It’s a well-known fact in crypto circles that Vechain is quite strong in product quality assurance. However, it’s a different ball-game altogether when a major institution recognizes it. Recently, Siam bank, the largest bank in Thailand, ran an article touching on blockchain and its uses in different industries. One of the blockchains that they recognized is Vechain, and its massive potential in quality assurance. Siam specifically points at Vechain and its potential in the fashion industry. The article reads in part that,
“Fashion industry, one of the world’s leading industry is also adopting Blockchain for proof of authenticity via a large public database. The middlemen-free database network cannot be altered, a practical way for investors and traders to verify brand name product authentication. Alternatively, Blockchain can display information of material origins or environmental friendly manufacturing process. Vechain is one of the example for Blockchain based technology Platform Company which revolutionizing product management with a comprehensive product supply chain information. This technology made safe and easy for manufacturer to sort, manage and share product information for both supplier and buyer.”
This recognition by such an institution could give credence to the adoption of Vechain (VET) by fashion companies in Thailand. Such companies would be looking to eliminate the inefficiencies that counterfeits introduce in the market. Other industries could adoption this technology too, and open up usage of Vechain as a product authentication tool.
Over time, this will widen the geographical reach of Vechain. Vechain is already gaining adoption in countries like China, and Italy. In Italy, three wine makers are using Vechain to help consumers trace the origins of their wine all back to the vineyard where it was produced.
With a growing use case in the trillion dollar global supply chain, Vechain is a crypto with a good future ahead of it. Recognition by major corporations for its strengths presents this crypto a huge opportunity for dominance, ahead of others angling for the same market. This will continually push up its intrinsic value going into the future. In essence, from an investor perspective, Vechain could be a viable hold, one that could gain value significantly in the future. It’s one crypto that makes lots of sense to hold in spite of the current volatility in the market.
At the time of writing, Vechain (VET) is down by 3%, just like most altcoins. This is an indicator that investor sentiment is leaning more heavily towards Bitcoin (BTC) and stable coins. Part of this could be due to the tether issue that is still hanging over the market.
With such a risk, investors could be a little wary of overexposure to altcoins since they would drop harder if the market corrects. However, these are short-term issues that may not have much of an impact in the long run. Over time, it is fundamentals that will reign supreme. Vechain, as discussed above, happens to have some of the best of them.