The last few months have been very positive for the VeChain (VET) ecosystem that has undergone major changes and the stakeholders are eagerly anticipating the changes to spur the platform and coin value growth. The market has however, not been on their side and the wait is poised to continue a little longer. The current market sell-off has cut across the crypto-sphere and VET has not been spared.
With the MainNet shift and complete rebranding, has seen the community celebrate. The celebration has been cut short by a bearish market with most top coins still counting their loss. For VeChain, the party appears to be getting started with strategic partnership that targets the Chinese auto user.
VeChain (VET) and BYD Electric Car Maker Collaboration
Partnerships in the crypto verse have become the order of the day but VeChain has gone for the big fish and making a grand penetration into the Asian market. The collaboration will see VeChain and BYD work together on a carbon credit system that will see the VET outfit provide data storage services for BYD.
With the increased car numbers on the roads and increase in carbon pollution levels in China, motorists are turning to electric cars that are environment friendly making it a groundbreaking venture for VeChain. However, the collaboration appears to have been inked at a time when the market is bleeding and the VET price still in the red zone.
VeChain (VET) Real Life Use Cases put to Test
The VeChainThor based application will be used to collect data based on power and fuel consumption using the BYD system’s smart contracts to help in the reduction of emissions while the user will earn carbon credits. The app deploys a carbon emission formula that will automatically calculate the credits earned.
According to the deal between BYD, VeChain and DNV GL:
“The project will provide carbon banking solution for BYD card models through the VeChain automobile lifecycle management solution to provide a data depository for millions of cars, buses, trains and other vehicles into a blockchain technology backed ecosystem.”
Confirming the inking of the deal, Sunny Lu, the VeChain CEO has said in a statement:
“As the global leader in green car manufacturing, BYD offered us the opportunity to pioneer real change. It takes innovators like BYD to make the world a cleaner place. Carbon banking will be a new reality for billions.”
VeChain Building More Strategic Partnerships in China
With the current crypto tolerance in China, VeChain appears to have found a partnership soft spot. Last month the coin managed to enter the lucrative insurance industry in China through the government backed People’s Insurance Company of China (PICC). The firm is $126billion worth and the VeChain integration will help it cut down on the overwhelming paper work load.
This will help in fast compensations through real time of data identification. This is a major test in VeChain IoT capabilities through its smart contracts. The Chinese auto and insurance industries will spur the VET price and value through high profile adoptions.
VeChain (VET) Price Overview
With such strategic partnerships, the VET price still remains unmoved due to the current bearish market. All the altcoins have been hit by the slump but since the unveiling of the v1.0.2 MainNet, the coins market cap has been on the rise and could hit the $1billion mark by the end of the year.
The last 24 hours have seen Vechain (VET) price drop 4.67% to trade at $0.015723 which is reflected across the market. The same period has seen all the top ten coins trade in the red save for USDT. Should the bulls set in, VeChain stands to be among the top gainers given the recent partnerships and the visibility VET is getting among the Chinese audience.