If you are still regretting not investing
in Bitcoin when you had the chance, then consider today your lucky day! Today, we
will be talking about another cryptocurrency that can make you wealthy, Vechain.
This is Mason from Attain Highly, the channel where you will achieve
greatly. Be sure to like and subscribe, so you won’t miss out on your success.
Today, we will be talking about “VECHAIN (VET) NEWS & Price Prediction 2021: Buy or Sell VET?”
Vechain is a blockchain platform that is designed to enhance supply chain management and business
processes. Its goal is to streamline these processes and information flow for complex supply
chains through the use of distributed ledger technology. It was introduced in 2015 as part of
Shanghai-based Blockchain as a Service company, BitSE; Vechain is a distributed business
ecosystem leveraging blockchain technology. It's specifically designed to be used
by both small and big businesses.
Vechain was started as a subsidiary of Bitse,
which was one of China's largest blockchain companies.
It is one of the few blockchains
that already have a substantial customer base among many established companies. At first, the
VEN token functioned on the Ethereum blockchain. VeChain transitioned onto its own
blockchain and rebranded itself in 2018. The VeChain Whitepaper 2.0 states that
"these solutions are not just theoretical, they are solutions tested and
discussed with over 700 enterprises and implemented for over 100+ fortune
level enterprises." Their initial target is to disrupt the supply chain industry by
making data actionable and transparent.
VeChain has also inked strategic partnerships
over time with many companies in order to help achieve this goal. The company has also
partnered with Chinese firm Jiangsu Electronics in order to develop custom RFID chips for
use on its platform and automobile company Renault for their manufacturing operations.
VeChain is also the technology partner for Gui’an, which is an economic development
zone for the Central Government.
As of now, supply chain data for business
processes are compartmentalized in silos among many stakeholders.
This affects the information
flow, which is again divided among stakeholders. The VeChain platform has claimed to provide
a 360-degree view of necessary information linked to a product and its business processes
that include storage, transportation, and supply to the authorized stakeholders
and create greater market transparency. As an example, VeChain can be used to
track quality, transportation medium, storage temperature, authenticity, and last-mile
delivery of a medicine pack or an alcohol bottle right from the manufacturing facility through
to the final delivery to the end customer.
For achieving this, VeChain uses Radio Frequency
Identification tags and sensors or smart chips that are able to broadcast key information
into the blockchain network, and this can be accessed in real-time by the authorized
stakeholders. This application of sensors means that all parameters which are related
to the product can be continuously monitored, and if there are any problems, they can be
communicated back to the relevant stakeholders.
The Vechain platform contains two distinct tokens
that are VeChain Token and VeChainThor Energy. VeChain Token is used to transfer value across
VeChain’s network, and VeChainThor is used as energy or "gas" to power smart contract
VeChainThor is the public blockchain of VeChain. VET or VeChain Tokens are
used for financial transactions on the VeChainThor blockchain and market speculation. VTHO or
VeThor Token is used to conduct transactions on VeChainThor. VET owners can generate VTHO
for use on the VeChainThor blockchain.
Single transactions on the VeChainThor blockchain
are able to carry out multiple tasks. In addition to this, VeChain app users don't have to hold any
crypto to perform transactions. This can be done instead by the app owners, which can make the user
experience more favorable for the average user. The VeChainThor blockchain uses Proof of Authority
consensus, which delegates power to certain nodes in the VeChainThor blockchain for confirming
transactions. This means that it only passes transactional blocks through Authority Masternodes
that need to hold at least 25,000,000 VET.
Blockchain-based solutions have the ability to
lead to a more transparent food economy around the world. VeChain enabled Internet of Things
devices could be deployed across the supply chain, including on vehicles, products, and warehouses.
After this, environmental and location-based data from these devices can be uploaded, verified, and
stored in a tamper-proof, decentralized manner on the VeChainThor blockchain.
Such similar solutions
are already in effect for several companies, including Shenzhen Yuhongtai Foods.
Counterfeiting in the luxury goods market is a very serious problem right now. By attaching
an encrypted chip and then using the chip to log and trace logistics, maintenance, warehousing,
and resale, owners can be assured of genuineness. This has been used for luxury wine tracing
for Shanghai Waigaoqiao Direct Imported Goods and is being used in testing for
Renault luxury vehicle components.
Healthcare records systems are extremely
out of date. Instead of using insecure and inefficient record systems for lab results, this
valuable data can be stored on the blockchain, with only patients and other
authorized parties having access.
The VeChain Foundation has also become the first
block chain based entity to join the China Animal Health and Food Safety Alliance or CAFA. CAFA is
a government-backed organization that falls within the purview of the Ministry of Agriculture of
the People's Republic of China and includes some of the world's most recognizable brands, such as
MacDonald's and IBM.
China has suffered a number of scandals involving food safety. CAFA sets out
to prevent such incidents from occurring, as well as to ensure animal health. VeChain will assist
the alliance in the development of its platform by connecting member organizations within China's
food supply chain and offering technical support.
The Mediterranean Hospital of Cyprus is now
utilizing the Vechain blockchain to store Covid-19 vaccination records. E- Heart app, an electronic
wallet for lab results where individuals get their digital certificates, is also built on the Vechain
Thor blockchain, and with this, another compelling use case of the company has come into the picture.
During an economic cooperation conference, the provincial government of Hubei announced that they
will build a platform for a global health system that will be based on Vechain.
The Vice Governor
of the Hubei province said that the supply chain traceability of Vechain is something that will
prove to be highly beneficial to the platform.
Vechain has announced that it will be teaming
up with the international car company BMW. There are already many luxury goods stores,
logistics companies, and food/drug companies that are already using their ecosystem. News
broke out recently that the VeChain THOR team just sealed their biggest partnership to-date.
VeChain THOR had announced a collaboration with Oxford University which will aid in the technical
development of the VeChain THOR platform. Connect, the South Korean cryptocurrency exchange,
added VeChain THOR to its trading platform and is offering direct fiat to VET pairing.
VeChain, in partnership with DNV, a risk management and quality assurance company,
has announced that they are leveraging public blockchain technology to rapidly advance
drug traceability, security, monitoring, and auditing. This solution will be introduced
within China firstly, but it has the potential to eventually be implemented globally in the next two
Ever since the VeChain project was publicly launched, the team has been announcing loads of
partnerships. Some notable companies that VeChain has partnered with are PWC, DNV GL, and BMW, but
these are just the biggest international names from a long list. As indicated by VeChain's
highly diverse partnerships, the blockchain platform sets out to bring the advantages of
decentralized applications and smart contracts to a large number of different industries. This
shows its use cases increasing exponentially.
All these partnerships and collaborations
have helped VeChain with its massive growth. Vechain token is currently trading at a rate
of 0.09289 dollars per token and has a market capitalization of 5,956,183,305 dollars.
It is currently number 16 in the global Cryptocurrency Rating.
The currently available
supply of Vechain is 64,315,576,989 tokens. The current price of Vechain is established on
the back of the 9.73% increase in the last 24 hours. In the past 30 days, the price
of Vechain has increased by 116.08%, while its accomplishments on the 1-year time frame
amount to 2 876.86%. The expected volatility for the next 10-15 days is at its highest value.
VeChain might reach 0.38939 dollars by 2023, which will move VET upwards in the ranking
order. Because of a very good connection and rapport with the Chinese government, the digital
currency is all set to surge to greater heights. VET has been successful in maintaining an
ascending trajectory despite the inconsistency in the crypto market. VET has remained
prominent among the other virtual currencies in the token market that gained in value.
VeChain is in progress mode to build a blockchain-based platform that does not only limit
itself to the digital world but also can integrate with the actual business ecosystems as well.
would ensure that enterprises would be able to control various functions with the assistance
of this blockchain. If it is able to provide complete integration of the blockchain-based
platform with the actual business world, it would be easier for the companies to use the
blockchain. By 2025, VeChain might reach $0.1.
Due to the team’s expertise and vision, VeChain
might touch new milestones over a period of five years. It provides tremendous potential
for applications in the future. It could cooperate with third-party services as well.
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