VeChain (VEN) is developing a new blockchain-based business ecosystem where products all over the world can have verifiable authenticity and quality. Just like IOTA (MIOTA), this blockchain technology is all about the Internet of Things (IoT). But, while IOTA is focused on machine-to-machine (m2m) transactions, the VeChain coin is based on a system of supply chain transparency.
You can also now buy it on Huobi, the sixth most-used cryptocurrency exchange (by 24-hour volume) – according to CoinMarketCap:
— Huobi Pro (@Huobi_Pro) January 22, 2018
Sure, this coin has gained 276% in the past 30 days. But this cryptocurrency is actually backed up by a very promising platform that could revolutionize the way that we handle product cycles in an endless amount of industries.
What is this project about?
VeChain is a blockchain-based platform that leverages IoT technology to collect, store and guard sensitive data. Using Vechain Smart Chip technology, a product can be tracked from end to end, allowing both consumers and merchants to be able to verify the authenticity and quality of a good.
Imagine buying a designer handbag and being able to check if it’s not a knock off on the spot. Users can analyze the age, the material, and the origin of the product. Apart from being able to monitor the supply chain journey that each object takes, this chip technology can also keep an eye on things like temperature.
With the massive amounts of fake goods sold all over the world, this platform is geared a lot toward the luxury goods market, but it has potential to streamline the supply chain system of any sector.
Vechain (VEN) Has Been Striking Deals Too
This platform isn’t just an abstract concept, like a lot of other altcoins on the market can be. In fact, this is a deployable solution – and it has already been forming new partnerships to execute on its IoT-based supply chain platform.
Just two days ago, a new partnership with DNV GL (a global assurance services provider) was announced:
Undergoing a true digital transformation isn't something you just switch on, it's not a product you can buy, it's a journey. We are excited to partner up with DNV GL to provide trust to the world. #VeChain + @DNVGL, we do it differently.https://t.co/DVla2jepTq
— VeChain Foundation (@vechainofficial) January 25, 2018
At first, they will be collaborating on a new solution that targets the food and beverage, fashion and retail sectors. After that, it will gradualy expand into other markets – beginning with aerospace and automotive.
“Data is becoming an increasingly valuable asset and this partnership with VeChain will enable our digital solutions to address changing needs in the data-driven economy,” said Luca Crisciotti, DNV GL’s CEO of Business Assurance. “By leveraging the Internet of Things and blockchain technology, we are reinventing the assurance process.”
And VeChain (VEN) isn’t only partnering up on supply chain transparency ventures with DNV GL, either. They have already inked a number of deals, including Fanghuwang and Madeforgoods:
— VeChain Foundation (@vechainofficial) November 16, 2017
What about the VeChain coin?
This cryptocurrency has absolutely skyrocketed in recent months. At the time of writing, VEN is trading at $6.96 – that’s a 17% boost from its price one week ago. Looking back a month, it has added 276% to its value. For some perspective, in the middle of December, the VeChain coin was sitting comfortably at around 85 cents apiece.
At its current price, the entire VEN currency is worth a grand total of $3.17 billion USD. In terms of market value, that means this coin is 15th most valuable on the worldwide market – just behind TRON (TRX).
This coin certainly has a lot of potential, but maybe its price surge has been a little overblown – maybe there’s not much more room for growth after such a price boost.
Did you buy VeChain before it more than quadrupled in value?
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.