The latest news about the VeChain project
The latest news about the VeChain project
Blockchain

The latest news about the VeChain project

By Marco Cavicchioli - 9 Jun 2020

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In the last few days, the price of VeChain (VET) has risen substantially thanks to the recent announcements related to the project. 

In particular, the one behind the price increase is the news of the agreement with the Chinese distribution chain Meijiada Fresh Food, comparable to the US Walmart in terms of national distribution capacity, which has decided to use VeChain to track the distribution of pork, with the prospect of using it in the coming months to track other products as well. 

Since June 6th, when the price was below $0.0067, it has risen to the current $0.0077, an increase of almost 15% in just over two days. 

It was since February that the price of VET had not touched $0.008, whereas just under a year ago it peaked at over $0.0099. 

However, the current price remains lower than the initial price of $0.0134 in August 2018. 

There have been major pieces of news about the project for months now. 

For example, in November of last year, the VeChain ToolChain platform was announced for tracking Chinese tea Yunnan Pu’er, which, together with the recent news about Meijiada Fresh Food, suggests that the project is expanding a lot in China, thanks to the use of its blockchain to track the origin and supply chain of food products. 

In December, they also announced partnerships with Blue Bite to use NFC to track the product chain. 

This news had already generated a previous price increase thanks to the expansion in China, with a view towards the development of the blockchain sector in the country also driven by the statements of President Xi Jinping who gave a strong signal of support to all projects of this type. 

In addition to this, VeChain is also active in other sectors, such as gaming, where in December it became a major player thanks to the announcement of a new game, “The Way of the Tiger”, which will use NFTs based on the VeChain Thor blockchain. 

But also more recently there have been pieces of news about the increasing use of this blockchain. 

For instance, in mid-May, there was the announcement of an app to record COVID-19 cases in Cyprus co-developed by I-Dante and E-HCert, and based on the VeChain blockchain.

The app provides a real-time recording solution for COVID-19 RT-PCR, i.e. rapid antibody tests based on a polymerase chain reaction. 

A few days later, in late May, Bayer China revealed that it had chosen VeChain as its technology supplier for a new blockchain-based solution to track clinical drugs along the supply chain. 

In both instances, these are applications in the healthcare sector, and in particular in the case of Bayer China, this is yet another Chinese project. 

A few days ago another partnership was announced, this time with DNV GL, to develop a platform for the export of Norwegian products to the Chinese market.

Once again this is a project for the traceability of food products, and again for the Chinese market. 

The curious thing is that VeChain is a project that is only two years old, and despite this, it has been able to sign many different partnerships for the development of projects often related to product traceability, particularly in China. 

To celebrate the anniversary, a competition has also been launched that puts up for grabs 3 million VET tokens, equal to about $23,000. 

It is worth noting that over the last 30 days the number of accounts with at least 1 VET has increased from less than 75,000 to more than 81,000, an increase of 8% in a single month, which shows that it is not only the attention of the media that drives interest in this technology. 

It should also be pointed out, however, that 81,000 accounts are few when compared, for example, to over 14 million public addresses holding at least 0.001 BTC. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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