VeChain has always been an enterprise-focused IoT and dApp platform for various products and information. The aim of this company is to successfully connect blockchain technology with the real world by providing the strong infrastructure using RFID and some other similar IoT technologies present. VeChain is famous for hitting headlines daily and its recent performance on CoinMarketCap made its fan/followers ask, ‘what is this project up to next?’ and ‘what to expect from VeChain?’. Undoubtedly, this project has been one of the most successful Chinese cryptocurrencies of all time and in this article, we shall find out what their team has been up to all this week.
The word ‘VeChain’ means ‘the only chain’ which shows the team’s objective to be the only one standing in the crypto market and rule over all the others. Many analysts have proclaimed that VeChain doesn’t seem to be an improved version of bitcoin, although its capability and features could name it ‘the IBM of blockchain’ soon enough. Their recent rebranding to VeChain Thor has led to the remodeling of economic structure to benefit their enterprise-focused platform. VeChain has both technical and business strength that helps in making it one of the most dependable blockchain project.
VeChain in Business
This project has made strong partnerships with famous and huge enterprises since the very beginning of its path. The company is now deeply rooted in its strong connection with the business sector’s biggest names. This way, VeChain made their lasting impression on every business-sector executive.
Their partners who do not need any sort of introduction are listed below:
- China Unicom
- DNV GL
And according to VeChain’s team, there are more to come in future. Even the central government of China has eyed VeChain for a long time. The famed VeChain announcement of ‘national level partnership’ cleared all doubts regarding government’s increasing inclination towards the VeChain project. They got the chance to trail VeChain technology in the special government zone, Gui’an new area. Through the afore-mentioned partnerships, we can ascertain that VeChain is not only armed with a creative and genius team but also well-equipped with a brilliant business development plan.
VeChain in Technology:
In case of technology, VeChain is ahead of many other blockchain projects that have existed in the market. They’ve collaborated with the world’s leading RFID solutions providers for their hardware department aid and for chips which are specifically designed for being used on VeChain. They have a ’use-case first’ approach to design that has helped its 40+ developers team to reach the top cryptocurrencies with a transaction speed of 10,000 transactions per second. The company has tried its hands and tested the usability of their blockchain in industries of varying nature such as luxury goods, liquor, and even agriculture. All these use-cases have traversed beyond the proof-of-concept and have been launched on the global market already.
Recent Developments of VeChain Team:
- VeChain Multi-Party Payment Protocol
VeChain’s development has been an accumulated result of its mass adoption of blockchain solutions by its partner companies/industries to solve some of the many real-world problems. Recently, the team has officially launched their new tools which are a technical solution for payment types and is being called ‘VeChain Multi-Party Payment Protocol’ or ‘MPP’ in short. This tool was made to facilitate transactions between multiple parties even if the data is being transferred from one non-token owner to another. Which means that the everyday users of the MPP will use VeChainThor blockchain without knowing it. The company has assured that the MPP does not result in any change in the end user experience.
- VeChain and INPI Asia Unite Nanotech Digital Identity Solutions
On 22nd April, VeChain officially announced their recent collaboration with advanced digital identification and IoT device solutions developing and providing company, INPI ASIA. This company is famed to be one of the pioneers in digital identification by using a combination of nanotechnology, secure digital tech and photonics tech to create a new type of digital identification system which is being dubbed as NDCode™. This solution adds to the IoT market according to VeChain by adding nano identification within products and constructing a world of securely connected things. it enables high-level security with the addition of photonic property. This new solution will also unlock the untapped scalability potential while maintaining cost efficiency. When the VeChain blockchain will be combined with NDCode™ it’ll provide authenticated traceability, the capability of auditing for protection against any sort of data fraud on the server.
VeChain aims to be the worlds leading blockchain enterprise in terms of usability and performance. VeChain Thor platform is paving its way towards mass adoption. According to VeChain’s performance in the crypto markets for the past few days, it’s evident that this enterprise is growing in all aspects. It is currently ranked 16th on CoinMarketCap with an individual price of $3.64 USD while its total market capital rests at $1.9 billion USD. The VeChain platform still has a long way to go and make its rightful place within the top 10 largest cryptocurrencies of the world. So, till then its going to be interesting how it traverses the huge gap and become the so-called ‘IBM of blockchain’.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of J B via Flickr
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