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- VeChain has been featured in a Blockchain 2030 report for its role in blockchain-based solutions for supply chain management.
- An analyst predicts that VET could hit $1.6 in the near term; however, Changelly believes this prediction could take eight years to materialize.
Since its inception, VeChain (VET) has maintained its dominance in the supply chain management industry by introducing several technological solutions to help companies track products from manufacturers to consumers. Recently, VeChain has made a groundbreaking appearance in a high-profile report titled “Blockchain 2030: Revolutionizing the Future of Digital Trust,” underscoring its contribution to the digital economy.
This notable mention was first reported by blockchain researcher Collin Brown, who explained the role of VeChain in a detailed post and hinted at a possible price impact in the near term.
According to the report “Blockchain 2030: Revolutionizing the Future of Digital Trust,” #VeChain plays a significant role in the integration of blockchain with emerging technologies, particularly in supply chain management. VeChain is highlighted for its instrumental role in… pic.twitter.com/LOHVPG1ipl— Collin Brown (@CollinBrownXRP) August 30, 2024
According to our analysis of the report, VeChain was highlighted as instrumental in blockchain-based solutions for supply chain management. This, as mentioned, enhances the authenticity and traceability of products. Elaborating on this, Collin Brown explained that blockchain technology aids in recording “every step of the way” of products, making it a necessary tool in pharmaceuticals where the accuracy and integrity of the supply chain are crucial.
VeChain’s technology is used to record every step of a product’s journey on the blockchain, which provides unparalleled transparency and helps businesses verify the authenticity and quality of their products. This enhances supply chain efficiency, reduces the risk of counterfeiting, and increases consumer confidence by allowing them to trace the origins of the products they purchase.
VeChain (VET) Adopted by High Profile Brands Across Several Industries
According to our previous reports, renowned brands across different industries, such as Walmart China, have utilized VeChain to trace the origin as well as the authenticity of their products. Apart from this, its technology is reported to be crucial in the fight against counterfeit goods. High-profile and luxury brands, including Givenchy and VeBridal, have all adopted VeChain to create certificates that demand the scanning of a QR code to verify authenticity.
In the automotive industry, VeChain has partnered with BMW to work on a VerifyCar project. It has also been employed in agriculture where companies like Bright Food use its solutions to track the life cycle of products from planting to distribution. Multiple reports confirm that the VeChain could be widely used in the healthcare industry, logistics, smart cities, etc, in the future.
As more industries recognize the benefits of transparency, trust, and efficiency that VeChain offers, we can expect this blockchain platform to play a pivotal role in shaping the future of business operations across the globe. As a concept, we think it’s amazing.
On VeChain’s native token, VET, an analyst identified as EGRAG CRYPTO, has predicted that the price could rise as high as $1.6.
I have applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that VET may be gearing up for some exciting moves. The pattern indicates a potential rise to 0.115c.
Contrary to this, Changelly expects the asset to hit $1 in May 2032. At press time, VET was trading at $0.022 after declining by 10% in the last 24 hours.