VeChain Announces New Blockchain Vaccine Tracking Protocol as VET Coin Pumps 40%
VeChain Announces New Blockchain Protocol to Track Vaccines, Resulting in Almost a 40% Pump to Their Coin
Most of the cryptocurrency market is still healing from their place of run, after almost every coin in the industry suffered losses of at least 70%, coinciding with delays and denials from the United States SEC. Even though the market has climbed back over $210 billion, they still have a long way to go before they are back to their previous capital of over $900 billion. Unfortunately, most of the efforts made by companies are proving to be futile, because there has yet to be a verifiable recovery found.
Bitcoin, once worth over $20,000 in 2017, is down to $6,400, but is maintaining that price, getting closer to $6,500. Ethereum is rising a little at a time, and is up by 3% now, making their price around $300. Most altcoins are doing a little better, considering they were already pretty low in value. Ripple, Monero, Ethereum Classic, and Lisk are all up by anywhere between 5% and 17% since the drop, though the daily prices are fluctuating.
VeChain is a much different story. Their decline actually started about three months ago, making this cryptocurrency drop like salt in their painful wound. However, they seem to have found the path to a healthy profit again in an opportunity in China’s medical industry.
Local news in China shows that the country and its government agencies have been dealing with a safety issue, regarding their vaccines being administered to citizens. In fact, just last month, the country released a statement that hundreds of their children had been the victims of the administration of defective vaccines.
The Chinese Vaccine Scandal
The details of this political and medical scandal are disastrous. The main suspect in this case is Pang Hongwei, followed by her 21-year old daughter. The former pharmacist allegedly sold 12 different vaccines, all illegally. They also sold two different types of immune globulin and a therapeutic formula. Later on, an investigation found ties to a trade ring, which involved 300 illegal distributors, who kept the vaccines stored at temperatures of almost double the highest permissible level. Apart from the unknown substance in the vaccine, the new issue of improper storage was introduced. This kind of error could range from having no effect to having a severely harmful impact.
The problem attracted a lot of negative attention upon the government, even with promises to maintain “no leniency” on the criminals, according to Chinese Premier Li Kequiang. Upon considering the honest and transparent nature of blockchain technology, VeChain proposed a solution to help.
VeChain’s Proposal to the Chinese Government
The proposal for tracking vaccines is presently just a post on the official Medium blog for VeChain. In the blog, they describe the problem as a “scandal,” which “incited widespread fury both in China and abroad, prompting the country’s President, Xi Jinping, to describe the incidents as ‘vile and shocking.’” Even though an investigation to the manufacturer has already been launched, the problem still stands that the government lacked the ability to trace where these vaccines came from. Essentially, the company had to issue a recall, which is a massive loss. There is not even a prediction about how it will impact the children now.
However, the best offense is a good defense, and the government has to move forward. As such, VeChain partnered with their equity owner, DNV GL, aiming to “rapidly advance drug traceability, monitoring, security, and auditing.” There are no other blockchain traceability providers approved for operation in Shanghai, and their proposal is to be met no later than 2020.
In the solution proposed, VeChain describes the process like this: “Highly sensitive IoT devices capture and record to the VeChainThor Blockchain all data involved in vaccine manufacture and transport including getting vaccines from manufacturers, storage facilities, cold chain distribution, hospitals, and even usage. While ensuring the reliability of the data source, VeChain’s solution also eliminates the potential risks in the whole process and ensures that vaccine records are immutable and permanent.”
The process goes further than the current issue at hand. The goal of VeChain is to take on a few tasks to prevent such an issue from happening again, which include:
- Maintaining an accurate log of verified data that provides accountability for each stage of manufacturing and development
- Pinpointing any products that may require recall and subsequent disposal
- Using the information to pinpoint problems before they reach the public, focusing on reducing high-risk situations the quickest
- Identifying vaccines with a unique ID
Presently, the proposal has not been officially endorsed for VeChain, so none of this project has started yet. However, the fact that the government was willing to hear their proposal is a good sign for both the country’s vaccine issue and the value of VeChain. In fact, the news about the proposal alone can easily be credited to the recent surge in activity on their platform. At this point, their solution is the only one that the Shanghai government has showed support for.
Tracking More Than Vaccines
It is clear that blockchain is a technology that consumers trust, based on the fact that nothing on the ledger can ever be voided or erased. The historical log is being used for something much different than trading or transacting right now. In a promotional effort for Chinese Valentines Day, significant others are being challenged to proclaim their love in a written block on the ledger, which is much more lighthearted than their problem with the vaccinations.
Once on the blockchain, it stays there forever, and no cryptocurrency is even necessary to log it. By showing off the fun side of this technology, it becomes much less stringent and serious, making it more user-friendly in the process. The app specifically runs within the WeChat program. Hopefully, with all of these new options, the rest of the industry will soon see how far blockchain technology can take them as well.