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Cryptocurrency News Articles
VeChain (VET) Ecosystem Boosted after the Network Receives US Patent Approval for Temperature Data Innovation
Oct 22, 2024 at 06:18 pm
Supply chain-focused blockchain VeChain has boosted its ecosystem after receiving a US-approved patent for its latest innovation.
Blockchain technology, renowned for its secure and transparent nature, has found increasing application in various industries, including supply chain management. One notable player in this domain is VeChain, which recently obtained a significant patent approval in the United States for its latest innovation.
The development was confirmed by VeChain in a retweet, acknowledging an earlier post by AprilStrawberry, a pseudonymous community figure, who shared the news of the patent approval. This latest innovation from VeChain pertains to temperature data, granting the company exclusive rights to the technology.
Delving into the specifics, the patent was approved on October 15, marking VeChain's third US patent within a three-month period. The application was filed through NanoJClean Technology, a subsidiary of VeChain that is registered offshore in China and operates a food traceability platform that leverages blockchain technology. NanoJClean has been an early contributor to the VeChain network.
As per the details, the patent, numbered US 12,118,129 B2, pertains to a method for recording temperature data. Through this innovation, VeChain aims to enhance the blockchain industry and its ecosystem by introducing data temperature testing in the context of cold chain transportation.
The methodology entails acquiring temperature data, storing it, and then compressing the acquired data to fit within a limited storage space. This innovation serves to ensure the security and authenticity of data that is collected on the blockchain and aims to prevent any tampering with the collected data.
Significantly, this latest patent approval follows a recent innovation from VeChain that also obtained a US patent, focusing on data security. Approved under NanoJClean, the technique aimed to effectively manage key security by improving user identity authentication in blockchain technology.
In related news, VeChain also announced the launch of VePassport on Tuesday, building on the identity innovation. As per the update, VePassport is a decentralized identity solution that has been launched on the VeBetterDAO to ensure user genuity and enable fair reward distribution within the ecosystem.
Turning to the markets, VeChain (VET) has seen a 3% correction over the past 24 hours, trading at $0.02343 at the time of writing, according to data from The Crypto Basic. However, an analysis of the coin's price chart reveals that it still has breakout potential as it continues to hold its 50-day EMA trendline.
An analysis by analyst Egrag also projects an over 4,324% upsurge in VeChain's price, targeting $1. In his analysis, Egrag examined previous bull cycle performances and stated that the token is close to hitting the “Turbo Trigger.”
Interestingly, Egrag had earlier predicted a substantial uptick to $1 or $2 for VeChain in an analysis where the market speculator noted that the coin’s price chart was about to enter wave 3 in the Elliot Wave Theory pattern formed on its 1W timeframe.
It's worth noting that Egrag's analyses and price predictions are based on their own market observations and interpretations, and may differ from the broader market consensus or official statements from VeChain.
Readers are advised to conduct thorough research, considering multiple perspectives and analysis, before making any investment decisions. Additionally, this content should not be construed as financial advice.
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