to a variety of industries. These will largely be determined by the Cypriot company’s network of customers but may include the food industry, pharmaceuticals, logistics, the automotive industry, supply chain management, renewable energy, e-commerce and more.

Discussing the company’s interest in Blockchain development, Grant Thornton Cyprus’ director of distributed technology, Alexis Nicolau, noted that legislation governing blockchain technology in Cyprus “is imminent.”

Sunny Lu, co-founder and CEO aofVeChain, believes that the pandemic has helped to restructure the global economic order. He says that the situation encouraged VeChain to accelerate “digitalization which enhances the need for digital solutions” in the post-pandemic era.

Recently, the VeChain Foundation announced a blockchain-based food safety solution based on its blockchain-as-a-service platform.

The services offered by the platform include templates for origin traceability, cross-border traceability, full-process traceability and more.