In an interview with Bloomberg, Donald Tapscott, the chairman of Blockchain Research Institute, made some interesting observations. He stated that, the perception that blockchain is a technology that can’t scale and is used in nothing important is a myth.
According to him, blockchain technology is growing, and adoption is gaining traction all across the world. He cited the increasing shift of the $50 trillion supply chain industry to the blockchain. Tapscott went a step further to cite companies like FedEx, which he said wants to rebuild its entire business on the blockchain. So, with all the advantages that this shift will confer to this new technology, which blockchain platforms stand to benefit the most?
Well, there are multiple blockchains angling for the supply chain market. However, the one that is showing a clear sign of dominance is Vechain (VET). At the moment, there are companies that are using the Vechain blockchain in real world practical applications. One of them is DNVGL. The DNVGL My Story allows businesses to use the Vechain blockchain to track a product and learn about its identity. As per the DNV GL website, three Italian wine makers are already using this technology. It states that,
“The My Story™ frontrunners are Italian wine producers Ricci Curbastro, Ruffino and Torrevento. They are now ready to share the characteristics of their wines traced from the farming and wine making to packaging and distribution. Consumers have access to all the facts, using their smart device to scan the QR-code on the bottle. In the connected consumer dAPP, they can instantly browse product facts, the wine’s timeline and locations from grape to store for every bottle.”
This is a big deal, because it eliminates the problem of counterfeits, which is a big problem in the global supply chain, not just in winemaking, but across industries. In essence, with the head start that Vechain has through a practical demonstration that it works, it stands to gain adoption at a faster rate than other blockchains. It’s also noteworthy that Vechain (VET) has goodwill of one of the most strategic countries in global supply, and that’s China. Vechain has in the recent past worked with China-based companies like BYD.
China is strategic to the growth of Vechain because it accounts for a huge portion of the $50 trillion supply chain market. Almost everything shipping across the world has its origins in China. Raw materials too are always flowing into China from all across the world, around the clock. This makes it a strategic market for Vechain going into the future by giving manufacturers more control over what they produce.
In essence, for anyone holding Vechain (VET), they are holding a high growth asset. It may not be performing so well at the moment, but it does hold lots of potential in the long run. Blockchain technology is still in the early stages of adoption. Once it becomes a truly mainstream technology, the future of high utility blockchains like Vechain will grow astronomically.