[ad_1]
The VeChain (VET) price extended its rally Wednesday, building a solid week of gains following discussions with Chinese government officials focused on a post-epidemic health response.
VeChain rose 2% on Wednesday to hit $ 0.011669, according to CoinMarketCap. Over the past seven days, supply chain management cryptocurrency has increased by more than 23%. Only two other top 30 coins, NEM (XEM) and Chainlink (LINK), have outperformed IFP over the past seven days.
At current values, VeChain has a market capitalization of $ 751 million.
The cryptocurrency’s upward trend appears to have coincided with a meeting of high-ranking officials from China’s Hubei province, VeChain and DNV GL Global, a global risk management firm, earlier last week.
As reported by China-based Chainnews, the meeting focused on the use of digital tools to renew the public health system in the wake of COVID-19. Supply chain logistics, particularly those that enable traceability and certification of imports, will be a key component of the post-crisis response.
DNV GL proposed a four-pronged approach to public health management in the wake of the epidemic, including an internationally leading blockchain-based “personal risk management” platform.
In an accompanying report, DNV GL Senior Vice President Kang Wenyu said that “epidemic prevention and control” requires a coordinated approach to health management. He said:
“Standardized and digital management tools can efficiently establish a comprehensive public health system.”
Wenyu touted VeChain as a strong candidate for improving existing models:
“The new environment requires an innovative management model. VeChain’s blockchain technology can ensure the transparency, security and credibility of all critical information, increase the cost of data fraud indefinitely and minimize the cost of supervision. “.
Launched in 2015 by Sunny Lu, VeChain is widely regarded as the leading enterprise supply chain management platform leveraging blockchain technology. The platform is backed by the Chinese government and has even been promoted by the state media.
Perhaps as a natural extension of its close ties to Beijing, VeChain is not a fully decentralized platform. This is by default, as its developers have tried to integrate functionality from both decentralized and centralized finance.
