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- VeChain’s communications lead, Jake C., has clarified a recent U.S. patent approval for a security management system initially believed to be associated with VeChain.
- VeChain strengthened its market presence in 2024, enhancing its role in supply chain management and increasing the adoption of its blockchain solutions.
A recent U.S. patent approval involving a key security management system has sparked discussion in the blockchain community due to its association with VeChain. The patent, U.S. Patent 12,058,252 B2, was granted in early August 2024 and is attributed to NanoJClean, an offshoot of VeChain operating in China. Moreover, crypto community members hyped the development as they believed it was a new patent for VeChain.
Details Regarding the VeChain Patent
The patent outlines a comprehensive security management system, method, and related software for secure operations involving public and private key pairs. However, the firm’s communications lead, Jake C, debunked the patent’s connection to VeChain. He addressed the situation directly, providing insights into NanoJClean’s relationship with VeChain and the broader context of the patent.
Jake C. clarified that NanoJClean is connected to VeChain as a separate entity. He explained, “NanoJClean are a BaaS (Blockchain as a Service) seller in China—ToolChain is the product. They were split out of VeChain a while ago as VeChain Technology for compliance purposes, and there was a subsequent rebranding for China/Global market compliance. Those entities sell to businesses.”
This statement is significant as it corrects the misunderstanding that the patent is directly owned by VeChain itself. Instead, the patent is tied to NanoJClean, which, while initially part of the VeChain ecosystem, now operates independently for regulatory reasons. For further context, NanoJClean’s role as a BaaS provider in China, particularly through the ToolChain product, is crucial for businesses that require blockchain solutions but may not have the expertise to develop them in-house.
ToolChain offers a range of services, including data management, digital certification, and IoT device integration, all powered by blockchain technology. Moreover, the latest patent adds to their portfolio, potentially enhancing the security and efficiency of their offerings.
Key Major Partnerships This Year
In 2024, VeChain formed significant partnerships, enhancing its visibility and adoption while announcing its collaboration with Walmart China to launch the Walmart China Blockchain Traceability Platform, per the CNF report. The platform is built on the VeChainThor Blockchain.
Initially, this platform tested and launched 23 product lines, aiming to expand to 100 by year-end. Thus, this partnership underscores VeChain’s growing role in supply chain management, with the potential to greatly increase its network adoption. Furthermore, Vechain has also been among the top ten blockchain contributors to the Internet of Things (IoT) along with other players such as IOTA, reported Crypto News Flash.
Furthermore, in June, it also partnered with the UFC, gaining unprecedented integration into key UFC assets. This included visibility at UFC championship bouts, fight decks, digital platforms, and other major events, reported CNF.
UFC athletes promoted VeChain by leveraging their global popularity to introduce its supply chain management solutions to a wider audience. VeChain’s logo was also prominently displayed at UFC’s biggest events, maximizing brand exposure for the blockchain firm across multiple fighter rankings that draw large crowds.
As of press time, VeChain’s native cryptocurrency, VET, is currently trading 1.6% down at $0.02498, holding its support levels. Per the CNF report, the VET price can see a further rally ahead.