PwC Backs Chinese Blockchain-Powered Supply Chain Startup VeChain

Singapore-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term VeChain S.E.A, a subsidiary of China’s BitSE, has announced that it is joining the incubation program of the accounting giant PwC.

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PwC and BitSE held a signing ceremony on Monday in Hong Kong with Raymund Chao, PwC Greater China Chairman, and DJ Qian, CEO of BitSE and VeChain, to make the agreement official. A second signing ceremony was held in Singapore on May 17 with Mr. Qian and Yeoh Oon Jin, PwC Singapore’s Executive Chairman.

“In the journey of a joint business relationship between PwC and BitSE, we are delighted to achieve this significant milestone together with PwC," said DJ Qian, a former IBM executive who left the firm in 2013 to join the blockchain industry. “Besides technology, industry know-how and market experiences are equally important to apply blockchain technology. We share the same vision with PwC to improve the efficiency and lower the cost of trust in supply chain management. I believe this in-depth cooperation will definitely accelerate the transformation of supply chain management.”

Disruption is here to stay

VeChain, which was launched in November 2016, is an enterprise software designed to create, manage, maintain and update shared data about products in the supply chain. PwC’s incubator program will help VeChain accelerate its deployment in Hong Kong and South East Asia, as well as offer the blockchain startup strategic advice.

“Embracing advanced technology for growth becomes the top priority for many business sectors,” says Mr. Chao. “Innovative applications and solutions could improve the effectiveness of supply chain, brand reputation, and even customer experience. We are excited about the joint initiative between PwC and BitSE and the VeChain services we provide that could help our clients achieve greater success. I envisage our services will create an impact and deliver on our firm’s purpose of building trust in society and solve important problems.”

Mr. Oon Jin added: “Disruption is here to stay in our current volatile business environment and it brings both opportunities and challenges. We firmly believe that it is through embracing disruptive change that allows innovation to flourish. This is an exciting milestone for us, and we are confident that together with VeChain we will bring more value to the marketplace through collaborative innovation.”