VeChain will help in verifying the authenticity of products in the legal cannabis industry.
VeChain, on its official Twitter account on Monday, disclosed that it has partnered with Canadian software firm TruTrace to improve blockchain adoption in product provenance and authentication.
“We’re excited to announce a strategic Integration Partnership with TruTrace Technologies, a Canadian SaaS platform that will soon offer VeChain ToolChain to clients. Together, we’re accelerating blockchain adoption for provenance & authentication,” VeChain wrote in its tweet.
We're excited to announce a strategic Integration Partnership with TruTrace Technologies, a Canadian SaaS platform that will soon offer #VeChain ToolChain to clients.
Together, we're accelerating #blockchain adoption for provenance & authentication. $VEThttps://t.co/buY11znM23
— VeChain Foundation (@vechainofficial) August 29, 2022
TruTrace is a Software as a Service (SaaS) company that provides blockchain-integrated software for the legal cannabis, food, apparel, and pharmaceutical industries. Notably, TruTrace’s software can be used to demystify the supply chain process in all of these industries.
TruTrace believes that integrating VeChain’s enterprise blockchain technology will improve the system’s transparency, protecting users from adulterated products. TruTrace believes this is true and very much needed in the legal cannabis sector, which it considers its primary focus.
“Although our confidence in the power of blockchain to support this mission never wavered, there were difficulties using this technology without onerous gas fees or being limited to permission-based systems. Fortunately, this all changed with the adoption of VeChainThor, which is a true enterprise-grade blockchain that understands how to bring value to clients at a reasonable cost with the ability to scale at a global level,” TruTrace CEO Robert Galarza said in the press release.
It is worth noting that VeChain is continuing to see increased adoption, especially in the supply chain industry. Most recently, the firm entered a partnership with US-based logistics firm OrionOne to allow logistics firms to employ blockchain technology without the stress of investing in infrastructure or digital currencies. Before that, Cambodia’s leading luxury alcoholic beverage distributor integrated VeChain technology to combat counterfeit products.
VeChain is an enterprise blockchain that users can integrate for various applications, including supply chain, carbon footprint recording, Decentralized Finance (DeFi), and more. Notably, VeChain CEO Sunny Lu believes that VeChain and blockchain technology will change the world.
In July, VeChain was ranked amongst the top 10 crypto projects by engagement growth on CoinMarketCap. VeChain is a stark reminder of the disruptive power of blockchain technology, even in fields other than finance.
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