VeChain and YunKeAn (LogSafer), a leading platform in supply chain risk management, partnered to develop blockchain solutions for the logistics insurance industry, a global $ 50 billion market.
On March 13, 2018, VeChain signed a partnership with LogSafer, one of the leading supply chain risk management companies and a major logistics insurance platform in China with over 2,500 corporate customers. In the agreement, the two sides will work together to integrate Big Data and the Internet of Things technology into existing and future solutions.
The combination of VeChain proprietary IoT sensors and VeChainThor blockchain applied intelligently to the supply chain risk management industry will help revolutionize value insurance and protection services for shipping, logistics and trading companies of all sizes. The logistic insurance market is estimated by Grand View Research for around $ 50 billion globally.
Cross-border logistics management is a complex business model, there are many levels for the different companies that are involved when a product is shipped from point A to point B, these levels become exponentially in difficulty when products have to cross borders.
In order to offer better insurance services to customers, LogSafer will request true non-sampled data as quickly as possible to make accurate payments of compensation claims and improve the entire customer risk management system at the time of review by offering a proposal more valid for customers in the future.
Blockchain technology allows multiple parties to participate in the registration of data that can not be tampered with. Using VeChainThor’s unique blockchain + Internet of Things technology, companies can better monitor risks and record real data.
LogSafer CEO, Guo Hui, commented:
The risk management of the cross-border supply chain faces problems such as lack of mutual trust, repeated collection of documents or data, lack of real-time risk data and so on, with high costs and low efficiency. Through the efficient coordination mechanism provided by the blockchain, an efficient control and risk management ecology will be created, which will significantly increase the efficiency of risk management and control at every link and will further reduce transaction costs.