The Asia-based firm VeChain expanding its IoT platform and supply chain through the creation of the VeChain Thor network. The goal of VeChain Thor is to be a blockchain ecosystem designed for business and focused on governance and ease of use. The project plans to exploit a native blockchain that will allow companies to easily use various smart contract applications. VeChain focuses primarily on the exchange and storage of data via the blockchain and has executed active applications in the supply chain.
Donald Tapscott, president of the Blockchain Research Institute in a recent Interview with Bloomberg, made some interesting observations, where he said the perception that blockchain is a technology that can’t scale and is used in nothing important is a myth.
Donald believes that blockchain technology is growing and its adoption is gaining ground around the world. He cited the growing transfer of the $ 50 trillion supply chain industry to the blockchain. Tapscott went a step further by quoting companies like FedEx, which he says wants to rebuild all of its activities on the blockchain. So, with all the benefits this change will bring to this new technology, which blockchain platforms will benefit the most?
He further said, there are several blockchains focused on Supply chain Market. However, the one which clearly dominating the supply chain market is VeChain(VET). Currently, a number of companies using the VeChain Blockchain in the real world Practical applications. One of them is DNVGL. The DNVGL My Story allows businesses to use the Vechain blockchain to track a product and learn about its identity. As per the DNV GL website, three Italian winemakers are already using this technology. It states that,
The My Story™ frontrunners are Italian wine producers Ricci Curbastro, Ruffino and Torrevento. They are now ready to share the characteristics of their wines traced from the farming and winemaking to packaging and distribution. Consumers have access to all the facts, using their smart device to scan the QR-code on the bottle. In the connected consumer dAPP, they can instantly browse product facts, the wine’s timeline and locations from grape to store for every bottle.
This matters a lot because it eliminates the problem of counterfeits, which is a big problem in the global supply chain, not just in winemaking, but also in all sectors. Essentially, with the lead that Vechain has been able to prove through practical demonstration of its operation, it should adopt faster than other block chains. In addition, Vechain (VET) has the goodwill of one of the world’s most strategic sourcing countries, namely China. VeChain recently collaborated with companies based in China, such as BYD.
China plays a strategic role in Vechain’s growth as it accounts for a significant share of the $ 50 trillion supply chain market. Almost everything shipped to the world comes from China. Raw materials also arrive in China 24 hours a day from all over the world. This makes it a strategic market for Vechain’s future by giving manufacturers more control over what they produce.
Essentially, the holders of Vechain (VET) hold a high growth asset. The performances may not be as good now, but they still offer a lot of potential in the long run. Blockchain technology is still in its infancy. Once this becomes a truly mainstream technology, the future of high utility block chains like Vechain will grow astronomically.
VECHAIN (VET) PRICE PREDICTION
Now, VeChain is affordable. The per token price of VET is 0.005987 USD. It is down 5.93% against the US dollar and 2.75% against the price of the BTC. Do not forget that the entire cryptocurrency market is emptying. Almost all crypto-currencies lose ground against the USD. The transaction volume on VeChain is $ 15,967,326 and the market capitalization is $ 332,014,323.
VeChain Price may surge to as high as $1 as Indicated by smartereum ‘It has the potential to cross the $1 mark and move higher against the USD.
Essentially, the holders of Vechain (VET) hold a high growth asset. The performances may not be as good now, but they still offer a lot of potential in the long run. Blockchain technology is still in its infancy. Once this becomes a truly mainstream technology, the future of high utility block chains like Vechain will grow astronomically.