VeChain Partners With TruTrace: Blockchain Platform For Cannabis, Food And More

2 years ago · Updated 2 years ago

✍️ 28 September, 2022 - 11:03 👤 Editor: Jakub Motyka

TrueTrace Technologies and VeChain will collaborate to streamline supply chain using blockchain.
Key focus areas include legal cannabis, food, fashion, and pharma.

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TrueTrace Technologies has partnered with VeChain for product provenance and authentication. The strategic integration will incorporate blockchain technologies in legal cannabis, fashion, food, and pharmaceutical products.

According to the Canadian-based SaaS company, VeChain technology will enable product authentication processes. The duo will offer associated firms an easy adoption of blockchain technology in the deal.

Both firms maintain that the solution will make data more reliable and enhance compliance in record keeping.

The Strategic Partnership Aims To Combat Counterfeits In Supply Chain

The Chief Executive Officer at TruTrace, Robert Galarza, has lauded VeChainThor. He said that the platform is a valuable enterprise-grade blockchain. Galarza opined that blockchain technology remains important in tracking and managing variability across product levels. He cited high gas fees and cumbersome permissioned platforms as some of the challenges in the adoption.

VeChain And TruTrace — VeChain and TruTrace.

The executive has welcomed the move as a much-needed step, especially in the heavily-regulated cannabis sector. General Manager at VeChain US, Jason Rockwood, also commented that the new partnership would incorporate VeChain technology in multiple consumer brands.

TrueTrace brings value to clients through integrated software based on a distributed ledger. The firm’s initial focus was related to targeting legal cannabis. TrueTrace technology has expanded to the food, apparel, and pharmaceutical industries. With it, users can store, manage, and access quality assurance details across products on the platform.

TrueTrace’s software guards against counterfeits across a supply chain network. Specifically, it allows companies to record and track quality control. Its software is also based on a certificate of analysis and inventory motion.

VeChain Is Gaining Traction As An Enterprise Grade Blockchain

The new TrueTrace platform featuring VeChain is available as of September 1, 2022. VeChain debuted in 2015 as an enterprise-friendly blockchain. It is touted as a go-to network for supply chain and blockchain technology. Its solution is tailored to be lean and lets companies bypass heavy investments in the sector.

The announcement has not positively impacted the price of VeChain’s native token. VET is currently 7% down in the past day, trading at $0.02203. The token is ranked #36 among cryptos, with a market capitalization of $1.6 billion.

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Jared Kirui

EN: Jared Kirui is an experienced financial writer with a passion for all things blockchain technology. Previously, he was into stock markets and forex, providing asset managers with top-notch content. With a flair for producing high-quality articles, he started covering crypto news in 2021. He is open-minded, trades for fun, and enjoys sports.

ES: Jared Kirui es un escritor financiero experimentado apasionado por todo lo relacionado con la tecnología blockchain. Anteriormente, estuvo en los mercados bursátiles y forex, brindando a los administradores de activos contenido de primer nivel. Con un don para producir artículos de alta calidad, comenzó a cubrir noticias crypto en 2021. Tiene una mente abierta, comercia por diversión y disfruta de los deportes.