During the recent market turmoil some cryptocurrencies have fared better than others. VeChain unfortunately has been one of the losers plunging hard for the past three months. Finally it appears to be on the road to recovery as news of a new proposal to China’s medical industry has lifted the altcoin today.
There is currently a vaccine safety crisis going on in China and government agencies are turning towards blockchain as the savior. According to a Nasdaq report VeChain has proposed a vaccine tracking solution to alleviate the problem. Last month it was revealed that hundreds of thousands of children had received defective vaccines manufactured by a Chinese drug company. The government came under scrutiny for failing to check that the company was operating within safety standards.
Earlier this month VeChain proposed a drug and vaccine traceability solution on its medium page. The post went into great length explaining the problem and the failings in the medical system in China, highlighting other vaccine scandals that have plagued the country. It offered the following solution with partners DNV GL, a Norwegian firm that provides certification and business assurance services;
“In VeChain’s drug and vaccine traceability solution, 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 Chinese government has not officially endorsed the project and VeChain maintain that they are working on it independently. However VeChain does have a history of collaboration with Chinese governmental agencies and, according to the report, it noted that the vaccine data-tracking solution “is being developed and tested in Shanghai, and will soon be rolled out across China.”
Crypto markets are slowly recovering today but VET has pumped over 40%, possibly in reaction to Nasdaq’s acknowledgement of its efforts in solving the vaccine crisis in China. Reddit users also reacted with one stating “This is what will drive mainstream crypto adoption. This is a huge, real, current issue, with a simple solution that crypto solves quickly and cheaply”.
Currently VET is trading at $0.0144, up 57% in three days from its Tuesday low of $0.0062. When the chips are down there is nothing like a good news story on a mainstream outlet to pump an altcoin.