The entry on VeChain (VET) in the market as an outfit without a product surprised many back in 2014. However, this has turned out to be its biggest strength in the market today. Instead of offering a “product” in the crypto sphere, the blockchain backed system is developing a “company” that is already revolutionizing the logistics industry.
VeChain has taken the logistics and supply chain management by storm and its core business to eradicate the counterfeit menace for good. Though designed for large enterprise logistical solutions; the ecosystem spans across various industries with the consumer being the final beneficiary. However, the diversity of its partnerships is turning VeChain into a system of the future.
VeChain (VET) Entry into Lucrative Marketplaces
Given the coin lacks a working product, its entry into logistic to rid the market of counterfeit products and goods has endeared it to the insurance, auto and luxury goods sectors. These are multi-billion industries that will see the value of VET gather more traction since it will be used as the payment methods for the services the ecosystem offers.
Already, VeChain has several real world use cases in the via a tagging project that will see users easily identify fake goods from the authentic ones through a simple QR scanning process. VeChain affiliates are using the RFID tagging system in the clothing and apparel industry and this is spreading fast into other sectors.
VeChain (VET) Cuts across Multiple Industries
The recent rebranding from VEN to VET has seen VeChain get a new lease of life. The coin is currently the 19th most valuable coin in the world. This is a huge success for a coin whose entry into the crypto verse recently under the new brand name of VeChainThor. However, last few months have seen its visibility grow through partnerships and listings on major exchanges.
Despite the bearish market, the coin has had a very good run and this is set to gather momentum before the close of Q4. The increased support the coin is receiving from the Chinese authorities is a breakthrough in the insurance sector that will see the claim processing bottlenecks sorted for good. The same government is using VeChain’s technology to track down counterfeit vaccines in the Chinese market to guarantee its citizenry quality healthcare.
VeChain (VET) Recent Partners are Strategic
VeChain strategic partnerships are poised to drive the platform into the future. Recently, they formed a partnership with one of the largest electric auto manufacturers in China; BYD. The company doubles up as the leading car battery manufacturer in Asia. The project is backed by the Chinese authorities that will see users get VET backed redeemable rewards or credits to reduce carbon emissions.
Away from the Asian market, VeChain presence in Europe is on the rise through the DNV GL, a logistics monopoly. This is a perfect fit for a logistics blockchain outfit to work closely with a reputable logistics service provider. This will see the two partners benefit from experience, technological know-how and the audiences both command.
Other partners include Givenchy, Renault, Kuehne and Nigel and one of the largest world respected financial consultancy firm, PwC. As the market continues to bleed, VeChain has been building strategic collaborations behind the scenes as it focuses on its future in the market.
Withal the interest turning to VeChain’s route to market, the VET coin price has been in the red prior to compiling this report. It managed to shed 0.47% against the dollar and 0.30% to Bitcoin to trade at $0.013813. This is just a short term slip and cuts across the entire market.