The value of VeChain (VET) prolonged its rally on Wednesday, constructing off a strong week of good points following discussions with Chinese language authorities officers centered on a post-epidemic well being response.
VeChain rose 2% on Wednesday to succeed in $0.011669, based on CoinMarketCap. Over the previous seven days, the supply-chain administration cryptocurrency is up over 23%. Solely two different top-30 cash — NEM (XEM) and Chainlink (LINK) — have outperformed VET over the previous seven days.
At present values, VeChain has a market capitalization of $751 million.
The cryptocurrency’s uptrend seems to have coincided with a gathering of high-ranking officers from China’s Hubei Province, VeChain and DNV GL International, a worldwide threat administration agency, early final week.
As reported by China-based Chainnews, the assembly centered on the usage of digital instruments to revamp the general public well being system within the wake of COVID-19. Provide-chain logistics, particularly people who allow import traceability and certification, will probably be a crucial part of the post-crisis response.
DNV GL proposed a four-pronged strategy to public well being administration within the wake of the epidemic, together with an “internationally main blockchain-based self-risk administration” platform.
In an accompanying report, DNV GL senior vp Kang Wenyu mentioned the “prevention and management of epidemics” requires a coordinated strategy to well being administration. He mentioned:
“Standardized and digital administration instruments can effectively set up a whole public well being system.”
Wenyu touted VeChain as a powerful candidate for bettering current fashions:
“The brand new atmosphere requires an progressive administration mannequin. VeChain’s blockchain expertise can make sure the transparency, safety, and credibility of all crucial data, enhance the price of information fraud to infinitely excessive, and reduce the price of supervision.”
Launched in 2015 by Sunny Lu, VeChain is broadly thought to be the main enterprise provide chain administration platform leveraging blockchain expertise. The platform is backed by the Chinese language authorities and has even been promoted by state media.
Presumably as a pure extension of its shut ties with Beijing, VeChain is just not a completely decentralized platform. That is by design, as its builders sought to combine options from each decentralized and centralized finance.