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VeChain (VET) Building Traceability Service for Premium Pork Supplies

News
Sat, 06/06/2020 - 14:43
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
Cover image via stock.adobe.com
Contents

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".

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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
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John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)