VeChain Proves the Real World Value of Blockchain
DailyCoin
Published Jul 07, 2021 09:00AM ET
Updated Jul 07, 2021 09:30AM ET
VeChain Proves the Real World Value of Blockchain
- VeChain’s service and blockchain business model is reframing the importance of blockchain in the supply chain process.
- Blockchain is an immutable asset for the medical industry, increasing product and data assurance.
- VeChain has proved that industries can increase data verifiability through blockchain integration.
- Trust in Blockchain technology is no longer simply a desire, but an attainable goal.
Blockchain is poised to reframe how users and businesses trust each other. Traditionally, before blockchain’s transparency, company integrity was promised by the companies themselves, without users being able to concisely verify their records. Blockchain’s immutability has balanced trust by creating unaltered verifiable data. VeChain, a DLT layer for empowering data ownership to help streamline business processes, secured its technology for COVID-19 vaccination verification.
San Marino Adds VeChain for Vaccination Data Immutability.
VeChain, together with DNV, the leading data assurance company, is set to use blockchain technology to support digital vaccination passports for the residents of San Marino. In the press release, it was announced that the “San Marino Digital Covid Certificate” will be rolled out as an enterprise non-fungible token (eNFT)
The certificate will feature two QR codes. The first of them is compliant with EU regulations, while the second QR code will enable data verifiability outside of Europe, directing users to a website containing verifiable eNFT data. Additionally, the certificate will include information about the subject’s vaccination, infection, and current COVID-19 test records.
Blockchain integration has helped to assist companies in maintaining data integrity. Hedera Hashgraph has previously assisted hospitals in organizing vaccination administration. Similarly, VeChain partnered with the Mediterranean Hospital of Cyprus to support a blockchain-based NFC card to verify nurses’ immunization.
On the Flipside
- VeChain is a Chinese company, which could restrict its potential expansion into the US market.
- Cryptocurrencies are speculative assets, so supply and demand is what ultimately gives tokens their value.
- VeChain’s solution is only directed towards the B2B consumer, which retail investors might not fully understand.
VeChain’s Blockchain Immutability for the Medical Sector
VeChain’s application within previously centralized solutions demonstrates the progression of Blockchain as a vertically integrated solution. VeChain has claimed that their eNFT is the “first national-level” adopted NFT solution that is not seen as a business asset or as collateral. Furthermore, VeChain has grown to provide a solution beyond economic models.
Get The News You Want
VeChain created the first IVF verifiable app, leveraging blockchain’s application to only access data from the “MyBaby” app. The service works in a similar way to supply chain management, allowing platform registrants to “view and track” sensitive information, thus solving the issue of privacy around sensitive medical data.
VeChain further provides a “traceable medical management solution” to Renji Hospital for the Intelligent Tumor Treatment Center. In addition, VeChainThor was integrated with MyCare to aid in creating an agile infection management deliverable, introducing a new approach to infectious risk management.
VeChain’s ability to establish a standard for data integrity through blockchain adds a layer of incentive for the medical industry to improve transparency and data protection. For example, through the use of E-HCert, Larnaca International Airport offers a blockchain application to track a user’s covid infection and/or recovery history, with over 8,000 people using the app in 2020.
A Transparent Economic Solution
VeChain’s blockchain supply management is disrupting a multitude of sectors. Xinhua News emphasized that blockchain is now “penetrating more aspects of daily life.” Crypto Cop, stated that over 40 Fortune500 companies have already integrated with the VeChainThor ecosystem. As a result, the company has displayed that blockchain’s utility transcends P2P transfers, shifting focus from the linear trust model of Web 2.0, to a two-directional trust model in Web 3.0.
The target market for VeChain encompasses a diverse range of business areas. BMW has partnered with VeChain and developed an “auto security platform” to prevent forgery of BMW parts. Additionally, Walmart (NYSE:WMT) China has created a traceability platform for products in a similar manner to VeChain’s partnership with PuffBar. In both instances, the verifiability and accountability of the blockchain structure enables users to verify a product’s validity and dependability.
The economically disruptive solution envisioned by VeChain fits a multitude of use cases. Their value proposition of redesigning the supply chain model has proved to be advantageous for other sectors, which have long required proof security obligations against counterfeits.
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