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VeChain Potential For Future Investment (Best 2021 Crypto)

VeChain Potential For Future Investment (Best 2021 Crypto)

We've heard a lot of talk about supply chains in 2020. Whether it's your local grocery store's supply chain trying to keep toilet paper in stock or tracking exactly what's in your medicine and where it came from. 

The supply chain industry is probably one of the best cases to use for blockchain, second only to finance.

How blockchain can improve supply chains, some of the major supply chain, blockchain projects out there, and what's going on in the world right now that could benefit from the use of the digital ledger supply chain. 

When you see the "made in" tag on a t-shirt, it's pretty clear what that tag means. 

The product was produced in that country and then passed through several gatekeepers on their way to you.  

America, The channels through which the product passes on its way to the purchaser are referred to as the supply chain, and the supply chains include not only the people and companies involved in the sale of the goods or services but also the activities, resources, and information shared between those parties during the transaction.

You can think of the supply chain as the ecosystem that it takes to bring the product from the upstream supplier to the downstream buyer. 

I know exactly what you're thinking about. The supply chain is like a bass school swimming downstream at your favorite fishing spot. 

It starts from the upstream origin of a fish egg and ends downstream on your fishing line.

The supply chain includes everything from the material that is harvested for making a T-shirt to the last mile of delivery that it takes for that T-shirt to arrive at your door. 

Supply chains add transparency and immutability to the process that companies are constantly trying to improve. 

That's why the supply chain industry is set to reach more than $37 billion by 2027, with a compound annual growth rate or a CAGR of 11.2%.

However, supply chain companies are looking for ways to further improve their solutions. This is where supply chain blockchains, like VeChain, come in.

We believe that 2021 will be a massive year for the entire supply chain industry especially those in blockchain projects like VeChain.

Right now you might be wondering what makes blockchain such a powerful supply chain technology, and you've heard the hype.

Blockchain is no longer the cure-all elixir being peddled by a dude in a creepy mask in some traveling medical freak show (2017 alt season).  There were a lot of people doing a lot of weird stuff during that time.  

We know that in 2020, blockchain cannot fix everything like we once thought.

Some elements of blockchain are perfect for the needs of the supply chain industry.  Is the hype real?  Or can the industry make it work? The biggest potential advantage that blockchains can add to the supply chain industry is decentralization. 

Instead of multiple parties relying on one system to keep track of all the elements of distribution.
Instead of centralized data storage, companies, as well as their upstream suppliers and downstream retailers, can have a distributed storage system with blockchain.  

That means there are multiple validated copies of the same information. That's more of an opportunity for accuracy. 

As time goes on, there will be more ways for blockchain to improve supply chains. For example, look at the partnership between VeChain and Walmart that was announced last week.
According to an article in Crypto News Flash, the partnership could provide the Chinese government with a supply chain equivalent to an official approval stamp.  

In addition to the Walmart partnership, VeChain expects the use of blockchain to increase efficiency and transparency with China. 

VeChain was invited to a symposium in November 2020 along with our long-standing partner, DNV GL. Chinese government officials also attended the symposium.

The topics of the symposium included healthcare in the emerging post-pandemic global economy. The potential of this partnership is pretty substantial. 

If China chooses to pilot a product using the VeChain supply chain blockchain, this will be very bullish for the VET token.  VET has been up roughly 99% over the last month, as the news broke out about the symposium and, of course, the Walmart partnership.

Bitcoin's bull market also helped, but an invitation to speaking with a leading authority, like a country's government, is a big deal. 

If a deal is officially announced, the price of VET can go up even further. Another reason the value of the token can increase is if the supply chain blockchain space increases as a whole.

Typically, in an emerging market, the value of players within the market will rise if the entire market rises in general. With that said, let's talk about the potential of the supply chain blockchain industry. One major use case for supply chain blockchains is for pandemic vaccines. 

The World Economic Forum recently published findings from the Pioneers of Change Summit that took place November 17-20, 2020. 

The findings were called "Using blockchain to monitor the global pandemic vaccine supply chain". In the report, the World Economic Forum mentioned how the sickness will require the first-ever deployment of blockchain for a vaccine. 

The report also referenced how blockchain's immutability and decentralized database can help multiple parties ensure safety and proper handling of vaccine supplies.

The biggest challenge is how to distribute the vaccine to every living person, and the World Economic Forum suggests that blockchain can help. 

However, some people say that supply chain blockchains are somewhat misunderstood and are not everything they are hyped up to be.

During a podcast hosted by the University of Pennsylvania's Wharton School, a supply chain industry veteran named Stefan Gstettner, who co-leads the supply chain team at Boston Consulting Group, spoke about how blockchain is thought of as the only solution for supply chains.

He said, 

"The advantage [of blockchain over other technology] is that information is available multiple times in the network, which means that it cannot easily be changed. It's immutable. It's trustworthy and can be used by many parties."  

People, institutions, and companies seem to think that there is no alternative technology for some purposes in the supply chain.

The assumption is that blockchain is the only solution and that it is good for everything in supply chain management and this is not at all true.

So, in other words, while this supply chain economist thinks that blockchain is a strong technology for distributed information in an immutable and trustworthy way, there are some limitations on how the technology can be used. 

In general, there are a lot of potentials here for the industry to run big, but nothing is guaranteed in the crypto world. 

So what do you think about that? Can supply chain blockchains be launched in 2021? Do you think blockchain is a natural integration point for supply chains? Or is that too overhyped? We've never heard of anything being overhyped in the crypto.

Yulina Firmansyah
Yulina Firmansyah Hi, I am a wife who really loves crypto and blockchain technology, I am a writer for this blog.

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