VeChain (VEN) is one of the most promising blockchain-based projects on the market right now that deal with Internet of Things (IoT) technology. Along with IOTA (MIOTA) and Nucleus Vision (NCASH), there are a few stand-out (and highly-valued coins) on the market that are developing IoT-focused ecosystems.
Like the wider market, VEN has had a rough go of it since the beginning of the year – but thankfully its price free fall has tapered off a bit. Finally, this cryptocurrency has managed to rise above the $4.00 mark – where It’s looking like it might remain.
VeChain (VEN) is all about Supply Chain Management
Unlike IOTA, which is focused on machine-to-machine (m2m) transactions, this venture is all about the supply chain side of retail. To put it simply, VeChain (VEN) technology centers on product tracking using connected microchips. The concept has far-reaching potential: from pharmaceuticals products to designer handbags.
As they say on their site:
“We have successfully implemented blockchain solutions across various industries such as luxury goods, liquor and agriculture. These use-cases go beyond the Proof-of-Concept and have already been launched on the market globally.”
And, from all these different sectors that VeChain can streamline, the team behind this cryptocurrency is already making a lot of progress.
Racking up partnership after partnership
In the cryptocurrency market, a lot of investor confidence comes from pure speculation. Most crypto coins, if they aren’t simple payment currencies, have no live product attached – their related platforms are still in development.
VeChain, on the other hand, already has its technology in the hands of big-time companies that are developing ways to incorporate its IoT-based blockchain network. Just one day ago, for instance, they began collaborating with LogSafer – a Chinese supply chain logistics firm:
It’s just another deal in a long line of deals.
Decentralized Applications (dApps) are already launching on VeChain (VEN)
The team behind the VEN coin also just signed up its very first decentralized application (dApps), which will launch on top of the VeChain network. They signed a deal that was brokered by DNV GL, a leading business assurance provider, for the creation of a new app called My Story.
With My Story, which is a third-party “off-the-shelf blockchain based digital assurance solution for the food and beverage industry.” VeChain hardware tag technology will be implemented into food and drink producers’ products, which will allow the tracking and verification of quality and authenticity.
The Italian wine industry is going to be the first to dip its toes into this concept, and four wine makers have already signed on and are using special labels to track wine bottles.
Aside from all the progress that this company is making on the business side of things, the technology is also growing and moving into new stages.
We will go into more depth in a later article, but – for the time being – the team has put up an Ask Me Anything (AMA) article where they answer a lot of the questions related to this pretty confusing technology.
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.