VeChain (VEN) Integrates Nanotechnology Identification
Two months on from their rebranding event, VeChain continues to add new functionality to their supply chain management blockchain. While they work on their chip-based VeChain ID system, they also actively seek new and innovative means of tagging items. To this end, they’ve partnered with INPI Asia to introduce nanotechnology to their blockchain platform. The smaller and less obvious the digital ID tag, the smaller the chance of a malefactor tampering with it.
Further, VeChain continues to outperform other coins on the market. Where others suffered from major dips in price over the first quarter of 2018, VeChain’s value continues to increase. Recently, it closed in on a previous ATH when paired against Ethereum. As the market turns around, a continued upward trend remains likely. Even more so when their products reach full public release.
Going Big by Getting Small
Emerging technologies often appeal to the same cross-section of people. As such, it’s no surprise when a company combines two or more of these technologies. VeChain recently announced that they partnered with INPI Asia to produce nanotechnology digital ID tags for use with their supply chain management platform. These minuscule tags would still allow access to the VeChain verification system while being invisible to the naked eye. INPI Asia’s NDCode technology focuses on a 5mm x 5mm tag that is effectively indestructible in normal circumstances. The NDCode can withstand temperatures of 1,000° Celsius, the equivalent of complete immersion in a fire.
The combination of the NDCode and the VeChain platform allows companies and end users alike to verify the history of any item participating. This partnership stands to deal a heavy blow to counterfeiting, as companies that rely on quality and authenticity can now positively identify every item in their supply chain. Luxury goods with an NDCode cannot be replicated exactly, ensuring that discerning customers can verify the origin of the item. The shape of the tag is arbitrary, so long as it is at least 5mm x 5mm, allowing the NDCode to come in the shape of a logo or brand design.
The Multi-Party Payment Protocol
Alongside their supply chain management advances, VeChain also seeks to make blockchain more accessible. Towards this goal, they’ve developed the Multi-Party Payment Protocol. Within the MPP, users that own no tokens still gain the advantages of blockchain use. Transactions are secure and transparent, with low fees, despite no use of cryptocurrency by end users.
In the MPP platform, a third-party cryptocurrency holder acts as a sponsor for transactions on the VeChain Thor Blockchain. The smart contracts embedded in the protocol ensure that the sponsor possesses the necessary funds, and then executes the transaction. The sponsor is then paid in fiat by the company that used their service. This type of system, one in which end users do not need a knowledge of cryptocurrency trading, helps the entire industry towards greater adoption.
Upcoming VeChain Systems
Of course, these are not the only projects in VeChain’s wheelhouse. They’ve also announced partnerships with iTaotaoke to help protect content creator’s digital intellectual property rights. In house, they continue to work on a mobile wallet application that allows cryptocurrency trading on smartphones. VeChain continues to progress on their plans, moving at a much faster pace than some of their immediate contemporaries. They’ve earned their spot in the top 20 cryptocurrencies by market cap and may very well edge in on the top 10.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Brookhaven National Laboratory via Flickr
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