- VeChain has been cited in the latest academic research as a renowned technology used to effectively track the journey of medicinal products from cultivation to consumption.
- The study mentioned the recent use of VeChain to trace and verify the authenticity of wine products.
VeChain (VET) has earned another mention in a high-profile academic study titled “Exploring the Blockchain’s Green Revolution in Medicinal Plant Supply Chains.” According to the document shared by crypto researcher Eisenreich, blockchain could be integrated into the cultivation, farming, conservation, and propagation of medicinal plants and organic farming to provide transformative solutions to address important challenges in the industry.
VeChain was highlighted in a recent journal article, ‘Exploring the Blockchain’s Green Revolution in Medicinal Plant Supply Chains’ 🔖
Full Pdf 👇https://t.co/Wug83XBzOp#vechain $VET #Blockchain #Tech #Sustainability pic.twitter.com/jm5UK15MXu— eisenreich (@eisenreich) January 1, 2025
More About the Study
Based on our document analysis, the authors sought to examine the potential of blockchain technology to encourage good practices by enhancing supply chain traceability, fair trade promotion, and provenance verification via smart contracts. Meanwhile, the study appreciated the development of a transparent blockchain platform called HerBChain to improve the quality of medicines.
According to the document, this HerBChain platform enables the documentation of six critical stages of herbal product production and distribution, including traditional Chinese medicine facilities, manufacturers, laboratories, distributors, and retailers. Fascinatingly, it was indicated that distributors and retailers use VeChain chips to confirm the authenticity of a product.
Meanwhile, VeChain has been used across different industries, with use cases cutting across different areas, including tracing and verifying the authenticity of wine products. In the medicinal plants sector, VeChain could enable customers to track the journey of medicinal products from cultivation to consumption. In addition, consumers can efficiently confirm whether the product is legal and handled with care.
The study also cited the recent partnership between IBM Food Trust and Walmart to create a blockchain-based food tracking system.
Initially focused on food products, this platform demonstrates the potential of similar initiatives in the medicinal plant sector and ensures transparency and quality assurance.
Weeks before this recognition, VeChain secured another US Patent via a subsidiary operating in China NanoJClean. According to our research, this patent was related to an advanced method for “splitting and recovering a key, program product, storage medium, and system.”
Vechain (VET) Price Analysis
In response to these, the native token of VeChain, VET, has recorded an 11% surge on its 24-hour price chart after trading below a crucial resistance level for some time. At press time, the asset was trading at $0.04813 as it prints a negative return of 27% on its monthly price chart.
According to analyst EGRAG CRYPTO, this asset could soon make an explosive run to hit $1. In his previous thesis, EGRAG CRYPTO highlighted that VET was entering Wave 3 of the Elliott Wave structure, signaling an impending bullish run. He also disclosed that the asset showed the previous cycle’s cloning technique to hit $1.6.
I’ve applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that VET may be gearing up for some exciting moves…VET Triple Bottom: Cloning Pattern ($1.6). I’ve applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that VET may be gearing up for some exciting moves. The pattern indicates a potential rise to 0.115c.
