VeChain, launched in 2016, is one of the leading enterprise blockchains in the crypto market.
The project, with its dual VET and VTHO tokens, specialises in supply chain management, and utilises IoT (Internet of Things) and distributed ledger technology to improve on the efficiency and transparency of supply chains. So far so good, but how is VeChain progressing in 2021?
One exciting new VeChain innovation for 2021 is Sync 2: which has the potential to not only launch VeChain into the stratosphere, but revolutionise the entire blockchain dApp industry.
Read on to find out more about Sync 2 and VeChain news & updates for 2021.
VeChain News: What is VeChain Sync 2?
Blockchain technology and the world of dApps (decentralised applications) is successfully disrupting many industries in the world, making the online world a fairer and more transparent place.
But one huge challenge remains: making dApps easy to use and accessible to all. Imagine that you have no experience of downloading or using dApps, and owned no cryptocurrency, but wanted to buy an NFT you saw on a website.
Blockchain enthusiasts may have the patience and technical ability to switch between multiple wallets and interfaces, but this kind of user experience is unlikely to lead to mass adoption of the technology.
VeChain Sync 2 on the other hand seeks to provide one dApp that can be used on all browsers (Chrome, Safari, Brave etc.) and across all devices, from desktop to mobile, to a web application that just pops up and runs in the background when needed.
Now, when someone with no crypto experience wants to buy that NFT, simply clicking on it will bring up the Sync 2 wallet and navigator. Additionally, if the creator of the dApp or page that is selling NFTs take a few moments to integrate the VeChain fee delegation protocol, then the transaction fees associated with the action can go through immediately, whilst the main payment is taken in normal fiat currency.
This flexibility eliminates the need for users to search for, download, or even figure out how the dApp works before using it. Sync 2 is designed to work straight off the bat, and eliminate all barriers to entry. The VeChain team claim that this is a first for blockchain technology.
VeChain News: Vechain eNFT and roadmap progress
As a blockchain-based supply chain management protocol, VeChain is on the cutting edge of traceability and anti-counterfeiting technology. Items on the supply chain are given a unique identity through RFID (radio frequency identification) QR codes (allowing consumers or handlers to scan products) and NFC (near field communication).
Now, the VeChain team are seeking to enter the world of NFTs, seeing non-fungible tokens not only as a novel way of selling art and music, but as a way of securing the authenticity of products in the enterprise market.
For example, a VeChain partner that sells designer handbags could mint an NFT with each item produced as the ultimate assurance of authenticity, and creating a novel way for fashion houses to interact with their customers.
Following the logic that NFTs will only truly take off with mass adoption, VeChain has concluded that enterprises will be the main driving force of the future NFT market. With this, VeChain announced in April 2021 that they will establish and build out the eNFT (enterprise NFT) ecosystem on the VeChain Thor blockchain.
Large companies and enterprises will likely bring more consumer-facing NFTs to the market, and VeChain are positioning themselves to benefit from this shift. The development team are already working on their own NFT standard, have announced a 1 million USD grant for NFT developers, and stand to benefit from the existing VeChain ToolChain infrastructure, which already allows enterprises to build dApps on the platform.
VeChain News: VeChain partnerships 2021
VeChain is a project already known for its many real-life use cases and business partnerships, and that trend is continuing into 2021.
In another apparent world first, the team have launched MyBaby, a blockchain-based in-vitro fertilization application. which streamlines the complicated and potentially-stressful IVF service for women and families throughout the world.
The first implementation of MyBaby will happen at Renji hopsital in Shanghai. The IVF market in China alone is expected to grow to $2.8billion by 2025, although hopefully this application will benefit the world mostly on a humanitarian level.
MyCare, A similar app built on VeChain, is also making waves, being used for Covid and other infection management in the maritime and cruise industry. In a world rocked by the recent pandemic, MyCare is built to help businesses across many industries to standardize their risk management practices.
Clearly, VeChain are moving ever forward with partnerships, implementation of their supply chain management solution, and achieving technological milestones.
Perhaps most importantly, VeChain continue to refine their blockchain solution, making it ever more efficient and simple to use, for example with their new transaction model and the Sync 2 wallet.
For more 2021 VeChain updates, keep an eye on the VeChain Twitter account here. Or check out our guide on how to stake VeChain in the Exodus VeChain wallet.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.