VeChain (VET) is emerging into a bigger and broader blockchain platform. The German car giant BMW along with VeChain has created a blockchain-based vehicle inspection concept.
With the help of ‘Verify Car’ project, BMW Singapore has set up a ‘vehicle digital passport’ identification card for the cars which would have the blockchain system installed inside them. This concept plans to transfer data to VeChain blockchain with the help of car-mounted SIM cards. This will measure the distance automatically which would be recorded externally and decentrally, so the speedometer deception would not be possible.
BMW and VeChain are planning much more and with the blockchain services, it could also provide users will loyalty programs and financial services in the coming time. This is a great opportunity for VeChain to excel in the automobile industry.
Recently, VeChain (VET) announced that they have launched the VeKey based Threshold Signature Turnkey Solution. It is a solution that fulfills the demands of different enterprises, which include internal risk control and it will also decrease the possibility of SPOF.
VeChain introduced this new solution in its recent Summit held last month. VET is excited to enroll its new solution as a turnkey package to the market. This new launch is set to enhance the optimal security, effectiveness, and compliance. This is leading VET to its objectives, that is to empower the real economy and provide digital transformation.
The VeKey based Threshold Signature Turnkey Solution is a combo of secure hardware and software that is Solution to the enterprise management of the digital assets. Some key features that are part of this Solution include hardware-based encryption, attacks detection, SPA/DPA anti-attack, memory access control unit, random number generator and such other key features that make it a strong Solution.
This Solution basically emphasizes on the security of blockchain enterprises. The core features of VeKey are compulsory double authentication which includes biometric identification through fingerprint and PIN. It is based on software-based security mechanism and it has a back-end verification system.
Analyzing the market, VeChain (VET) was trading with a price of $0.00638 USD and in the last 24 hours it has surged up to almost 10%, but at the moment it has dropped to +5%, but it is still rising. The market cap was around $354 million with a trading volume of $13 million.
VeChain is now entering into bigger markets and this is helping it to rise in the crypto market as well. Recently, VET also launched a One-Stop BaaS Platform, with a new ToolChain, which is set to grow the VeChain ecosystem and let the world come closer to the blockchain system. In coming years, if VET keeps on improving its technology and attracts more top-level enterprises, it could possibly jump up to top 20 coins in the market.