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In a recent tweet, Collin Brown, a notable blockchain researcher, highlighted the pioneering role of the blockchain-based firm VeChain in the rapidly growing logistics market.
Brown particularly spotlighted VeChain’s position in the supply chain market, which research has projected would reach an astonishing $18.23 trillion by 2030.
VeChain To Lead a $18T Market.
In the tweet, Brown emphasized that VeChain is at the forefront of innovation in the logistics industry. The researcher argued that VeChain would lead the market by employing blockchain technology, smart contracts, and the Internet of Things (IoT) to ensure transparency, authenticity, and compliance within the supply chain.
🚀 VeChain Leads the Way in $18.23 Trillion Logistics Market 🌐✨
With a market poised to reach $18.23 trillion by 2030, #VeChain is at the forefront of logistics innovation. Utilizing blockchain, smart contracts, and IoT, VeChain ensures transparency, authenticity, and… pic.twitter.com/7G33xtX9PP
— Collin Brown (@CollinBrownXRP) October 13, 2023
To bolster his claim, Brown cited several examples of VeChain’s success stories in the logistics market. He noted Walmart’s use of the platform to track fresh produce, BMW’s authentication of luxury cars, and DNV GL’s seafood sustainability certification.
Moreover, Brown cited that PricewaterhouseCoopers (PwC) has been using VeChain to safeguard luxury goods. Significantly, the blockchain researcher shared his sentiments about VeChain following a report from Precedence Research, a reputable strategic market insights firm with operations in Canada and India.
The report underscored the potential of the logistics market. It highlighted that as of 2022, the global logistics market had a valuation of $7.98 trillion. According to Precedence Research’s projections, the supply chain market is expected to reach a staggering $18.23 trillion by 2030.
Notably, the research mentioned that the logistics market has a compound annual growth rate (CAGR) of 10.7% from 2023 to 2030. The logistics market share chart accompanying Brown’s tweet suggested that the market will be worth nearly $10 billion next year and $11.23 by 2025.
VeChain
Notably, VeChain premiered in 2015 as a private consortium blockchain. At the time, it collaborated with numerous enterprises to explore the potential applications of blockchain technology.
However, the report noted that VeChain embarked on a journey towards becoming a public blockchain, issuing the Ethereum-based token VEN. Meanwhile, the transition culminated in the launch of its mainnet in 2018, accompanied by a new ticker symbol, VET.
Notably, VeChain’s platform operates with two tokens, VET and VTHO. They serve the dual purpose of managing and creating value within the VeChainThor public blockchain.