What will we get to know about Vechain during the The Global Food Safety Convention?

VeChain is getting more and more real. During the Vechain rebranding event on February 26th Luca Crisciotti, CEO of DNV GL’s Business Assurance sector, said that Vechain was already in use (not just in pilot projects). What can we expect on March 8th during the session in Tokyo?

Vechain Thor Rebrand

Currently, there is a conference taking place in Tokyo. This is “The Global Food Safety Convention.” There will be loads of speeches, lectures and interesting events taking place during the event, but seen from a Vechain perspective, March 8th will be the most important. On this day representatives from DNV GL, VeChain and York-Benimaru will stand together to share on the topic of “Digital Transformation in the Food Chain: The way to safer and more sustainable food.” The description of the session can be read beneath:

Digital transformation has been taking place in different industries over the latest years. While IoT, blockchain, platforms, big data and advanced analytics are trendy buzzwords, they are also actual technologies creating value in new ways across a range of industries, including ours.

As big data and advanced analytics provide the basis for better decisions, enabling new solutions to turn existing challenges into opportunities, data and data quality may be your new asset. Sharing platforms will enable quicker innovations and blockchain technology may contribute to increased transparency and trust throughout the supply chain to consumers.

Then come hear the perspectives of Sunny Lu, co-founder and CEO of the blockchain company VeChain, and Hiromasa Ito, Manager of Sales & Promotion at leading Japanese supermarket chain York-Benimaru. Together we will unravel some of the mystery around the challenges and opportunities in our supply chains today and how digital transformation can provide answers.

What’s all the mystery about?
Learn more about our customer cases and today’s practical applications of digital technologies, contributing to safer and more sustainable food production. This includes revealing the mystery around our digital assurance solution for food & beverage products to be applied first in the Italian wine industry.

>Sunny Lu
Co-Founder and CEO, VeChain

>Hiromasa Ito
Store Manager, York-Benimaru

>Ingunn Midttun Godal
Global Food & Beverage Manager, DNV GL

Why is this so interesting?

The food safety convention started on Mach 5th, and DNV GL has a stand in the area. Today they shared a tweet with a picture from their stand, and Vechain enthusiasts quickly discovered something on the screen from the stand area. Take a look at the picture yourself.

If you take a much closer look at the image on the screen, and even do some zooming, you will see the following:

The text on the screen is: "Ve***in Intelligent Temperature Control Display System"
The text on the screen is: “Ve***in Intelligent Temperature Control Display System”

You might not see it clearly, but the text on the screen is “Vechain Intelligent Temperature Control Display System.” You might say that we made this all up, but as one of many Vechain enthusiasts asked DNV GL immediately after the tweet if it actually is Vechain mentioned on the screen, DNV GL quickly confirmed and said yes.

vechain and DNV GL

This again confirms the importance of Vechain and the work they are already doing. But, there is so much more to come. During the Vechain rebrand, Luca Crisciotti also promised some sort of an announcement during the Food Safety convention about ways Vechain is already in use. Take a look at the quote from his speech during the rebrand event to understand what we can expect on March 8th:

“The third point is about what is going to happen next. Again I can tell you that we are working really on a lot of new opportunities. Next week we will be together in Tokyo and we will be on stage of the most important events for the food industry and we are going to announce the first application for a specific industry sector within let’s say again the food industry. Again stay tuned and we you will learn something about it in few days time but I can tell you that this is something extremely extremely exciting.

I would like just to highlight also something extremely important; we are not talking about pilot projects, we are talking about projects that are let’s say running and they are live. So it’s not just something to show that things are working, but we are talking about real cases.”

The DNV GL part is really interesting, but who is Hiromasa Lto, and what is York Benimaru?

Who is Hiromasa Lto, and what is York Benimaru?

So many people have been speaking about BMW, Pricewaterhouse Coopers, and DNV GL when it comes to Vechain partners. We are looking very much forward to hear what Hiromasa Lto has to say during the session on March 8th during the Food Safety Convention in Tokyo. But, who is they guy?

Hiromasa Ito is Manager of Sales & Promotion in York-Benimaru, a supermarket chain operated in Tohoku and North Kanto regions in Japan. They have a total of 165 stores in the region and in 2017 they had a revenue of about USD 4 billion  ( JPY 426,172 million). We have known about some sort of cooperation with a supermarket chain for a long time, but it will be really interesting to listen to and hear more about what Hiromasa Lto has to say about the cooperation during the conference.

There are already lots of private users of the Vechain network and Vechain blockchain, but since they are private, we do not know much about them. But, it is only a matter of time before we get to know more about the public use of the Vechain blockchain, and that is when things turn more interesting for us private investors and enthusiasts.

Where will the companies need to buy Vechain tokens?

One of the major questions that might influence the value of the Vechain (VET) token a lot, is whether or not enterprises needs to buy the VET token on exchanges, like anyone else, or if they can buy them directly from the company, or if they can pay their bills directly in USD (and thus it will not influence the VET price especially). There are different voices saying different things on this matter.

There is a fantastic article about Vechain, published by Connor Dempsey on March 6th, based on an interview with CEO Kevin Feng (before the rebrand event). In the article we can read as follows:

“Kevin also told me that there will be options for enterprises to use Vechain as a service without actually having to interact with the VET and VeThor tokens. Vechain can simply price out the cost of VechainThor services for the enterprises in fiat dollars. For example, Vechain could calculate the total cost of the chips that DIG Wine needs to run their anti-counterfeiting solution along with the total VeThor needed to fuel the smart contracts and quote DIG one fiat price. For the enterprise, it won’t be different from paying for any other service even though it involves cryptocurrencies and a public blockchain.”

This might be an easier option for a company, but it will also influence the price of the VET token (maybe in a negative way). But, only a few days ago Sunny Lu spent some minutes answering questions on the Vechain Telegram channel, and there he wrote as follows:

“third, The foundation is setting up new rules and regulations for future enterprises purchase, we still need to figure out more details but generally we will require the enterprise to buy from open market which will be the case anyway after full circulation.”

The latter seems to be supported by the official Vechain Reddit Wiki, in which the following is stated: 

“Business partners need to purchase VEN from market same as other investors. Besides, the Foundation will have promotion rewards to those pioneers to encourage more people to enter and explore the potential of VeChain.”

This might seem like a minor matter, but it will for sure influence the price of the VET token if enterprises need to purchase the tokens on the open market (like everyone else).

What does the future hold for VET holders?

There are few cryptocurrencies like Vechain out there. Most cryptocurrencies have a name, developers and some product they speak about somewhere in the future. Vechain is already in use, and they have major partners already using the services, and planning on using them even more. It is hard reading about Vechain without getting bullish, and every time we read about Vechain, we are so yearning to buy more tokens. Not just because we dream about making a fortune, but because it seems like simple and pure logic to invest in this project.


2 thoughts on “What will we get to know about Vechain during the The Global Food Safety Convention?

  1. Toralf says:

    Maybe the “MyStory” announcement from DNV GL today was the big announcement from Vechain and DNV GL during the days. Sounds great, and already during 2018, we will see wine from Italy produced that can be traced back to the winemaker, using Veracity (which runs on the Vechain platform). It truly is a real use of the blockchain and not a pilot project (just like was said during the rebrand event)

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