SInce August 13th, VeChain’s price has risen over 50%. Did the vaccine scare in China cause their government to be developed and tested in Shanghai?
In the last four days VeChain (VET) is up over 50% from its low ($.0064) on August 13th to a high of $.015 at time of writing of according to CoinGecko. The most important news surrounding it is that VeChain and partner DNV GL are leveraging the use of public blockchain technology to combat China’s recent vaccine scandal. It was discovered that falsely documented vaccines, provided by vaccine manufacturer Changchun Changsheng Biotechnology, were given to Chinese school children. This led to a recall of and halt of production to all of their vaccines. A recent Medium post by the VeChain Foundation goes into great detail about their technology solution and all topics discussed below.
VeChain’s solution uses IoT devices to record all data (vaccine manufacturing process, transportation, storage facilities, cold chain distribution, hospitals, and even usage) on the VeChainThor Blockchain. Once this data is stored on the VeChainThor Blockchain it will be immutable and permanent. Users of vaccines will be able to scan their vaccine and retrieve a complete history of the product and will be able to confirm for themselves that the product they think they are putting in their bodies is what it says it is.
This technology will be demonstrated at the China International Import Expo, November 5th-10th, this event will be attended by President Xi Jinping. The attendance of VeChain and DNV GL was allegedly at the request from the Chinese Government. “Their attendance is occuring at the specific request of the Chinese government, who wishes to highlight the state-backed collaboration with VeChain and DNV GL. President Xi Jinping will be in attendance.” -VeChain Foundation’s Medium post
According to the VeChain Foundation’s Medium post, “VeChain is the only approved blockchain traceability provider in Shanghai and has been tasked to achieve the China traceability requirements by 2020. VeChain’s traceability solution is being developed and tested in Shanghai, and will soon be rolled out across China.”
