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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
Image via Twitter

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.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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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.)