- VeChain (VET) has been recognized in an academic study for its contributions to supply chain management.
- VeChain was reported to provide efficient tracking of goods along the supply chain while enhancing transparency with tokenized rewards.
The significant contribution of smart contract-compatible blockchain VeChain (VET) in supply chain management has been recognized in a high-profile study authored by researchers at Borys Grinchenko Kyiv Metropolitan University in Ukraine.
According to the summary shared by VeChain ambassador Sebastian, the blockchain was lauded for enhancing the tracking of goods along the supply chain and “its transparency with tokenized rewards for participants.”
The Background of the Report
The report titled “A Framework for Decentralized Payment Instrument Integration with Artificial Intelligence, Big Data, and Digital Identities” primarily focused on the “growing importance of decentralized payment instruments, which redefine and shape the innovative financial and technological landscape.”
According to the researchers, the use of AI and Internet of Things (IoT) for dynamic interaction between physical devices and the blockchain, as well as the Decentralized Identifier (DID), actually improves the efficiency of financial processes. Not just that, this combination unlocks opportunities for innovation in ownership, trade, and asset management.
In the report, tokens were also found to be a very important tool for different services through the integration with modern technology. Highlighting some of these, IoT, Decentralized AI (DeAI), Big Data, and others were mentioned.
In the context of IoT, tokens were said to be emerging as systematic payment tools to enable data transfers between devices. IOTA was specifically mentioned in this context for enabling micropayments between devices while promoting autonomous interaction.
Fetch.ai was also mentioned for its contribution in supporting autonomous AI Agents. According to the report, it optimizes interaction and supports transactions.
Apart from VeChain, another project highlighted to be redefining the supply chain management sector is OriginTrail. As captured in the research paper, it was highlighted to provide traceability of goods while incentivizing data sharing across the supply chain.
Previous VeChain (VET) Recognition and Price Prediction
VeChain’s dominance in its field recently earned it recognition in another academic report titled “FairChain: “A Trusted and Transparent Blockchain-Based Ecosystem for Drug Development for Nagoya Protocol Implementation”. As explained in our recent blog post, the blockchain was reported to address the increasing number of counterfeit drugs within the pharmaceutical industry, something the Nagoya Protocol failed to solve.
In another study we reported on, VeChain was lauded for its support for more than 100 product lines and services. On top of this, it was recognized for its enhancement of supply chain transparency for companies including Walmart.
Recently, it announced that it has joined hands with Wanchain to enable VeChainThor users to seamlessly move assets across EVM and non-EVM blockchains. As noted in our earlier post, VeChain is now connected to more than 40 leading blockchains, which include Bitcoin, Ethereum, Solana, etc.
VET, the native token of VeChain, is expected to leverage these developments to break above the $0.028993 and $0.090743 resistance range. As indicated in our previous analysis, VET has been predicted to reach $2.5 in the long term. However, it would first have to breach the $0.05 psychological barrier, as also detailed in our previous news brief.
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