Cryptocurrency Blockchain VeChain announced a new partnership this week. The world’s most known enterprise blockchain has linked with Canadian software company TruTrace Technologies. The business move was made with aims to improve and increase adoption of crypto-technology that verifies product origins and authentication.
“We’re excited to announce a strategic Integration Partnership with TruTrace Technologies, a Canadian SaaS platform,” wrote VeChain on Twitter.
The Tweet continues, “Together, we’re accelerating #blockchain adoption for provenance & authentication. $VET.”
The layman’s definition of ‘Provenance,’ simply means ‘trace of origin.’
TruTrace technologies has provided blockchain-integrated software for various industries. This includes food, apparel, and pharmaceutical companies. However, many crypto enthusiasts are pointing out their ties to the explosive Cannabis industry of Canada. A plethora of benefits for VeChain’s VET token could unfold if the cryptocoin became a staple of the Great White North’s Marijuana commerce.
While the companies themselves say providing the service of verifying a product as authentic with ease is the priority goal, TrueTrace agrees with crypto-enthusiasts. The SaaS (Software as a Service) company has identified a serious need by the legal Cannabis industry customers to instantly verify where any product they purchase actually originates from.
The “VeChain x TruTrace” technology collaboration would fix needs for transparency on authenticity and much more.
The new tech will likely be released under the “ToolChain” crypto brand from VeChain when available. However, this cannot be confirmed at this time.