VeChain (VET), soon-to-be-formerly-known as VEN on the crypto exchanges, is having a phenomenal month of growth. This blockchain-based supply chain management platform is less than two months from going live, and its cryptocurrency is soaring in value as that date gets closer and closer. On top of that, the foundation behind this project is making new deals with big-time financial partners that are lining this coin up for future success.
This enterprise client-focused platform has a lot of potential, and recent events have made us start taking this crypto coin a lot more seriously – especially as an investment option this quarter, before the actual product launches.
What is VeChain, again?
For those of you who don’t already know what this cryptocurrency is, let me briefly refresh your memory. After it was (slightly) rebranded earlier this year from VeChain, it is now known for what the software mainnet will be called: VeChainThor (VET). The new branding is all about how this platform, on top of serving as a network for supply-chain tracking, will also function as a place to launch decentralized applications (dApps) – much like Ethereum or QTUM.
The backbone of this project, however, is the supply-chain tracking solution – which uses smart chip technology combined with blockchain to ensure that products shipped all around the world can be verified for authenticity and quality. Using their special smart sensors (QR codes are also an option), products like luxury handbags and top-shelf bottles of wine can be checked by consumers and distributors to make sure they are what they paid for. Everything is recorded on a distributed ledger, unalterable by third parties, so all activity can be trusted.
VeChain is very close to launching
Part of what gives this project so much potential when it comes to mass adoption is its timeline. VeChain is in an exclusive list of cryptocurrency investments that are attached to a product that will be fully functional before the end of 2018. There aren’t that many blockchain-based ventures with roadmaps pumping out mainnets before Q3 or Q4. Many top-valued coins aren’t even launching their platforms until next year.
That puts this venture way ahead of the pack, and the fact that enterprise customers are already using the technology bodes very well for the chance that this product has at getting adopted by the masses.
Big-time partners are lining up to use VeChain technology
Just a couple days ago, it was announced that a top-4 auditing corporation, PwC (Hong Kong), has been in talks with VeChain for the development of trust-based services on the platform. It’s the first attempt, ever, for PwC to touch blockchain technology for professional services. The fact that such a huge, internationally-renowned financial firm is getting behind this technology is a massive piece of news. But that’s still just a “discussion” – real companies are actually using the supply chain technology.
A company called DNV GL is already working on using this technology for the supply chain of wine cases – tracking the products from seed to store. It’s a pretty big topic on the official Reddit page for this coin.
When VeChain launches at the end of June, it seems like it will be pretty easy for companies to sign up and start using it – making this cryptocurrency project have a lot of potential when it comes to mass adoption. It’s definitely going to be the first and most-legitimate supply-chain blockchain solution, so it has a running head start against any of its would-be competition at least.
I guess we will have to watch it all unfold, but the chances are looking pretty good at this point in time.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.