VeChain is designed to serve billions of people and companies around the world

  • Public blockchains like VeChain can help the world achieve sustainability goals according to Demitris Neocleous.
  • VeChain continues to gain credibility and swell in on-chain activity.

VeChain, a leading cryptocurrency and smart-contracts platform focused on sustainable supply chain management, remains confident that it can serve billions of people and companies around the world. The platform plan to do this through its public blockchain-based and open-source solutions.

Demitris Neocleous, head of ecosystem build at the VeChain Foundation, opines that VeChain and public blockchains in general are critical for the planet’s sustainability and digitization objectives as opposed to private blockchains.

To buttress his view, Neocleous gave an explanation that he describes as ‘pragmatic,’ comparing blockchain technology to various scenarios in which a boy can make the “statement of love” to a girl.

He compares private blockchains to a situation where a boy tells a girl that he loves her while he is alone with her or with a single friend as a witness or endorser. The boy can easily deny the statement later.

Public blockchains can be compared to when multiple random listeners are witnessing and endorsing the same statement. It would be impractical for the boy to deny the statement later as there are many witnesses.

“This is how blockchain works. It’s all about immutability, the security, and the integrity of data,” he added.

VeChain’s selling points of simplicity and sustainability have seen it gaining massive traction in the supply chain industry which is its target market.

The network has now been recognized in a research article by the Institute of Electrical and Electronics Engineers (IEEE).  Recognition is for using non-fungible tokens (NFTs) and blockchain for the traceability and auctioning of shipping containers and cargo in the maritime industry.

In particular, the IEEE notes the strides VeChain has been making in using NFTs and blockchain to facilitate the tracking and tracing of pharmaceutical drugs from the production stage through delivery in the EU.

VeChainThor blockchain surging in on-chain activity

Amid the high-profile commendations that VeChain is getting, the network has also been witnessing a swell in on-chain activity. The network has seen a sharp rise in the number of accounts. They increased from 1,932,661 accounts to 1,933,254 accounts in 24 hours.

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The network has also clinched new highs in the rate of token burning while reaching a market capitalization of $1.3 billion. This is according to data pointed out by a community member.

On the day, VET, the native currency of the network, is trading at around $0.019, up 1.94 percent in the last 24 hours. The token could be poised for a price surge when the crypto market returns to the bullish territory.

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Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

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