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A supplier evaluation system has just been developed to rate the services of companies involved in the supply chain market. The companies behind the app are Singapore-based blockchain company VeChain (VEN) and German logistics operator DB Schenker, Cointelegraph reported.
The decentralized app (DApp) will allow for the tracking of the performance of DB Schenker's third-party logistics associates based in China, with the criteria consisting of packaging, shipment, and product quality. The DApp is the first blockchain-based program with supplier management uses, according to VeChain.
If all goes swimmingly, adoption of the DApp will be used in other markets, which will see the platform utilized by other logistics companies. VeChain has made some big moves recently and this is but one of them. One of the other moves that would elevate it to new heights is its partnership with automobile giant BMW.
The company has also rebranded itself and is now called VeChain Thor (VET), although this has yet to take effect in CoinMarketCap’s listings and its social media networks.
VeChain has quite the task ahead of it as DB Schenker conducts a high volume of operations. As the logistics and shipment sector of railway company Deutsche Bahn, DB Schenker oversees the company's supply chain operations, which cover rail, land, sea, and air. The firm has experts based in 2,000 places across the globe. The experts are over 68,000 in all, of whom 5,700 are in China.
It isn’t surprising for a lot of supply chain giants to adopt blockchain tech as the benefit it provides are unmatched with regards to the shipping market. Auditing firm Deloitte highlighted in its May report the advantages that shipping companies can leverage to streamline their operations. Deloitte noted that if done right, the consumer will be the “ultimate beneficiary” of the improved system as the prices go down and product quality increases.
