As of early November, VeChain (VET -0.82%), one of the most popular cryptocurrencies many investors have never heard of, has quietly pushed its way into a top-25 position in the crypto industry. It makes you wonder: is VeChain a good investment?

What is VeChain?

VeChain is a blockchain-based technology intended to improve supply chain management and corporate operations. Through the use of distributed ledger technology, it seeks to simplify these procedures and information flow for complicated supply chains (DLT).

VeChain Market Stats (09/22)

The rise and fall of VeChain’s stock price is reminiscent to the rise and fall of numerous meme tokens. All cryptocurrencies are subject to the whims of the market and the general public’s opinion. However, VeChain stands out from the rest of the pack because it offers benefits that other networks can’t. Given its practical real-life applications, VET is now being considered as a token.

Let’s examine a few reasons why this token is now on the top of my watch list.

3. The merging of IoT and DLT technologies

the convergence of the Internet of Things with distributed ledger technology (DLT) is a major driving force. As an example of how a distributed ledger technology (DLT) and an internet of things (IoT) adjuvant might provide economically significant innovation, VeChain may be the best example to yet. VeChain presents one of the strongest cases for the coming of a new era in the intersection of blockchain and cryptography with the production of tangible things.

Integrating VeChain with other IoT technologies has tremendous potential to create solutions that go much beyond the supply chain management niche now served by enterprises using the VeChain blockchain. The VeChain network offers a plethora of possibilities for businesses to improve efficiency and output.

Maybe it shouldn’t come as a surprise, but Chinese firms have been the first to embrace this potentially game-changing innovation. China is much more invested in QR codes and the Internet of Things than the United States is. The widespread use of blockchain technology is still a ways off, but if businesses can get tangible savings by using VeChain’s features, the case for its widespread adoption becomes much stronger.

2. It’s not a tiny operation that VeChain is undertaking.

VeChain’s blockchain-as-a-service approach has been successful, which has contributed to the company’s meteoric rise. To optimise its supply chain, VeChain has attracted a number of high-profile partners.

Walmart is one of VeChain’s largest “customers,” or users of the blockchain system. Moreover, Walmart will be working with the VeChain Foundation to implement a blockchain network that would ease product management between suppliers, retailers, and consumers. This joint venture would apply just to Walmart’s Chinese retail outlets.

VeChain is one of the main cryptocurrencies, and its supporters may refer to it as evidence that blockchains and cryptocurrency networks can create real value and innovation in the economy.

1. VeChain was designed with enterprise in mind.

VeChain, like other cryptocurrencies, claims to want to “create a trust-free and distributed business ecosystem platform to allow transparent information flow, efficient cooperation, and high-speed value transfers.”

The main reasons for the creation of cryptocurrencies are cooperation and instantaneous exchange of wealth. VeChain’s appeal, however, lies in the fact that it facilitates the free exchange of data, which is a major concern for the crypto industry.

VeChain, like other cryptocurrencies, claims to want to “create a trust-free and distributed business ecosystem platform to allow transparent information flow, efficient cooperation, and high-speed value transfers.”The main reasons for the creation of cryptocurrencies are cooperation and instantaneous exchange of wealth. VeChain’s appeal, however, lies in the fact that it facilitates the free exchange of data, which is a major concern for the crypto industry.

On their website, VeChain provides a list of many use cases for their product. Most of them have to do with consumers being able to utilise VeChain for product tracking and quality control.

How? Well, businesses may keep tabs on their wares by using VeChain’s blockchain and VeChainThor’s assigned unique ID to monitor products using QR codes. A growing number of quality assurance firms are using blockchain-driven solutions because of their reduced costs and greater usability. VeChain is one of the most prominent blockchains for this function.

One of the instances gives a Chinese company that makes fresh dog food as an example. Companies like VeChain are leveraging blockchain traceability to “offer verification of pet food ingredient claims by conveying a brand’s narrative in a trestles fashion that is impossible to be reproduced by any other solution on the market.”

Final Thoughts

There must be a great deal of worth in VeChain if so many prominent businesses have benefited from using it. VeChain’s native cryptocurrency, VET, should potentially rise in value as network use and popularity grow.

The maximum number of VeChain that may ever exist is 86.7 billion, making it similar to most other cryptocurrencies in this regard. In other words, it may not generate more tokens. Consequently, those who are placing their faith in VeChain are betting that the rising demand for VET will result in a rise in the price of VET as a result of the increasing money inflows into VeChain via new partnerships and higher use.

As a cryptocurrency supporting a potentially game-changing network, VeChain offers several advantages. As with any investment, there is always a possibility of losing money while purchasing cryptocurrencies. Merchants should never place all of their eggs in a single basket. Consequently, VeChain seems to be an attractive addition to your portfolio.

Along with VeChain, Gala is another crypto that seems very promising in the long run. Here is a quick read for you in you want to know why. Don’t forget to subscribe to be notified about related content. Cheers!

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