Vechain has launched a blockchain-enabled sustainability solution for companies to digitize their sustainability practices. The solution promises to streamline sustainable practices during the manufacturing and supply process. Along with showcasing these practices to third party regulators it also stores information about raw materials and goods related to recycling, processing, reusing etc.

As companies face high demand from people to maintain transparency with regards to their sustainability practices this tool helps them to lower down the cost involved in reporting of such activities.

Mastercard and Alibaba to integrate VeChainThor blockchain to track products and verify transactions. They have partnered with APAC Provenance Council (an association for food supply chain and financing in the Asia - Pacific economic region) to launch and develop a platform that can help them do so. The aim of the platform is to help Australia diversify its markets as they are heavily dependent on China for their exports.

The objective of the platform is to build a more resilient supply chain that can withstand a pandemic like COVID and likely political and economical trade issues, especially with China. It will ensure that producers in Australia are not dependent on only one market but rather have multiple markets to sell.

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VeChain Price for today is $0.016896. Its current circulating supply is VET 55,454,734,800 with a market cap of $936,977,106.

What is VeChain (VET)?

VeChain is a blockchain-enabled platform that is designed to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology (DLT), VeChain provides retailers and consumers with the ability to determine the authenticity and quality of products that are bought. From product source materials to servicing history, and spare part replacements, every single piece of information about the supply chain movement of a product can be recorded and verified to bring about a supply chain management ecosystem that is secure for all participants.

VeChain plans to achieve this secure supply chain management ecosystem via the method of asset digitization. VeChain enables manufacturers to assign products with unique identities to the platform. This will allow manufacturers, supply chain partners, and even consumers, to track the movement of products through their supply chain. VeChain makes use of its VeChain Identity (VID) technology, to mark and track a product. VIDs are produced using a SHA256 hash function, which generates a random hash value that corresponds to a VID.



Market prediction for VeChain price

Cryptocurrencies are volatile and complicated, and there are many factors that can contribute to the growth or decline of their price. Keeping this in mind, there are still many crypto enthusiasts out there who spoke their mind out about what they think about VET’s price forecast. Let’s check out some of those:

#1 Wallet Investor

Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies. According to them, VeChain is expected to go down to $0.00463 in one year. This price prediction is very bearish pessimistic and it might not fall that much.

#2 Trading Beasts

Trading Beasts also gave a very neutral prediction saying that by 2020 end, VeChain might be in between $0.01 to $0.02, which is a wide range, so this prediction is given neutrally, without a showcase of any optimism.

#3 Mega Crypto Price

Mega Crypto price predicts that VeChain might reach $0.258 by the end of 2021 and $0.612 by the end of 2023. (VeChain Forecast)

#4 Smartereum

Smartereum is a site that regularly publishes cryptocurrency predictions. They believe that the price of VeChain could go up as high as $75 by the end of 2023.

#5 Cryptoground

Cryptoground predicts that VeChain might reach $2.58 by the end of 2020. They even added their version of VeChain (VET) price prediction 2021, where they stated that VET might reach $4.10 by 2021.

Our Verdict on VeChain price Prediction

VeChain (VEN) has been officially re-branded to VeChain THOR (VET) this year itself and even announced that it will be teaming up with the international car company BMW. VeChain Thor enables businesses to track their products throughout its entire supply chain cycle with the help of the blockchain. This aids in the assurance of quality and authenticity of the products. There are already many luxury goods stores, food/drug companies and logistics companies that are using this ecosystem. News broke this morning that the VeChain THOR team just sealed their biggest partnership to-date.VeChain THOR had announced a collaboration with Oxford University which will aid in the technical development of the VeChain THOR platform. Even the South Korean cryptocurrency exchange, Coinnest, added VeChain THOR to its trading platform and is offering direct fiat to VET pairing. These many collaborations and partnerships led to the massive growth of this digital currency. By the end of 2020, it is expected to reach $0.22, which can be regarded as an optimistic prediction, considering its current value.

Read more: Top VeChain Wallets

VeChain price prediction 2020

VeChain, in partnership with DNV , a risk management and quality assurance company has announced that they are leveraging public blockchain technology to rapidly advance drug traceability, security, monitoring, and auditing. This solution will be introduced within China firstly, but it has the potential to eventually be implemented globally by next two years. By 2020, VeChain might achieve all of China’s new traceability requirements.VeChain believes that IoT and Blockchain technology are born to be working together. The development of IoT will result in widespread adoption, the International Data Corporation projects 45 billion IoT devices worldwide by 2020. By the end of 2020, VeChain might touch the $0.22 mark and might exceed up to reach $0.22882.

VeChain price forecast 2023

Ever since the VeChain project publicly launched, the team has been announcing loads of partnerships. Some notable companies that VeChain has partnered with are PWC, DNV GL, and BMW, but these are just the biggest international names from a long list. As indicated by VeChain’s highly diverse partnerships, the blockchain platform sets out to bring the advantages of decentralized applications and smart contracts to a large number of different industries. This shows its use cases increasing exponentially. By 2023, VeChain might reach $0.38939, which may move VET upwards in the ranking order, can move upwards as per the coinmarketcap.

Due to the team’s expertise and vision, VeChain might touch new milestones over a period of five years. Because of a very good connection and rapport with the Chinese government, the digital currency is all set to surge to greater heights.

VeChain (VET) has successfully maintained an ascending trajectory despite the inconsistency in the crypto market. Amongst the virtual currencies in the token market that gained in value, VeChain (VET) remained prominent. VeChain has added in price significantly compared to other tokens. You can convert VET to BTC from CoinSwitch at the best rate.

VeChain price forecast 2025

VeChain is in progress mode to build a blockchain-based platform that does not only limit itself to the digital world but also can integrate with the actual business ecosystems as well. This would ensure that enterprises would be able to control various functions with the assistance of this blockchain. If it is able to provide complete integration of the blockchain-based platform with the actual business world, it would be easier for the companies to use the blockchain. By 2025, VeChain might reach $0.1.

Likewise, it provides tremendous potential for applications in the future. It could cooperate with third-party services as well. Moreover, the data storage is distributed entirely which ensures that the data is completely safe.

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*This price prediction is based on the data collected from various sources. This should not be considered as an investing parameter and user should do their own research before investing.