VeChain, after rebranding to VeChain Thor early this year, is positioning itself as the platform of choice to champion IoT, Cloud computing, and Artificial Intelligence technologies.
Even with such a clear roadmap, the price of VET has experienced tremendous fluctuations.
However, its current price has the chance to gain more traction considering the developments that are happening in the background.
Below we are going to look at three reasons why the price of VET will rise soon.
1.The DNV GL Group Partnership
Dabbed the ‘DNV GL-VeChain Digital Low Carbon Ecosystem,’ the partnership is aimed at advancing Det Norske Veritas and Germanischer Lloyd’s goals of sustainable development without hurting the environment.
DNV GL is an assurance firm based in Norway and its working closely with the United Nations in achieving their development goals.
DNV GL will develop smart contracts on VeChain Thor’s blockchain to calculate and record carbon reduction of individual enterprises. The platform will then automatically award carbon credits to enterprises that effectively lower the amount of carbon they emit into the environment.
Such a unique usage of VET’s blockchain is bound to increase interest on the platform hence boosting the price of VET.
The United Nations classifies carbon reduction among the major goals to be achieved by 2030.
2. The Trusted Blockchain Traceability Solution
The VeChain platform is providing vaccine traceability solution in China after a pharmaceutical scandal rocked the country recently.
The scandal involved substandard and falsely labeled vaccines being administered to school children in the country.
In VeChain Thor the Chinese government has a platform that can offer a superior drug monitoring and auditing solution. The drug tracing capabilities of VeChain are currently being tested in Shanghai before the solution is rolled out across the country.
Also, the VeChain drug traceability solution is the only blockchain project with the full support of the Shanghai government.
Now, the Chinese government will use the VeChain blockchain to capture and record vaccine data from manufacture, transport, storage, distribution to hospitals, and usage.
The Chinese government believes having immutable records will boost the quality of vaccines in circulation.
Additionally, Certification services for leading pharmaceutical firms in Shanghai will be provided by DNV GL, a firm that owns equity in VeChain.
We can expect this type of partnership, trust, and ownership to have a positive impact on the price of VeChain Thor (VET).
3. The NTT Docomo Partnership
NTT Docomo is the leading telecommunication company in Japan. In their vision 2020, Docomo wants to provide a fifth generation (5G) high-capacity high-speed network across Japan. The telecommunication giant has selected VeChain as the first batch of partners.
VeChain noted that:
“with our ongoing effort to bring traceability use cases in Japan into our ecosystem, the 5G program will bring additional value to VeChain’s presence in the region.”
The service will be on board on the VeChain Thor platform. The partnership will see VeChain Thor reach out to cross-border enterprises thus expanding the adoption net of the blockchain.
Being among the first partners, VeChain Thor will design their services within the 5G constraints before its launch in 2020. Such early developments will, without doubt, reflect on the price of VET.
In Conclusion, with all the partnerships inked in the last two months, it is clear that the rebranding choice of VeChain has started to pay off.
Learn More About Buying Vechain Thor
If you want to learn more about Vechain Thor you can read about its most recent partnership. We’ve also covered Vechain price in our VET price prediction article and technical analysis pieces. If you think now is a good time to buy (as VET hits a year low), you can do so as we suggest using Binance following our guide here.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.