WHAT CHINA JUST RELEASED ABOUT Vechain VET & WHEN VET WILL EXPLODE VeChain, in conjunction with DNV, introduced the blockchain-based risk self-assessment application, VeTrust. Built on the VeChainThor public blockchain, it combines DNVs infection risk management methodology and track record of providing globally recognised compliance standards to help entities manage COVID-19 risk factors. Following adoption by hotels such as InterContinental Shanghai Hongqiao NECC, VeTrust has been steadily expanding its presence, developing new usage scenarios across various industries in China.
So how this news will impact Vechain. To know the answer, watch this video till the end. Hi Vechain lovers! Welcome to Vechain land, your daily dose of Vechain! If you are interested in everything around Vechain, this is the place for you! Make sure to hit the like button and subscribe for us to provide you with more Vechain news, and let us know in the comments how much you think Vechain will cost next week! Before we get to the topic, let’s do the price analysis of Vechain.
As of the 12th of July, Vechain token price is trading sideways over the weekly chart, with no sign of significant momentum. However, the trend is still in favor of bulls, but the volume needs to improve in upcoming trading sessions to support the positive growth.
The technical parameters are gradually improving and heading towards the bullish zone. Presently the coin is trading at $0.0779 with intraday gains of 1.67%, and the volume to market cap ratio is at 0.07897. Whereas the volume in the last 24-hours dropped over -8.78%, standing at $394,587,022. Over the monthly chart, the VeChain token is trading below major moving averages of 20, 50, 100, and 200-day moving averages. In contrast, the coin faces a significant hurdle of a 20-day short-term moving average line and fails to break it. As a result, volume over the monthly chart falls below the average line and needs to improve in upcoming trading sessions.
However, once VeChain token started to maintain above 20 and 200-day moving averages with good volume action, we can soon see good buying action from bulls. Support on the lower levels is at $0.0720 and $0.0660, whereas resistance on the higher side is $0.0940 and $0.1095. Now let’s get to our topic. VeChain is a semi-decentralized, blockchain-based platform. Have you ever looked at a product with a designer label and wondered if it’s the real deal? Well, VeChain aims to put a stop to the uncertainty. This platform uses anti-fraud technology to authenticate high-end items, giving confidence both to customers and to manufacturing companies.
VeChain was founded in 2015 by Sunny Lu, who was previously the Chief Information Officer (CIO) at Louis Vuitton China. Originally designed to prevent the sale of counterfeit goods, its since been adopted by large companies to simplify the process of supply chain management. So, how does it work? VeChain works on the principle that by assigning each item a unique identity, you can use sensors to track the items throughout their lifecycle. By storing the tracking information, it’s possible to see the complete history of the item, from where it was made to where it was most recently sold.
This means it’s possible to verify the authenticity of premium products. The VeChain ecosystem consists of the blockchain that stores encrypted tracking information, the mainnet, and its native cryptocurrency. That’s where VET comes in. This utility token is used to transfer value across the network, and the more VET somebody holds, the quicker they’re able to access the blockchain’s resources. On the 9th of September 2020 during the ongoing impact of the COVID-19 pandemic, VeChain, in conjunction with DNV, introduced the blockchain-based risk self-assessment application, VeTrust.
Built on the VeChainThor public blockchain, it combines DNVs infection risk management methodology and track record of providing globally recognised compliance standards to help entities manage COVID-19 risk factors. Following adoption by hotels such as InterContinental Shanghai Hongqiao NECC, VeTrust has been steadily expanding its presence, developing new usage scenarios across various industries in China. Currently, over 200 public areas are onboarded into the VeTrust platform. On the 22nd of June 2021, during an event held by the Peoples Government of Suzhou New District, VeTrust was showcased as one of the Top 10 blockchain applications and was formally acknowledged by officials.
In the pursuit of more effective top-down COVID-19 risk management, the local government has been using the VeTrust platform to visualize the process of infection risk management for all administrative areas in the district. It covers a total of 95 residential communities and over 300,000 residents (as of 2021), with immutable, trustless proof of hygiene compliance being securely shared with the government daily.
VeTrust provides a standardised framework for self-assessment in infection risk management, assisting community officials in their management duties. The level of readiness of a certain community will be assessed by a weighted calculation, displayed visually as QR.
Through the VeTrust dashboard, other public officers such as administrative teams can also easily access data related to the implementation of infection risk management standards in a seamless, instantaneous nature and verify that the health and safety of community residents are being maintained. Utilizing the secure and scalable VeChainThor public blockchain, VeTrusts application model of combining blockchain and administrative governance is able to guarantee a higher level of health and safety, as well as a better and safer living environment for community residents, enhancing the sense of security, mitigating epidemiological risk and improving quality of life.
As the world continues to develop smart cities, applications such as VeTrust create a receptive environment for the technology and open up further possibilities for blockchain adoption and usage. As a critical trust layer for data, blockchain has the power to fundamentally change how society operates, removing intermediaries and falsities from the vast volumes of data created daily.
The potential of immutable, decentralised data is unprecedented, promising to deliver disruption and innovation on a scale not seen since the birth of the internet. VeTrust is further proof that blockchain is far more than just a speculative, theoretical and abstract technology. The adoption and real-world usage of VeTrust by the local government in Suzhou showcases the potential of blockchain as a powerful technological asset and by proxy, signals to the world that the VeChainThor blockchain is secure, scalable and ready for deployment as a commercial application layer.
With years of development in a variety of key industries, VeChain continues to demonstrate why it will help lead the public blockchain revolution and unleash mass adoption of the technology around the globe. China has proved to be more open to blockchain technology than many other jurisdictions. Not only is the Chinese government way ahead of most other countries in the development of its central bank digital currency (CBDC), but various governmental departments launched a linked port blockchain system to improve cross-border trade in the Greater Bay Area.
Blockchain has also been leveraged in China to deal with the effects of the pandemic before. Last year, it was announced that a blockchain health code system that provides electronic passes had enabled tourism between mainland China and Macao to resume. We would like to again highlight how big of the opportunity can be seen here.
So what is stopping you to go for Vechain as it has the potential and future to go bullish and big! Also, we would like to mention that this is not a channel intended specifically to provide financial advice, and we do not ask you to invest in any company. This is merely a channel directed towards bringing educational content to your doorsteps. With that in mind, before you invest in anything, we recommend you do thorough wide-spectrum research on the topic. Well, that’s it for today’s video, guys. And make sure to subscribe and give us a thumbs up! See you next time on Vechain Land.
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