Home » Why VeChain (VET) is different from the rest?
- Andrew Smith
- December 29, 2022
- 5:50 pm
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- VeChain is a smart contract platform specifically for supply chain management.
- Used NFCs, IoTs, digitization of goods etc., for better management.
- Currently reading at $0.0154, which is 826.54% higher than its all-time low in 2020.
A smart contract platform built specifically for the supply chain management industry, VeChain (VET), allows manufacturers and associated parties to place sensors on their products, such as RFID, for better tracking. Data can then be recorded onto their exclusive VeChain Blockchain. Released on the Ethereum blockchain, VET was previously known as VEN.
VeChain’s white paper states that they create their own procedure to integrate organizations that are non-familiar with blockchain technology and its benefits. By providing many use cases, such as product digitization using a distinct blockchain identity. They also provide supply chain management facilities for the food industry.
By digitizing goods, it becomes easier to spot fake ones. This is done by connecting the goods with a special blockchain identity that utilizes Near Field Communication (NFC) tags. Working as a powerful tool for traceability, reporting, and authentication, along with digital marketing, the platform provides each product its own landing page, which is supposed to have all the necessary information regarding the product, its traceability and marketing.
All the tasks mentioned above are done interestingly; the platform offers a complete system, allowing all the participants in food and beverage supply chains to be able to have access to vital information regarding their consumables.
The VeChain IoT sensors help gather temperature, humidity, acceleration, precipitation etc. Anything that plays an important role in the shelf life of the product. The gathered data is then uploaded in real-time onto the blockchain or via an NFC interface installed at various checkpoints throughout the route using the VeChain ToolChain platform.
VET has been currently trading at $0.01554, with a drop of 0.45% in the last 24 hours. Its market dominance is at 0.14%, while its ranking is at 33. It reached its all-time high on April 17, 2021, at $0.2782, and the all-time low was on March 13, 2020, at $0.001678. The current rate is 826.54% positive compared to its low.
The price point is currently near its December 2021 low and has also crossed the November 2022 low. It is expected to stay here for a while, with little to no signs of a positive breakthrough.
Assuming no black swan events occur and the price grows steadily, data indicates that it may be bullish.
$100 in VET today
Suppose one sees VET as a good investment for the long term and invests $100; 6,234 VET coins are earned. Assuming the coin somehow hits the $5 milestone somewhere down the line, then by simple mathematics, those $100 are now $31,170.
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
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