VeChain was founded in 2015 with the aim to improve the supply chain. The purpose of the project is pretty unusual, and it is for a reason. The thing is that the project’s founder Sunny Lu is known for his managerial experience with Louis Vuitton China. He knew about all the challenges that textile suppliers encounter in the supply chain. This experience has pushed him to an idea about a completely new blockchain type - the one that has to solve the mentioned challenges and move the supply chain to a qualitatively new level.
What Is VeChain (VET)?
VeChain started its business journey on the Ethereum blockchain. Now, it resides within its native VeChain ecosystem.
It was the first blockchain that addresses business customers’ needs. The product developers strive to transform product life and supply chain management through distributed ledger technologies.
The app provides developers with a variety of business-specific protocols and processes to enable the implementation of new features and the development of business-specific features.
The network enables businesses to monitor a wide range of data and metrics such as authenticity, consistency, storage temperature, transportation data, and conditions. It is done through a free distributed environment that lowers the cost of supply chain management.
What Can VeChain Be Used for?
VeChain project has expanded to the following areas:
Anti-counterfeiting: each item is tracked in the blockchain. It eliminates the possibility of duplication and guarantees authenticity. This feature is in demand by luxury brands.
Cold-chain logistics: smart IoT sensors transmit information about product transportation. The information is stored in the blockchain. It can be used to guarantee product authenticity and, if applicable, product freshness.
Clinical trial traceability: from the early stages of studies conducted, the project provides complete traceability and transparency.
Vehicle data collection: cars already collect data. Their volumes are impressive, and blockchain offers an opportunity to record and store them safely and reliably.
Cabron contribution records: companies can keep track of their CO2 emissions, and customers can even get special awards for making environmentally conscious decisions.
The project is already used for a number of fields. Even though it is still in development, the future looks promising.
How Is VeChain Different from Other Cryptocurrencies?
The VeChain project is mostly focused on supply chain management. Its aim is to enhance the supply chain processes and management at the business level. For now, it is a one of the kind project.
Over the years, VeChain launched strategic partnerships with a number of companies - leaders in the market. Among them, we can distinguish an agreement with PricewaterhouseCoopers (PwC) (a VeChain solution is used by the accounting firm’s client base with the aim to improve the product traceability and verification).
In partnership with Renault, Microsoft and Viseo VeChain created a digital car maintenance book, and in partnership with BMW, a car mileage program was developed.
Finally, one more significant partnership we cannot leave without attention is the one with Gui’an, an economic development zone for the Central Chinese Government.
Along with the mentioned partnerships, VeChain is known for its agreements with Yida China Holdings Limited, National Research Consulting Center, BitOcean, and many more.
Such partnerships demonstrate clearly the potential of the project. It is believed that with the further adoption of blockchain technology, the VeChain project will get more acceptance.
VeChain Price History
When VeChain was launched, it didn’t perform well. When the project was launched, VET was traded for 0.019 USD. By the end of 2018, its price dropped to 0.003 USD, and further, it was fluctuating within the range of 0.003 - 0.007 USD for one VET coin.
Since then, some events have influenced the VET value by pushing it up. So, the decision of Walmart China in 2019 to collaborate has made the VET price move to 0.009 USD.
When the pandemic started, VeChain reached its all-time low of 0.0016 USD. However, since then, an array of new projects and collaboration agreements have followed, and the coin value has been growing slowly but stably.
So, VeChain ensured that new KN95 masks imported from China were authentic and reliable.
The platform also powered a tool for infection prevention processes and measures. These, along with some other collaborations, ensured the growth of the coin. So, in April 2021, one VET was traded at 0.02 USD.
Factors That Affect the Price Growth of VET
Some factors that determine the VET price are inherent to all crypto coins. The most significant among these factors are:
- Supply and demand
- Regulations
- Legal affairs.
But to delve deeper into the matter, considering these factors alone isn’t enough to understand and forecast the VET price movement. The VET project is specific, so, there are some factors that are pertinent to this project only. The most significant among them are the following.
User adoption
VeChain is not aimed at individuals. It focuses on businesses. So, its value doesn’t depend on how many users are loyal to it. The project adoption relies on agreements, integrations, and collaboration.
So, if a project makes an agreement with a private or governmental institution, and the VET blockchain solutions are implemented, the VET value will most likely grow. Or if a solution offered by VeChain is certified by a reputable auditing or certification entity (the project has recently received certification and accreditation from Germany-based certification body TÜV Saarland), the project value, and the coin value subsequently, will also increase.
New developments
VeChain has developed solutions for several fields already. However, it is not the limit yet. So, the project aims to provide tools for food safety traceability, sustainability services, and many other fields and industries. The VeChain network can be potentially adapted to many new projects. With more developments, the VET price is going to grow.
How to Obtain VeChain?
VET isn’t traded widely. You might not find it on major exchanges. But you can purchase it easily on LetsExchange.io without the hassle of registration and KYC, limitations, and issues. You can buy the coin on the majority of other instant cryptocurrency exchanges.
VeChain Price Prediction 2025
According to Wallet Investor, the VET value will be growing throughout the next few years. In 2025, one VET will cost 0.58 USD. Trading Beasts believe that VET will be dropping during 2023 and 2024 until it reaches the value of 0.09 USD. Further, the forecast from Trading Beasts isn’t available. The forecast from Wallet Investor is available up to 2026 when VET is expected to grow to up 0.67 USD for one coin.
VeChain Price Prediction 2030
It is expected that one VET might be traded at 3 USD and more by the end of 2030. We believe, however, that a wider acceptance of blockchain technology might make the VET price skyrocketed and reach much higher values.
Is There Any Sense to Buy VeChain?
If you consider long-term investment, VeChain is the right coin to buy. The project is unique and has a wide range of applications in all types of fields. Right now, the blockchain technology opportunities are just being explored. With time, it will be adopted widely, and the VET price will, most likely, skyrocket.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.
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