VeChain Announces New Blockchain Protocol to Trace Vaccines, Almost causing a 40% Pump to Their Coin
Most of the cryptocurrency market is still recovering from their place of escape, after almost every coin in the sector has suffered losses of at least 70%, coinciding with delays and denials by the US SEC. Even though the market has risen over $ 210 billion, it still has a long way to go before returning to the previous capital of over $ 900 billion. Unfortunately, most of the efforts made by companies are proving to be in vain, because no verifiable recovery has yet been found.
Bitcoin, once worth more than $ 20,000 in 2017, has dropped to $ 6,400, but is keeping that price, getting closer to $ 6,500. Ethereum is increasing a bit at a time, and now it is up 3%, making its price around $ 300. Most of the altcoins are doing a little better, considering they were already rather low value. Ripple, Monero, Ethereum Classic and Lisk are rising anywhere between 5% and 17% from the drop, even if the daily prices are erratic.
VeChain is a very different story. Their decline actually started about three months ago, dropping this cryptocurrency like salt into their painful wound. However, it seems they have found their way back to a healthy gain in an opportunity in the Chinese medical industry.
Local news in China shows that the country and its government agencies have faced a security problem with regard to vaccines given to citizens. In fact, just last month, the country issued a statement that hundreds of their children had been the victims of defective vaccines.
The Chinese vaccine scandal
The details of this political and medical scandal are disastrous. The main suspect in this case is Pang Hongwei, followed by his 21-year-old daughter. The former pharmacist would have sold 12 different vaccines, all illegally. They also sold two different types of immunoglobulins and a therapeutic formula. Later, an investigation found links with a commercial ring, which involved 300 illegal distributors, who kept the vaccines stored at temperatures almost twice the maximum allowed level. In addition to the unknown substance in the vaccine, the new issue of improper storage was introduced. This type of error may vary from having no effect to having a severely damaging impact.
The problem attracted a lot of negative attention to the government, even with promises to keep "no clemency" on the criminals, according to Chinese Premier Li Kequiang. After considering the honest and transparent nature of blockchain technology, VeChain proposed a solution to help.
VeChain's proposal to the Chinese government
The vaccine monitoring proposal is currently only a post on the official VeChain blog. In the blog they describe the problem as a "scandal" that "incited widespread fury in China and abroad, pushing the country's president, Xi Jinping, to describe the incidents as" vile and shocking "." Although a survey for the manufacturer has already been launched, the problem is that the government does not have the ability to trace where these vaccines come from. Basically, the company had to release a recall, which is a huge loss. There is not even a prediction about how it will impact children now.
However, the best attack is a good defense, and the government must move forward. In this way, VeChain has collaborated with its shareholder, DNV GL, with the aim of "speeding up the traceability, monitoring, safety and review of drugs". There are no other approved blockchain traceability providers to operate in Shanghai and their proposal is not met Later in 2020.
In the proposed solution, VeChain describes the process in this way: "Highly sensitive IoT devices capture and record on the VeChainThor Blockchain all data involved in the production and transport of vaccines, including vaccines from manufacturers, storage facilities, cold chain distribution, hospitals and even use, while ensuring the reliability of the data source, the VeChain's solution also eliminates the potential risks of the whole process and ensures that vaccine records are immutable and permanent. "
The process goes beyond the current problem. The objective of VeChain is to undertake some activities to prevent this problem from reoccurring, including:
- Maintaining an accurate record of verified data that provides responsibility for each stage of production and development
- Identification of all products which may require collection and subsequent disposal
- Use the information to identify problems before they reach the public, focusing on reducing high-risk situations as fast as possible
- Identification of vaccines with a unique ID
, the proposal has not been officially approved for VeChain, so none of these projects has started yet. However, the fact that the government was willing to hear their proposal is a good sign both for the country's vaccine issue and for the value of VeChain. In fact, news on the proposal alone can easily be credited to the recent wave of activity on their platform. At this point, their solution is the only one to which the Shanghai government has supported.
Tracking more than vaccines
It is clear that blockchain is a technology that consumers trust, based on the fact that nothing on the register can ever be canceled or deleted. The historical register is used for something very different from trading or transaction at this time. In a promotional effort for Chinese Valentine's Day, significant others have been challenged to proclaim their love in a block written on the ledger, which is much more carefree about their problem with vaccinations.
Once on the blockchain, it stays there forever and no cryptocurrency is even necessary to register it. By showing the fun side of this technology, it becomes much less rigorous and serious, making it more user-friendly in the process. The app is run specifically within the WeChat program. Hopefully, with all these new options, the rest of the industry will soon see to what extent blockchain technology can even take them.
Have a look at VeForge, the adoption has begun. from Vechain