VET price soars as VeChain ventures into billion-dollar logistics industry

on Sep 29, 2023
  • VeChain obtained a crucial patent to venture into the transportation market.
  • VeChain will unite blockchain and IoT to enhance data recording in refrigerated transportation.
  • VET price adopted a bullish stance following the news, up nearly 3% in the past day.

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Blockchain project VeChain has obtained a noteworthy patent, uniting blockchain technology and the Internet of Things for enhanced data integrity in the logistics sector. The move puts VeChain on the path of tapping into the billion-dollar logistics market.

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Solving refrigeration issues in the logistics sector

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VeChain’s breakthrough will fuse blockchain and IoT devices to overcome refrigerated transport challenges. Traditional setups are vulnerable to data manipulation as most temperature sensors lack unique identification. Meanwhile, VeChain’s state-of-the-art technology introduces a one-time private key to IoT machines during manufacturing.

That forms a robust data generation featuring accumulated data, private key signatures, and an ID for IoT devices. Incorporating these technologies yields an accurate and transparent setup for recording logistics data and addressing various challenges within the refrigerated transportation industry.

VeChain’s innovation will be crucial in refrigerated transportation as accurate temperature tracking remains paramount to preserve perishable products.

Traditional models suffer from temperature detection inaccuracies, often showing the wrong conditions that the cargo endured. Nonetheless, VeChain will ensure precise and continuous data recording to avoid inaccuracies. That’s a notable step towards following transportation standards and ensuring cargo safety.

Furthermore, VeChain trusts its low carbon footprint matches the overall market’s sustainability objectives. The project uses proof-of-authority consensus to support the green initiative.

VeChain’s venture into the logistics sector presents VET as a lucrative project with massive future potential.

VET price

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VeChain has VET as its native token. The altcoin remained green during this publication, with recent developments welcoming an upside trajectory. VET gained 2.80% over the last 24 hours to trade at $0.01701 at press time.

VET’s 24hr chart on Coinmarketcap

VET’s upward stance matched actions in the broad cryptocurrency market. Bitcoin and Ethereum gained 2.64% and 4.01% over the past 24 hours, respectively.

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