- VeChain (VET) has proven to be one of the most effective blockchains with real-world use cases across different industries.
- The price of the asset had a difficult week but is attempting to recover with a bullish market sentiment.
VeChain (VET), is a smart contract compatibility blockchain meant to facilitate the smooth operation of the supply chain while accelerating the mass adoption of blockchain technology. Over the years, the adoption of blockchain has hinged on its decentralization, immutability, transparency, and automation features that position it for several real-world use cases.
In a recent post by an X user identified as WickedlySo, the impact of VeChain was highlighted in several partnership agreements with renowned companies and governments. Firstly, VeChain’s partnership with BMW was highlighted. This agreement was to track the life cycle of the cars while ensuring that they are quality and sustainable. It can be recalled that a new app, VerifyCar, was designed in 2020 to improve the collection of data such as mileage, repairs, etc.
VeChain has also partnered with Walmart China to enable them to track food products and reduce food waste while improving safety. It was announced last year that 23 product lines would be launched as part of the plans to expand the blockchain ecosystem in supply chain management.
In 2019, the Republic of San Marino signed a Memorandum of Understanding (MoU) with VeChain as part of the plans to deploy blockchain technology to facilitate its mission of becoming the first zero-emissions country in the world. On top of that, the smart contract platform is assisting Kuehne & Nagel to enhance its supply chain transparency and efficiency.
More Partnerships and Use Cases of VeChain
It has also collaborated with Chinese state-owned telecommunications operator China Unicom to assist with the development of business processes. In this partnership, VeChain would use “Blockchain as a Service” to improve the efficiency of its supply chain management. Also, it is working with the mixed martial arts organization UFC to improve fan engagement while ensuring a unique experience.
One other area of use is the Agriculture sector. The blockchain technology is in agreement with Bright Food, a state-owned and the second-largest food company in China behind COFCO to ensure that its VechainThor is leveraged for supply chain management, data management, etc. In the luxury consumer goods sector, it is assisting LVMH Moët Hennessy Louis Vuitton to integrate blockchain and IOT technology into their projects.
In addition to the above-listed partnerships and use cases, VeChain is working with Fanghuwang, a company focused on property mortgage loans to Small and medium enterprises in China to improve its data collection, storage, and shareability.
Shanghai eGrid Consulting is a company that focuses on manufacturing and the automobile industry. It is integrating the existing VeChain automobile solution into its ERP, SCM, and CRM solutions. This is for both current and future clients. Another company that worked with VeChain is NTT Docomo, the largest telecommunication company in Japan. They worked together to prepare for the 5G technology.
As of press time, VET was trading at $0.026912 after surging by 1.6% in the last 24 hours. However, the asset has declined by 10% in the last seven days while its market sentiment looks bullish with a score of 67/100.
