VeChain signs an agreement with Shanghai eGrid Consulting Co., LTD, a publicly traded company on NEEQ (Stock Ticker: 831938), to integrate VeChain’s existing automotive solution into its current automotive ERP, SCM and CRM solutions.

The partnership also extends to the use of VeChainThor to exploit the nature of the blockchain through their business model. Shanghai eGri d Consulting Co., Ltd. provide data services to large domestic and international companies, including international companies and state-owned enterprises.

Globally, eGrid has successful implementation experiences with many high-tech, automotive, motorcycle, retail, financial, mechanical and manufacturing industries. Their customers in the automotive industry includes: SAIC Volkswagen Automotive Co., Ltd., BYD Auto Co., Ltd., SAIC General Motors Corporation Limited, Chang’an Automobile (Group) Co., Ltd., Changan PSA Automobiles Co., Ltd., Dongfeng Motor Corporation, Tsingshan Holding Group, Chongqing Jianshe Vehicle System Co., Ltd., Isuzu Motors Ltd., Jiangling Motor Holding (Landwind) among the known companies.

Since VeChain penetrates the automotive market by providing solutions to complex problems, the response has been amazing. The use of VeChainThor provides secure IoT and proof of origin in a way that allows decision makers to experiment entirely new metrics. The existence of the VeChain car maintenance solution extends far beyond the maintenance of a vehicle when it enters the store. It also provides on-board IoT solutions that enhance the understanding of driver’s habits, the frequency of 100 km braking, acceleration speed and more metrics that can enhance large data sets within insurance packages, improved car manufacturers and components of car components. Soon, every aspect of a car from materials, creation, logistics, service, resale and recycling will be able to be captured on the blockchain to create a true collaborative automotive ecosystem that empowers the data owner.

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Through this process, all data associated with the vehicle, once owned by distributors or vehicle vendors (for example, vehicle maintenance data stored by vehicle dealers and auto repair services and data of your owned spare parts of your spare parts suppliers) can be integrated and truly belong to the purchaser. It is obvious that different data holders only get parts of the data value and when all the data is integrated together, the sum is greater than the parts. It will be possible for an insurance company to get an instant overview of the vehicle’s life cycle, from maintenance to the history of potential accidents, making it much easier to mention the cost of car insurance next year. The whole process greatly reduces the costs of job and data reliability. This cost reduction would really benefit users.

VeChain is able to produce a data lifecycle solution that is valuable to multiple ecosystems, regulators and decision makers. It is for this reason that VeChain was able to guarantee a partnership with Shanghai eGrid Consulting Co., LTD one of the most influential consulting services for software and data solutions used by automotive brands.