- VeChain’s blockchain and service business model is rethinking the importance of blockchain in the supply chain process.
- Blockchain is an immutable asset for the medical industry, increasing product and data assurance.
- VeChain has shown that industries can increase the verifiability of data through blockchain integration.
- Confidence in blockchain technology is no longer simply a wish, but an achievable goal.
Blockchain is ready to rethink how users and businesses trust each other. Traditionally, before blockchain transparency, companies themselves promised the integrity of the company, without users being able to concisely verify their records. Blockchain’s immutability has balanced trust by creating unaltered verifiable data. VeChain, a DLT layer to empower data ownership to help streamline business processes, secured its technology for COVID-19 vaccination verification.
San Marino adds VeChain for immutability of vaccination data.
VeChain, together with DNV, the leading data assurance company, will use blockchain technology to support digital vaccination passports for San Marino residents. In the press release, it was announced that the “San Marino Digital Covid Certificate” will be implemented as an enterprise non-fungible token (eNFT).
The certificate will have two QR codes. The first one complies with EU regulations, while the second QR code will allow data verification outside of Europe, directing users to a website containing verifiable eNFT data. In addition, the certificate will include information about the subject’s current COVID-19 test records, infection, and vaccination.
Blockchain integration has helped companies maintain data integrity. Hedera Hashgraph has previously helped hospitals organize vaccine administration. Similarly, VeChain partnered with the Mediterranean Hospital of Cyprus to support a blockchain-based NFC card to verify the immunization of nurses.
On the other side
- VeChain is a Chinese company, which could restrict its potential expansion into the US market.
- Cryptocurrencies are speculative assets, so supply and demand is what ultimately gives tokens their value.
- VeChain’s solution is only aimed at the B2B consumer, which retail investors may not fully understand.
VeChain Blockchain Immutability for the Medical Sector
The application of VeChain within previously centralized solutions demonstrates the progression of blockchain as a vertically integrated solution. VeChain has stated that its eNFT is the “first nationally adopted NFT solution” that is not considered a commercial asset or collateral. In addition, VeChain has grown to offer a solution beyond inexpensive models.
VeChain created the first verifiable IVF application, leveraging the blockchain application to access only the “MyBaby” application data. The service works in a similar way to supply chain management, allowing platform registrants to “see and track” confidential information, thus solving the privacy issue around sensitive medical data.
VeChain also provides a “traceable medical management solution” to Renji Hospital for the Smart Tumor Treatment Center. Additionally, VeChainThor was integrated with MyCare to help create an agile infection management product, introducing a new approach to infectious risk management.
VeChain’s ability to set a standard for data integrity through blockchain adds a layer of incentive for the medical industry to improve transparency and data protection. For example, using E-HCert, Larnaca International Airport offers a blockchain application to track a user’s covid infection and / or recovery history, with more than 8,000 people using the application in 2020. .
A transparent economic solution
VeChain’s blockchain supply management is disrupting a multitude of sectors. Xinhua News emphasized that blockchain is now “penetrating more aspects of daily life.” Crypto Cop, stated that more than 40 Fortune500 companies have already integrated with the VeChainThor ecosystem. As a result, the company has shown that the usefulness of blockchain transcends P2P transfers, shifting the focus from the linear trust model of Web 2.0 to a two-way trust model in Web 3.0.
VeChain’s target market spans a wide range of business areas. BMW has partnered with VeChain and developed an “automotive security platform” to prevent counterfeiting of BMW parts. Additionally, Walmart (NYSE 🙂 China has created a traceability platform for products similar to VeChain’s partnership with PuffBar. In both cases, the verifiability and accountability of the blockchain structure allows users to verify the validity and reliability of a product.
The economically disruptive solution envisioned by VeChain fits a multitude of use cases. Its value proposition of redesigning the supply chain model has proven to be advantageous to other industries, which have long required anti-counterfeit proof security obligations.
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