Shanghai Government Picks VeChain Blockchain For Tracing Drugs and Vaccines Integrity

The Shanghai government has been seeking out a way to provide more traceability to the vaccines and drugs, and it appears that they have found it in VeChain. Recent reports show that the LB Exchange has announced the VET trading zone, which is free of fees, and they released the v1.0.1 source code.

VeChainThor seems to have had a great week recently, since there are many new events that will catapult the company into their future. It is considered the 20th largest cryptocurrency in the world, and their traceability is an attractive part of their technology.

A recent investigation was initiated for the Changchun Changsheng Biotechnology by the Food and Drug Administration of China. This company produces vaccines, and the investigation appears to be with the goal of discovering “faulty and falsely documented vaccines.” Much of the attention was due to those vaccines being called “vile and falsely shocking” by President Xi Jinping. Presently, there is a recall in place for an and all vaccines that remain unused, and the company’s license was promptly revoked. For that reason, the government has been enthusiastic about employing the traceability of VeChain.

VeChain has partnered with DNV GL, who is an equity owner of VeChain, to help millions of people in China have more authenticity in the products they use to support their health. DNV GL’s role will be to help hospitals and pharma companies to certify the products that they bring into their facility. In a Twitter post from VeChain Foundation, the platform said,

“In combination with DNV GL, we introduce our Drug and Vaccine Traceability Solution. It will be deployed in Shanghai, serving 30 million individuals, and will soon be rolled out across China. It will be showcased at the China International Import Expo.”

The goal will be to promote better monitoring, security, auditing, and traceability of medication. They mainly used VeChain because it is presently the only approved blockchain traceability provider in Shanghai,” though their services will reach throughout China. This type of blockchain will also help to monitor the data source of medications, while reducing the risks of getting a faulty or illegitimate vaccine. By tracing these vaccines from the production of the formulas, the whole industry has a heightened level of accountability and the early discovery of any issues.

The Twitter page for the VeChainThor Community wrote a post as well, after they released the v1.0.1 source code, which is basically meant to sort out any bugs in the protocol to work more smoothly. They posted,

“Since #VeChainThor MainNet launch, the tech team has been working tirelessly on code optimization. We are excited to announce that the updated VeChainThor #Blockchain v1.0.1 source code is now released.?

A few days sooner, the foundation announced their victory of being awarded the partnership on Twitter. “By winning the Public Blockchain Breakthrough Race host on @LBank_Exchange, VET trading zone is now open with zero trading fee on newly opened VTHO/VET pair. The free trading also extends to the current trading pairs of VET/ETH, VET/USDT and VET/BTC.”

At the time of this article, VeChain was trading at $0.014.

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