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- VeChain (VET) has been chosen among over 10 renowned organizations and institutions to form a task force for AI and blockchain integration.
- Some of the things to do are to craft a comprehensive report, develop strategies and policy recommendations, etc.
VeChain (VET) continues its remarkable recognition as it emerges among several high-profile organizations named in the AI & Blockchain Convergences Task Force. According to the International Association for Trusted Blockchain Applications (INATBA), the task force is meant to offset the challenges that come with AI and blockchain integration while discussing its limitless opportunities.
According to the announcement, VeChain would join more than 10 esteemed organizations and institutions in the program that would last for 11 months – February to December 2024. The listed participants are:
AML Incubator, Caisse de Dépôts, European Commission, Fraunhofer Society, Fujitsu, HTW Berlin (University of Applied Sciences), Kunfud, Lexia Avvocati, Quinnipiac School of Business, Republic of Slovenia Ministry of Economic Development and Technology, thebrainbehind [tbb\*], thinkBLOCKtank, United Nations Joint Staff Pension Fund, Universidad Rey Juan Carlos, Universita Di Pavia, Cheqd, University of West Attica, Validvent, Vechain, World Trade Organization.
As part of their agenda, the task force would come up with a comprehensive report, formulate a position statement, develop strategies and policy recommendations, consolidate real-world use cases to demonstrate the AI and blockchain integrations, and host webinars and events.
More on the Task Force and the Price Movement of VeChain (VET)
The emergence and the close relationship between blockchains and AI have been lauded by experts as very important innovations in the current dispensation. Their integration enhances data privacy and transparency in addition to unlocking several opportunities. To ensure that these innovations are leveraged more ethically, the task force has been charged to optimize understanding and improve on ethical standards for better use.
By generating strategic insights and actionable recommendations, the task force aims to bolster integration, reinforce security, and advocate for the ethical deployment of these transformative technologies. Positioned to navigate this intricate landscape, the AI & Blockchain Convergences Task Force champions understanding, ethical standards, and visionary innovation.
It is important to note that the INATBA was launched in 2019 by the European Commission to advocate for blockchain and DLT adoption in Europe. Since its introduction, INATBA has contributed immensely to the regulatory framework and policy making such as:
Markets in Crypto Asset Regulation (MICA), Transfer of Funds Regulation (TFOR), electronic Identification, Authentication and Trust Services (eIDAS), CHAISE Project, EU Pact for Skills, Academic & Governmental Advisory Bodies, and its passionate diverse global community of CEOs, CTOs, Heads of Policy, Public/Institutional Relations, Legal, Marketing & BizDev, Developers, Policymakers.
In response to this announcement, the price of VET makes a head up, adding 3.6% gains to its value. As of the time of writing, VET was trading at $0.048971, however, bulls and bears had equal control over the market as it looked to sustain the current move.
Speaking on the asset, Crypto analyst Egrag Crypto predicted that VET could see a 40X or 50X gain soon. In his analysis, Egrag stated that VeChain could replicate the 5,892% surge recorded in 2019. According to him, the asset could hit $0.9 if this prediction materializes. The analyst also disclosed that there is a possibility of VET surging by 140X once it replicates the 2021 move which saw the price rising by 14,638%.