VeChain (VET) describes itself as a smart contracts platform specifically built for the supply chain management industry. It allows manufacturers to place sensors, such as RFID tags, on their products that can then record data onto their proprietary VeChain blockchain. Initially, the VeChain token which released on the Ethereum blockchain went by the ticker VEN, but was later forked and rebranded to VET.
VeChain (VET) Use Cases
The VeChain protocol aims to provide use cases such as product digitization utilizing a distinctive blockchain identity and supply chain management for the food industry among many others. The whitepaper states that VeChain creates its own procedure for integrating organizations that are not familiar with blockchain technology.
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Digitizing goods to assist in spotting fake goods is another use case VeChain hopes to provide. The software creates a connection between the actual goods and a special blockchain identity using smart NFC tags to digitize products. As a powerful tool for authentication, traceability, reporting, and digital marketing, the platform aims to give each product its own landing page with information on the product, marketing, and traceability.
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VeChain offers a complete system that makes it simple for several participants in the food and beverage supply chain to gather crucial information about consumables. The VeChain IoT sensors gather environmental data including temperature, humidity, and acceleration. These data are then uploaded to the blockchain in real-time or via NFC (near field communication) interface at checkpoints using the VeChain ToolChain platform.
VeChain (VET) Price Prediction For Long Term
At the time of writing, the price of VET is $0.016, down by 3% over the previous day, according to the market monitoring portal CoinMarketCap. The price of the cryptocurrency has fallen by over 80% since last year when VET traded at around $0.088 in December of 2021.
Nonetheless, if projections made by the website cryptopredictions.com are to be believed, the price of VET may once again increase in the years to come.
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Assuming no further black swan events, the data indicates that the cryptocurrency will continue to expand at a steady rate.
Now, if you were to invest just a nominal amount of $100 into VeChain at the current price, you would receive around 6,234 VET coins.
And, if the price went parabolic to hit the $5 milestone in the coming years, this $100 investment of yours would grow to become $31,170, which is over 300x return on your original investment.
Disclaimer: This is not investment advice. Please do your due diligence before investing in any asset.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.