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- The Vechain network has grown to a mature scalable smart contract platform that is at the forefront of enabling a sustainable future through a regulated blockchain solution.
- The partnership between Vechain and the Boston Consulting Group (BCG) will further enhance the mass adoption of VET as the crypto coin to streamline the agricultural supply chain.
Vechain (VET), a veteran layer one (L1) blockchain launched nearly a decade ago, has grown to a respected web3 ecosystem supporting versatile smart contracts geared towards enabling sustainable practices around the world.
The Vechain network has been developing the necessary infrastructure to promote a traceable supply chain, thus solving most of the real-world challenges through the VechainThor blockchain. Amid the mass adoption of the web3 industry and digital assets, the Vechain team has tapped into the fast-growing NFTs and teamed up with different companies to enable a transparent global economy.
As of this report, the Vechain network has amassed more than 2.5 million active wallet addresses. Interestingly, the Vechain network consumes less than 0.04 percent energy compared to most of the existing blockchains. Some of the notable partnerships that Vechain has inked in the past include Haier, PWC, Walmart China, Bayer, BMW, DHL, and BYD, among many others.
Vechain and BCG Streamlines Agricultural Sector
In November last year, Vechain network forged a strategic partnership with the Boston Consulting Group (BCG), a global leader in management consulting founded back in 1963, to ensure sustainable initiatives, especially involving the environmental, social, and governance (ESG) principles.
The dual has sharpened their strategic collaboration to enable a sustainable agriculture, via boosting the industry’s transparency and efficiency. Moreover, the Vechain network has built the necessary infrastructure to enable traceability of different products throughout the supply chain.
In order to ensure sustainable agricultural practices, Vechain and BCG intend to hold the involved industries accountable for the sake of upholding ethical standards that foster positive change for the environment. In this regard, Vechain network will continue to work together with regulators to help ensure healthy and sustainable practices. Moreover, anyone can now use the Vechain network, through the use of phygitals and help from BCG, to trace an agricultural product from different stores through its lifetime since its seedling, which will in turn promote dramatic decline in emission of greenhouse gasses.
VeChain + @BCG = Sustainable Agriculture 🚜🍃
We're transforming ag supply chains with blockchain, boosting transparency and efficiency. From seed to store, we're slashing emissions and promoting sustainable practices. pic.twitter.com/8LQ3zAUqD8
— vechain (@vechainofficial) December 31, 2023
VET Price Action and Market Outlook
Vechain (VET) has a market cap of about $2.5 billion and an average daily traded volume of about $69 million. For the first time since the 2021 crypto bull market, VET price has shown early signs of another macro bullish outlook. Furthermore, the falling trend, which is characterized by lower lows and lower highs, was invalidated during the 2023 fourth quarter crypto awakening.
Additionally, the weekly Relative Strength Index (RSI) has stayed above the 70 level for the first time in two years, an indication that VET bulls are in control. In the short term, VET bulls are gradually targeting the next psychological resistance level around $0.47, which if successfully breached could yield a 100 percent rally.
Notably, VET price has already gained nearly 100 percent from last October to trade at