VeChain (VET) Building Traceability Service for Premium Pork Supplies

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Sat, 06/06/2020 - 14:43
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Vladislav Sopov
VeChain has pioneered numerous blockchain-based quality verification and traceability use-cases. Now, its solution will provide QR-codes for premium-class pork.
VeChain (VET) Building Traceability Service for Premium Pork Supplies
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VeChain's ToolChain technology will be used at Meijiada Fresh Foods stores, which is owned by Yuhongtai Foods Co. Ltd.

Transparency for Pork Market

The solutions developed by VeChain (VET) will be utilized to verify the supply chain data of readily packaged pork products. VeChainThor blockchain will store all the data about its origin, processing flow, logistical information, and date of packaging.

VeChain powers premium pork supply
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All information collected will be printed on the packages in the form of a QR code. This novelty will address the problems of insufficient visibility and transparency for processing companies.

VeChain-powered solutions will also be utilized to expand Yuhongtai's selection of e-commercial sales of meat products. In addition, blockchain-based storage of meaningful data will improve the firm's reputation.

Initially, the blockchain-based solution will be only implemented with supplying the most expensive brand of food, Yuncha Minzhu. Every purchaser will be able to scan the QR code and obtain all the information about the freshness and features of the product. The companies are planning to add new lines of products to this program.

Real-World Adoption: Traceable Use-Cases in Blockchain

This partnership, which is designed to serve the needs of 12 million city people living Shenzhen as well as the People's Republic of China (PRC), will be another crucial milestone for VeChain (VET) and in terms of adoption with real-world business practices. 

As previously reported by U.Today Crypto News, VeChain inked a lifetime partnership with pharmaceutical mogul Bayer China.

ToolChain, the Blockchain-as-a-Service (BaaS) modular service, will maintain the data and guarantee the integrity of clinical drug trials. To avoid any kind of corruption or data leaks, the platform will track all stages of such trials, from the producers to the end customers.

VeChain (VET) instruments are also used in the Microsoft-developed gamebook "The Eye of The Tiger".

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)