UFC, an American mixed martial arts promotion company, recently announced that it would be collaborating with VeChain, a comprehensive blockchain application platform. According to the UFC, they will change the world together.
Details Of the Partnership
UFC, whose primary role is promoting the sport of mixed martial arts, also takes its corporate social reasonability seriously. The company aims to use its far-reaching influence across the world to make a positive impact on everyone. As a result, it is always looking out for brands with that “it” factor.
Its latest partnership with VeChain (VET) is part of that broader mission. According to the announcement, working with cutting-edge sponsors and partners will help the UFC stay ahead of the curve. VeChain, which is creating solutions in the fields of carbon management, sustainability, automobile, medicine, DeFi, energy, and more, aligns with the UFC beliefs. It is the reason they have decided to work together.
What Is VeChain?
VeChain was formed in 2015 when it was set up as a private consortium blockchain network. The founders, Sunny Lu, and Jay Zhang recognized the potential that blockchain technology held when it came to transforming the world through data sharing.
The two decided to create VeChain, which would facilitate the secure transmission of data. Doing so would eliminate security breaches and fraud. Lu and Zhang’s focus was on public blockchains. In 2017, they launched VeChain on the Ethereum blockchain with the token ticker VEN. Later, on June 30, 2018, they launched VeChainThor with the token ticker VET. Since then, VeChainThro has continued to grow in scope to include supporting sustainable initiatives, automobiles, carbon management medicine, energy, and more.
VeChainThor is designed to be a powerful smart contract platform that stands out from the rest. It is designed to tackle some of the hurdles to the real-world adoption of blockchain technology. The platform has been used in various fields including medicine, energy, supply chains, carbon management, sustainability, and more by private firms, and governments.
One such use case is the partnership between VeChainThor and Frank and Oak, a fashion brand. They used the platform to track the sourcing of their materials. Consequently, they were able to demonstrate that they meet the highest verifiable ethical standards when sourcing the raw materials for their products.
Why the Partnership With the UFC Matters
VeChain’s partnership with the UFC is expected to have mutual benefits for both companies. An immediate benefit that they will both derive is from the community overlap that will happen. Both of these companies’ followers are young, educated, affluent, and tech-savvy people. For VeChain, tapping into this audience will give them global exposure to an audience of young tech-savvy business owners and entrepreneurs looking into how the blockchain can help their enterprises. Working with one of the most popular sports globally was an opportunity that VeChain could simply not pass up.
How VeChain Is Changing the World
There are numerous ways VeChain is changing the world. They are currently working with organizations from all over the world to create a sustainable future. One example is an incentive ecosystem in San Marino, where locals are rewarded in tokens for positive environmental behavior. They are also working on an initiative for carbon recording on the blockchain. This data can then be used to enable more accurate monitoring and a more effective carbon market.
VeChain is also having an impact on the luxury industry, which has been accused of sourcing raw materials unethically. To deal with the problem, VeChain is working with companies that embed NFC chips, which carry authentication data, which is recorded on the blockchain. This prevents resale fraud and provides brands with better oversight over the lifecycle of their products.
According to Lu, their partnership with the UFC will be a long-term one. He concluded by stating, “We are really looking forward to changing the world together.”