VeChain (VEN) Continues To Gain Attention – $10 Likely Coming Soon
Vechain’s efforts to leverage blockchain to transform the supply chain management and logistics have taken another significant step with the recent announcement that it would be partnering PricewaterhouseCoopers (PwC).
The partnership is aimed at having VeChain provide trust-based services where the VeChain tokens would be used in a variety of ways.
The implication for VeChain is huge, as it’s an opportunity to yet again leverage the extensive reach and infrastructural mechanisms already in place. If the statements are anything to go by, then VEN could be getting a huge boost.
PwC may just be one of the many companies that have looked at the cryptocurrency and blockchain ideas behind VeChain and been convinced it will work. And this isn’t just in the supply chain ecosystem only, but across a wide market in areas like medical services and government.
Raymund Chao the Chairman of PwC in the region commented about the partnership saying:
“We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust, and anti-counterfeiting areas.
VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society.”
It’s a massive deal for VeChain, partnering a company with $37.7 billion in revenues. What it means is that the incoming partnership would add a lot of value to the cryptocurrency in terms of how its token will need and used.
Yesterday, the two companies jointly released the 2018 Market Survey Report for (Non-financial) Application of Blockchain in China.
Among many other findings, the stand out item was that most traditional companies and industries look favorably at blockchain and cryptocurrency. It, therefore, implies that platforms like VeChain will get more partners from the traditional market than the emerging technologies.
And with VeChain’s vast network of partnerships, netting more won’t be difficult due to the competitive nature of the business. Other corporate giants will likely follow suit as blockchain technology continues to change the business ecosystem.
This latest partnership with yet another giant company reinforces VeChain’s concerted effort to bring the efficiency, transparency, and security of blockchain into a huge industry that badly needs it. This new development comes hot on the heels of VeChain joining several other blockchain platforms in the MOBI initiative.
MOBI is a newly formed organization whose main aim is to speed up the adoption of emerging cryptocurrency as well as promoting certain standards in the implementation of blockchain technology, distributed ledgers, for development in the field of logistics, mobility, consumers, and development of communities.
It’s been an exciting journey for VeChain, and the stage offered by the MOBI group will be vital in how the crypto integrates its blockchain expertise with IoT.
It may just be a survey report, but the findings could form a critical approach avenue for VeChain as it seeks to expand and cover as many industries as possible.
Sunny Lu, VeChain’s CEO said that: “Blockchain’s tamper-resistant and distributed data storage features enable us to improve traceability and transparency for logistics and supply chain management. These characteristics will be put to use in optimizing business transactions and trade relations.”
Probably thinking of his platform’s role in the blockchain, the Vechain CEO went on to note that, people are increasingly becoming aware and knowledgeable about blockchain technology. He also noted that as space expands, several ‘killer’ applications will continue to emerge, though he added that initially, most of them are likely to occur in sectors other than that of the financial sector.
Outside of the financial sector involves platforms like Vechain whose token isn’t just for p2p transactions. The cryptocurrency seeks to have a wider impact on an ever-expanding list of industries and potential fields of use.
These include working on logistical issues and anti-counterfeit mechanisms in pharmaceuticals, liquor, luxury goods, automobile, retail, food and cold storage facilities.
While all these are taking shape, Vechain (VEN) continues to gain attention from investors. It will form a vital part of the VeChain ecosystem. The token is currently trading at $5.19 against the USD and has gained +8.19% in the last 24 hours, moving its 7-day price gain into the green at +3%.
It is ranked 15th on the market with a market capitalization of $2.7 billion and an intraday trading volume of $105 million worth of VEN traded. We expect VEN will keep rising, possibly hitting $10 in the next few days.