VeChain boosts sustainable supply chain processes in billion-$-market – Will VET hit $0.05?

  • A recent journal article cites the VeChain blockchain as one example of blockchain platforms disrupting and transforming sustainable supply chain tracking. 
  • VeChain has made strides in powering blockchain-based supply chain tracking solutions to multiple industries. 

Recognition for VeChain continues to come in for its groundbreaking achievements in enabling sustainable supply chain processes. VeChain blockchain was highlighted in a recently published journal article as an example of how blockchain technology can be deployed to transform and disrupt supply chains sustainably.

Popular VeChain influencer “eisenreich” first pointed out the article in a tweet. The article titled ‘How Blockchain Technology Improves Sustainable Supply Chain Processes: A Practical Guide’ noted VeChain’s partnership with CAFA.

CAFA, also China Animal Health and Food Safety Alliance, is a government-backed organization directly under the Chinese National Agricultural Science Technology Innovation Alliance. The alliance was initiated by the Ministry of Agriculture of the People’s Republic of China.

The alliance aims to build a trustworthy platform that connects the government, industry associations, producer enterprises, and research institutes in the food sector. To achieve this, it focuses on increasing attention to food security, traceability, and animal health to avoid recurring food-related scandals from happening.

CAFA, which includes McDonald’s in China, partnered with VeChain as the sole public blockchain technology provider in 2020. The partnership saw the alliance build a VeChain blockchain-based “farm-to-table” Food Trust Traceability Platform that was launched in 2022.

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The more than 130 CAFA members can all carry out traceability, testing and certification, precise recall, and monitoring and early warning activities on the platform.

Meanwhile, the article also highlights Walmart’s partnership with IBM to experiment with a similar blockchain-based supply chain tracking solution. The experiments ended with Walmart adopting blockchain-based supply chain tracking years later.

VET poised to hit $0.05?

The partnership with CAFA is not the only success VeChain has recorded in the supply chain industry. VeChain is also a public blockchain technology provider to the supply chain tracking platforms of automobile maker Mercedes-Benz and shipbuilder Samsung Heavy Industries (SHI).

Mercedes-Benz supplier of low-carbon aluminum Hydro keeps a record of the sustainability of its supply chain processes on the VeChain blockchain. Similarly, SHI applied VeChain blockchain technology to data streams of its Samsung Autonomous Ship (SAS) project and SVESSEL eLogbook operating vessels projects.

The massive traction that the ultra-lightweight enterprise-grade L1 smart contracts blockchain network is gaining could drive the price of its native tokens to new highs. VET currently trades at around $0.016, up 0.06 percent in the last 24 hours.

The price marks a 94.4 percent drop from its all-time high of $0.28 reached in April 2021. However, analysts expect the price to reach a target of $0.05 in the coming days as adoption increases.

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