When I saw the updated partner diagram for VeChain I had to stop and take a closer look because it is important to see who is using the VeChain or has signed up to use it. We know the one dominant client is Walmart (June 2019) and has been using the blockchain for many years and last year during February surpassed 200 million transactions in less than 5 years.
As many of us know finding any information about the VeChain partnerships is not that easy as for some reason they keep their business partnerships rather quiet. This is the opposite of other blockchains who would spread the word far and wide as quickly as possible.
Looking at the latest weekly transaction taking place on the VeChain we can see steady growth and this is not showing peaks when Walmart is busy so this is the new normal. If Walmart was having a busy period we would see the clauses being much higher and the VTHO burn double or triple what it is currently.
The good news is the VTHO daily burn is slowly moving up and the days of 100K VTHO being burned are long gone and the average is closer to 600K. Don't forget the key numbers are around 36 million VTHO which needs to be burned before this becomes deflationary which is requiring 60 x more usage/transactions than where VeChain sits currently.
This sounds like a lot, but when you look at the partnerships on the diagram there are quite a few Walmart sized accounts that once being used daily will transform the number of transactions instantly.
If I look at just one slice of this diagram being the carbon asset automobile section as an example of which there are 13 other groups in total. This just gives an idea of how big these partnerships really are and where future transactions on the VeChain will come from.
The Haier Group is one of the partners and they are operating in 160 countries manufacturing brands like General Electric, Candy, Fischer, Paykel and Aqua. They are big in household appliances and I am sure you would have heard of at least one of these brands.
BYD (Build Your Dreams) is another company we do not realize just how big they are and last year sold over 4.3 million vehicles throughout 50 countries. Once they use the blockchain for their vehicle manufacturing and history this would mean many transactions per vehicle and one can see how the numbers would rise immediately.
China Unicom is one of the top 3 telecommunication service providers in China and is involved in Europe, Asia and Africa. Ranked at 279 in the Fortune 500 global companies they are a big player.
PICC Insurance is known as the Peoples Insurance Company of China and is ranked in the top 100 Fortune 500 companies globally.
COSMOplat another Chinese company is an industrial sized internet platform that helps mass customization in the manufacturing process linking stakeholders in the entire process. They are involved with companies like Chery Automobiles when they connected the 375 suppliers all linked on one platform resulting in 10% less inventory requirements. This would result in a transaction for every component with last year they manufactured 2.6 million cars.
BMW we all know sold 2.2 million cars last year and VeChain is handling the service history for BMW vehicles. They are also involved with Renault and have no clue whether they are doing service history/parts or what due to lack of any information.
I do not think for one minute that all of these partnerships are active right now and are still in the process of adopting blockchain technology. Once blockchain becomes the norm we shall see these transaction figures blow up and this may be forced on these companies next year when CBAM (carbon reporting) goes live as this is a must do for any company exporting or importing within the EU.
I am slightly bewildered that the VeChain keeps so quiet on what they have as most blockchains would give their eye teeth to have what they have. Maybe they have these partnerships because they are so discreet and maybe they have to be due to being linked with the EU and UN.