Popular supply-chain management and enterprise-focused blockchain, VeChain, has joined forces with 5 other organizations to co-found The Belt and Road Initiative Blockchain Alliance (BRIBA). The consortium comprises of DNV GL, The Belt and Road Initiative Research Institute of Tsinghua University, Tus Data Asset, Industry Internet Research Institute (backed by the Chinese Ministry of Industry and Information Technology), and China Silk Road Group Limited.

The announcement followed the just concluded 3rd Belt and Road Initiative (BRI) Forum of Tsinghua University which held in Shanghai from December 19 to 20.

BRIBA is saddled with the responsibility of combining the strengths of member organizations in the development of the BRI infrastructures, projects, and businesses, using blockchain technology as a tool.

The BRI is a global development strategy adopted by the Chinese government, involving 136 countries and more than 30 international organizations across Asia, Europe, the Middle East, and more.

VeChain’s experience in the blockchain industry positions it as a key player in the BRIBA. The firm will be bringing in its blockchain tech infrastructure, technical consulting experience, and ample localized industry experience. VeChain said:

Currently, VeChain positions The Belt and Road Initiative as our guidance and direction for long-term global strategy, aiming at spurring initiatives into actions and benefiting all stakeholders with reliable blockchain technology.