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- VeChain (VET) secures another US patent through NanoJClean for its latest invention, which uses blockchain-based methods to confirm property rights.
- Analysts have predicted that VET could hit $1 from the current level once it mirrors the previous market cycle.
VeChain strengthens its Patent portfolio as its offshore subsidiary NanoJClean secures approval for its patent application covering “Property Right Confirmation and Transfer Methods and Systems Electronic Device and Storage Medium.” According to the document shared by VeChain holder “AprilStrawberry”, the patent approved on March 4 pertains to offsetting the existing challenges of proving property ownership.
The Summary of the Background and the Solution
The patent application publication highlighted three main defects in the existing process of confirming, implementing, and safeguarding property ownership.
The first is the long confirmation process, which affects its effectiveness. The second is the difficulties involved in “realizing and circulating” during the implementation of a right. The last defect is the challenge of collecting evidence and tracing it back to the source when safeguarding a right.
To address these challenges, it was outlined that its latest invention would use blockchain-based methods to confirm a property right. Per the document, this would include obtaining the “corresponding wallet address based on the encoded information, presetting encoded information corresponding to a property, storing the correspondence between the encoded information and the wallet address in the smart contract of a blockchain”, etc.
About a week ago, VeChain secured another patent approval for blockchain workflow node certification through NanoJClean. According to reports, this was to ensure security and transparency in digital processes while establishing VeChain as a dominant entity in the enterprise blockchain solution. As detailed in our last new piece, this milestone demonstrates the cross-border innovation strategy of the blockchain while ensuring that intellectual properties created in China receive protection in the US.
In December 2024, VeChain again won a patent for a Key Management System (KMA). As we discussed earlier, this was meant to enhance the security of transaction information through advanced hardware to secure generating and fragmenting transactions in key form.
Apart from these developments, VeChain has announced Grant 2.0 for blockchain developers who are actively involved in building sustainable applications. Our research shows that the program would award up to $100,000, a significant increase from the $30,000 in the previous edition.
Commenting on its recent moves, VeChain CEO Sunny Lu explained that blockchain technology provides an important foundation to foster sustainable behaviour.
VET’s Price Analysis
Amidst the backdrop of this, the native token of VeChain, VET, has recorded an impressive 24-hour surge of 6%, moving from $0.024 to $0.027. According to our market data, the asset’s daily trading volume is still 25% down as $75 million changes hands at press time.
Subjecting it to technical analysis, analyst Egrag Crypto disclosed that the asset could make an explosive surge to $2.5. Per his thesis, an initial move into the $0.1 level would mark the beginning of the “MACRO-Bottom.” According to our recent analysis, a move from this level would see the asset hitting $0.9. This aligns with the analysis that a repetition of the 2020 movement could see VET hitting $1.
