VeChain is cementing its position as a leader in providing blockchain-based supply chain sustainability and carbon management solutions. The lightweight enterprise-grade L1 smart contracts blockchain is also leading the non-fungible token (NFT) revolution.
A recent journal article highlights VeChain as one of the most suitable blockchain platforms to employ in alleviating healthcare data management challenges. The article is titled ‘Selecting the most suitable blockchain platform: A case study on the healthcare industry using a novel rough MCDM framework.’ And was published in the Technological Forecasting and Social Change journal.
In the academic work, the authors note healthcare systems’ data management challenges arise from the sector having multiple key players. These often include medical and drug suppliers, insurance companies, third-party logistics (3PL) providers, and regulators.
Non-synchronicity of these players results in the system generating data that is “generally hard to comprehend, use, and share.” This in turn makes the healthcare system very inefficient. The challenge is solvable through using a sustainable blockchain network like VeChain, the piece suggests.
VeChain is not new to developing solutions with use cases in the healthcare system. VeChain has onboarded several key players to its Drug and Vaccine Traceability Solution. These include Bayer China, the Chinese arm of multinational pharmaceuticals and biotechnology giant Bayer.
VeChain is also the sole public blockchain technology provider of the China Animal Health and Food Safety Alliance (CAFA). This partnership was also highlighted as an example of how blockchain technology can revolutionize the food industry’s sustainability.
Meanwhile, VeChain’s recognition has not been limited to the healthcare sector. VeChain’s partnership with ReSea was highlighted in a recent newsletter by ESG Intelligence. The two firms are collaborating on an initiative to use blockchain technology to transparently fund plastic removal from oceans in Indonesia.
Similarly, VeChain intends to deepen its partnership with Chinese electric car manufacturer BYD in 2023. VeChain revealed that one of its targets with the partnership in 2023 is to help solve the massive decarbonization challenge facing the global automotive industry.
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In another release, the VeChain Foundation notes that it will also pursue this objective more broadly outside of the partnership with BYD. The network is eyeing the European Union Parliament’s recent publication that proposes to introduce “digital passports” to track the sustainability of all kinds of batteries.
The EU Parliament noted that it has reached a new deal to overhaul rules on batteries and take into account “technological developments and future challenges.” These include introducing “more stringent targets for waste collection, recycling efficiency, and material recovery.” These new targets are achievable with blockchain technology, VeChain asserts.
Remarkably, VeChain has also introduced a proprietary chipset for authenticating real-world products. The chips combine NFC with NFT and blockchain to reduce secondhand market fraud, per an announcement.
Non-Fungible Token (#NFT) technology allows $VET to add digital identities to physical things.
We combine NFC chips with #NFT+#blockchain to guarantee authenticity, transparency & #sustainability.#VeChain reduces secondhand market fraud, protecting people & businesses. #Crypto pic.twitter.com/n1uwCtJ196
— VeChain Foundation (@vechainofficial) January 4, 2023
Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.
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