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- The new VeChain patent is seen as a breakthrough in secure data handling for enterprise applications, with the system’s ability to generate transaction-specific keys.
- It uses a hardware security module (HSM) to generate and securely split transaction keys.
VeChain, an enterprise-focused blockchain platform, has secured another U.S. patent through NanoJClean, a subsidiary operating in China. This new patent was approved on December 17, 2024. It pertains to advanced methods for “splitting and recovering a key, program product, storage medium, and system.”
More About VeChain’s New Patent
The patent introduces a key management system (KMS) that uses a hardware security module (HSM) to strengthen data security. According to the abstract, the KMS is comprised of “a management device used for managing user equipment of users in a user group and a hardware security module connected to the management device.”
The system creates transaction keys related to the “processing authority of the current transaction” and splits these into sub-keys that are encrypted using the public keys of the corresponding users.
Moreover, VeChain has positioned this innovation as a breakthrough in the field of secure and efficient handling of data within multi-user environments, per the CNF report. Being able to generate transaction-specific keys while distributing sub-keys in a secure manner is one aspect that promises blockchain will prove more reliable for enterprise applications.
Also, it’s worth noting that earlier this year, VeChain obtained another important patent via NanoJClean. On October 15, 2024, VeChain reportedly received approval for a granted patent on blockchain-integrated temperature recording, especially about cold chain transportation. Its earlier patent allows the collection of compressed temperature data for safe and secure storage.
According to its abstract, it “has multiple temperature data points able to correspond to one single piece of compressed data, which increases storage efficiency while enabling authenticity through blockchain-based verification.” The dual patents perfectly point out VeChain’s dedication to solving real-world problems.
Recent VET Price Action
Furthermore, with these achievements, analysts also expect the adoption of VeChain’s VET token to grow. Hence, it’s safe to say that the VET price is poised for a major rally this cycle. However, VeChain’s VET token is currently experiencing a downtrend, which has continued despite the optimistic news around the latest patent.
At press time, the VET price stood at $0.05388, down by 8.98% on Wednesday, December 18. Meanwhile, the token’s market cap is currently $4.37 billion. The crash could be attributed to the uncertainty around the Federal Reserve interest rate decision, which generally exacerbates volatility in the crypto market.
However, the 24-hour trading volume for VET soared 31.32% to $207.98 million, which signals growing interest in altcoin despite the downturn. Also, the situation could stabilize if the U.S. Fed offers a dovish stance and meets the expectations of a 0.25% rate cut.
Crypto analyst Michaël van de Poppe offered a bullish outlook for VET price in 2025, reported CNF. On X, he stated, “VET is ready to continue moving. It has seen a substantial move upwards as, fundamentally, the ecosystem is thriving. As we can see, those periods often conclude with a period of consolidation.” He concluded, “Overall, the uptrend has barely started, and as VeBetter is the cornerstone and quickly expanding, I expect we’ll see a strong 2025 for the entire VeChain ecosystem.”