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- The VeChain public blockchain has been deployed in various supply chain management to ensure the traceability of physical goods via NFTs dubbed Phygitals.
- Amid increased altcoins, VeChain’s VET has gained about 31 percent in the past four weeks.
The VeChain (VET) ecosystem has continued to flex its dominance in the link between traditional business enterprises and blockchain technology. The VeChain developers team has been working on infrastructures to onboard more enterprises seeking to streamline their supply chain management.
Furthermore, most traditional business enterprises seeking to venture into global markets are compelled to adopt modern technology including artificial intelligence (AI), blockchain, and cryptocurrency markets. Moreover, these technologies supervened the geographical boundaries and help businesses scale their operations securely.
VeChain Leads in Transforming and Empowering Businesses
The VeChain network, backed by years of crucial infrastructure development and collaborations, has been at the forefront of transforming and empowering businesses to adopt smart contracts through its blockchain technology. Furthermore, most businesses are plagued by opaqueness in their operations, especially in the supply chain segment. The VeChain Phygitals are undeniably one of the most utilized technologies in the VET ecosystem to manage enterprises’ supply chains.
Notably, the Phygitals are basically NFTs running through a public blockchain, in this case, VeChain, with information used to verify physical products like luxury products, drugs, food, and electronics among others. For instance, the VeChain blockchain has been used to develop digital product passports to provide more transparency to consumer products in the market.
Digital product passports – powered by #NFTs and #blockchain – will run the world of tomorrow. #Vechain and systemically important businesses like DNV are building that tomorrow.
Our #phygital showcases are a precursor of what lay ahead for the global economy and these… https://t.co/gHgfYE8BAT
— vechain (@vechainofficial) July 19, 2023
The VeChain network is also being used to offset the carbon footprint in the vehicle industry. By driving a BYD electric vehicle, the drivers are incentivized to upload their data, have smart contracts that calculate their carbon offset, and reward them with credits that could be spent with vendors within the ecosystem. VeChain noted.
This approach can be applied to almost any industry, leveraging latent data to drive collective action on sustainability by employing systems of gamification, incentivisation and of course, the power of vechain’s blockchain technology
Interestingly, the BYD Carbon Credit decentralized application (Dapp) was the first real-world example of a blockchain ecosystem that actively rewarded users for their choices around sustainability. Having made significant progress in Asia and Europe through a regulated manner, VeChain has announced its commitment to expand its reach to global markets amid the mainstream adoption of blockchain technology and crypto assets. Currently, the VeChain network is looking to expand its global reach in partnership with Boston Consulting Group through its Blockchain Biosphere framework.
We’ve been building towards an incentivised, #sustainable and circular economy since 2019, both in Asia and Europe – and now we’re scaling that approach globally alongside Boston Consulting Group through our ‘Blockchain Biosphere’ framework as described in our latest whitepaper.… pic.twitter.com/AItMjjpfkc
— vechain (@vechainofficial) July 19, 2023
Market Outlook
The VeChain market has been rising steadily from the devastation of last year’s crypto bear market. According to the latest crypto price oracles, VET price exchanged around $0.01949, up more than 30 percent in the past four weeks. Nonetheless, the VET price is still 93 percent down from its ATH, which gives it a huge room for a bullish outlook.
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