VeChain (VEN) – reaches a $2.6 billion market cap, ranking it 15th on CoinMarktCap, as the price hits $5. Vechain’s blockchain platform does not limit itself to the digital world and that may be the very thing that separates it from the rest of the market. VeChain integrates with actual business systems ensuring these enterprises that they will be able to control specific functions easily with the help of Vechain’s blockchain, providing tremendous convenience for corporate giants and smaller businesses alike. In this article we will go into the many reasons why VeChain should be listed on your 2018 portfolio.
Vechain has officially re-branded to VeChain THOR (VET). As of right now, Coinmarketcap, Binance, and popular exchanges alike have not updated the listing and changed it to VET. In order to rule out any confusion, I will refer to VeChain as VEN for the rest of the article.
When VEN hit an all time high of over $9 mid-January, the recognition and credibility it deserved finally manifested. For a long time this coin was going behind the radar. Currently trading at upwards of $5, the VEN token is peaking the $9 mark again. The Vechain THOR product is working in the real world, allowing businesses to track their products throughout its entire supply chain cycle via the blockchain. By using VeChain THOR companies can assure themselves of the quality and authenticity of products. One company using this methods none other than the automobile giant: BMW.
VeChain’s use for real world adoption is set to skyrocket as news of the BMW partnership comes to fruition. With the increasing demand for blockchain implementation in corporate and established firms, VeChain’s BMW deal can only pave a bright way. BMW has actually stated they have been involved with the blockchain distributed ledger technology since 2015, but it was not until now they have made public their plans with the technology. The goal of this partnership is to implement the use of blockchain technology as a solution for the storage of vehicle data and its secure provision to third parties.
VeChain also has a collaboration with Oxford University. The world-renowned university aids in the technical development of the Vechain THOR platform VeChain also has established partnerships with PricewaterhouseCoopers, DNV GL, Renault Group, KUEHNE+NAGEL, D.I.G., and China Unicom.In addition to the partnership, the South Korean cryptocurrency exchange, Coinnest, added VeChain THOR to its trading platform and is offering direct fiat to VET pairing. However, as of late, VeChain has been added to many exchanges, including bitfinex and Ethfinex. These listings add much needed liquidity to the VeChain project and token. As things have been slow for worldly coin, they may start to pick up here during quarter 2 as being listed onto a new exchange always allows a coin to reach its potential.
VeChain (VEN) Chart: source: coinmarketcap.com
Vechain is currently ranked at 15th in market capitalization – making some serious moves forward.With working products in the industries of automobile, medical, agriculture, fashion, and even liquor, VeChain’s uptrend can start happening any moment as it is possible for this coin to become a dominant force in the industry. Vechain’s advanced technology has made their cryptocurrency a top contender amongst the market. The majority of VEN holders are anticipating the announced launching of the VeChain THOR (VET) main net, set for release on June 30th.The result of this could be a surge in value. (VeChain THOR is specifically designed for representing a direct connection to the VeChain network. The system works in a way that allows all VET owners to access the VeChain ecosystem, that way gaining access to decentralized apps and smart contracts that would enable them to create and deploy smart contracts.)
Using smart contract features, VeChain tracks item ownership. Sensitive valuables like jewelry and glass are documented from original sourcing all the way through transitional ownership. With their identity system, they can track shipments through tags that are eligible using NFC, QR, or RFI identifiers. By processing the product with a tag, companies and customers can track their items throughout the shipping journey. The blockchain platform Vechain runs on secures the supply chain by verifying product authenticity. It is evident that this platform can obtain mass adoption – quickly.
Vechain Partnership with PwC
Another partnership which will help progress the coin toward adoption and development is the deal with PricewaterhouseCoopers, otherwise known as PwC. PricewaterhouseCoopers is a multinational professional services network headquartered in London, United Kingdom – the second largest professional services firm in the world. Both parties (VEN and PwC) will benefit from this partnership, as VEN tokens will be available for certain services on PwC. This partnership will allow VEN to become a part of a trust-based service where tokens will be used as a payment method within the specific service hosted by PricewaterhouseCoopers. Because VeChain is aiming to resolve problems in the area of supply chain management, PwC could find a perfect ally in this currency and the team behind it.