VeChain is using blockchain technology to make it easier to track and collect data on products throughout their life cycles.
But it’s about more than just tracking and collecting data. One of its main use cases is fighting global counterfeiting, a problem that costs businesses $450 billion every year.
For example, one of VeChain’s partners is Direct Imported Goods, China’s largest importer of fine wines. It’s estimated that up to 50% of fine wines in China are fake (using copycat brands, fake labels, or other counterfeiting methods).
Direct Imported Goods has already placed over 1 million bottles of wine on the VeChain blockchain.
Another partner, car manufacturer Renault, is using VeChain to ensure all its parts are genuine and comply with safety regulations.
VeChain has an extensive list of partnerships. It’s part of PricewaterhouseCoopers’ incubation program. PwC is the largest professional services firm in the world. The program’s goal is to accelerate blockchain adoption.
Other major partners include Microsoft, China Unicom (the world’s fourth-largest mobile service provider), and Kuehne & Nagel (the world’s largest freight company).
But its biggest partnership is with the Chinese government. China designated the area of Gui’an (in the western Guizhou Province) as an economic development zone and the site of the National Data Center of the west.
And in December, China mandated VeChain as the blockchain technology partner of Gui’an’s local government.
With the support of the Chinese government, we don’t need to worry about regulatory crackdowns with this play.
Today’s Action: Buy VeChain (VEN)
Buy-up-to Price: $5
Stop Loss: None
Buy It On: Binance and KuCoin
Store It On: MyEtherWallet