It’s another red day for crypto, but the underlying strength of blockchain technology is growing. A Project like Vechain is a testament to this fact, if its recent developments is anything to go by. One of Vechain’s key partners, DNV GL recently launched a service called My Story. Through this service, a company can give consumers a story about their products using the Vechain blockchain. Using this service, a company can register some of its core product attributes such as its origin, quality, the rights of the people who worked on the product, environmental safeguards among others. So far, three Italian wine companies: Ricci Curbastro, Ruffino Wines and Torre Vento have already taken up this service. Other companies looking to fight counterfeits are likely to take up the service too.
The impact of this is that, it will drive up the number of transactions on the Vechain blockchain. In a recent AMA with the community, Vechain CEO, Sunny LU explained that this will significantly drive up the number of transactions on the Vechain mainnet.
For an investor, this is not only a validation of Vechain (VET) but for blockchain technology in general. Due to the 2017 crypto pump, and the resultant dump, investors have come to associate cryptocurrencies with quick riches, while others avoid this market out of fear. However, with use cases like this one, investors will begin to realize that there is a tremendous amount of value in this technology.
The impact is that, over time both retail and institutional money will start to flow into this technology. Vechain alone could sort out the problem of counterfeits all across the world, and with it solve other problems such as unemployment. That’s because, when producers fight counterfeits using blockchain technology, they get to stay operational and keep jobs.
This is powerful and could see the value of Vechain rise exponentially in the future. That’s because, the key reason why crypto prices are so low at the moment is due to low volumes. Confidence in the market is not high enough at the moment. However, with such moves by organizations like DNV GL, Vechain could be among the first blockchains that will inspire investors to get back into the market. This also means that it could be one of those that make the highest gains once bulls get back into the market.
With such strong fundamentals, Vechain comes across as one of the highly undervalued cryptos in this market. Its current value doesn’t in any way reflect what Vechain has achieved so far, or what it could achieve in future. If companies use Vechain in fighting counterfeits at scale, for instance, it could easily see this crypto hit a dollar or more at some point in the future.
The future of blockchain technology is bright, but the future of high utility cryptos like Vechain is even higher. Vechain’s strong team adds impetus to its potential to grow exponentially in the long haul. This is a gem for those who are can see the big picture, and understand what it could achieve in a few years.
