The Chinese blockchain startup VeChain has been in the news lately. The recent news was that a Walmart’s subsidiary, Sam’s Club are now actively using the public VeChain blockchain to track food products sold in their high-end shops across the country.
This is the next step of an already existing partnership between VeChain and Walmart. Walmart China has since 2019 been using similar supply chain tracking products for about 20 different products. And they are also looking into expanding this to over 100 in the near future.
Both Sam’s Club and Walmart want to utilize the public blockchain of VeChain to provide its customers with a tool to learn more about the products they’re buying. Background information about the products.
Such as when was it produced? How did the transportation of this product look like? And additional insight about the product, what it contains, batch information and so forth.
This type of information can help customers shop confidently. Knowing that the product they are purchasing is in good conditions. They know how the producer is. They can verify its authenticity and that is safe to consume.
This type of information and transparency is vital for health and safety reasons. Especially in a country like China where fake goods is a massive problem.
And the news of Sam’s Club seems to have influenced the price of VET in a positive wat.
VET, the main token on the blockchain has seen a positive rise over the past month. Where 1 VET has gone from $0.0042 to $0.0082 in the past month.
(Edit – After the initial time of writing this article VET’s price has risen even further with 25% to $0,010302).
The price of VET has seen a big rise recently but there is a lot of positive sentiment for cryptocurrencies in general and VeChain specifically.
There’s been more positive news for VeChain recently besides Sam’s Club adoption. Germany’s Federal Office for Information Security (BSI) mentioned VeChain as one of the leading solutions for supply chain management in the blockchain sector in a recent study.
And previously in May we learned that Bayer China will together with VeChain develop a new blockchain-based drug-trading platform, which is cementing the next steps and the hard work that VeChain is doing currently. To go from proof of concept to real world products.
Personally, I think VeChain forms part of a series of blockchains and cryptocurrencies that could have a positive future with the next expected bull run.
The questions that have been asked since the crash of the cryptocurrency market and the ICO hype.
Which projects can deliver?
Deliver value and show that blockchains are not just hype and promises, but it can generate customer value and business revenues.
That is what the next bull run will be about. I think for Bitcoin the situation is different. It have been standing strong for past 10 years with continuous growth and is now a highly trusted asset.
And VeChain have itself been part of the hype phase. With lots of talked about partnerships, naming BMW, Oxford University, DNV-GL, etc. Right now, it’s time to deliver value. And I think they are showing that right now.
And that makes me much more confident in VET and its future.
Do you agree?
Yes, it’s seen a positive rise so potential falls or drops can always be expected. And VeChain’s fate is very much in the hands of Bitcoin. But with increased positive sentiment for both Bitcoin and cryptocurrencies then I think you should look positively towards VeChain’s future.
For beginner’s that wants to learn more how and where to buy VET I can recommend this guide. Additionally get a safe wallet that you own for your VETs. I recommend either the official mobile wallet or a safe hardware wallet like the Ledger devices.