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- The Chinese arm of the US retail giant saw a rise in engagement on the VeChain network in November.
- The VeChain crypto community expects a price spike for the VET token due to the large volume of usage.
The implosion of blockchain technology adoption among mainstream traditional companies has increased following Walmart China’s partnership with the blockchain-built supply chain management platform, VeChain (VET). As a result, the China arm of the US-based retail outlet has recorded high usage of VeChain compared to other platforms.
Promoting Quality Through VeChainThor
As the global COVID-19 impact on various companies’ operations continued to be felt, firms sought solutions amid the rising challenges to scale. Thus, Walmart China’s partnership with the VeChain blockchain platform provides it with real-time use cases and broader adoption.
With its cross-border logistics and trade solution for multinational corporations, the VET public blockchain has improved the engagement in Walmart China’s operation. November has been the most active month for the retail giant’s operations using VeChain.
Furthermore, of all blockchain networks, VeChain is among the few with real-life applications. Hence, it is no surprise that Walmart China is leveraging the protocol’s services to scale up and implement several upgrades. What makes VeChain one of the most sought-after blockchain platforms is that it is a public blockchain that any individual can quickly write, read, and adopt for their dApps development.
Using it offers transparency in all its processes, requiring users to pass consensus to effect changes. VeChain eliminates the delegation cost while recording transactions settled in its governance token, VET. Also, it is a highly decentralized platform with no control node, allowing users to manage their data.
As a public blockchain deriving value from the activities carried out in its ecosystem to solve real-time economic and social challenges, VeChain’s integration into Walmart China has been a revelation for both parties. Most of a firm’s value is reflected in the immaterial parts relating to critical factors like innovation, sustainability, governance, and other aspects.
Hence, the level of blockchain use cases and adoption will continue to be part of the non-monetary metrics investors and partners consider before making their investment decision.
Will the VET Price Jump to $1?
Despite the volatility of the crypto market, the price of VET has more often maintained an upward course, and the huge volume usage last month may be the catalyst to push its value closer to $1. However, the token, like other promising digital currencies, is subject to market action, which can determine its growth or decline.
Nevertheless, the November metrics showing significant volume usage of VeChain by Walmart China have raised the expectations from the VeChain community. Hence, many predict that the token will surpass its current value significantly, with others forecasting a price surge to at least $1.
Despite Walmart China’s use of the blockchain and the expectation of a price surge, other market factors will still come into play. VeChain has proven to be a cost-efficient solution for several companies, with more than 30 firms among the Fortune 500 making active use of the protocol. At the time of writing, the VET token is trading at $0.01908, according to CoinMarketCap price data, with a 0.3% rise over the past 24 hours.
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