- VeChain(VET) occupies the 10th position in the global top 100 blockchain patent ranking
- VeChain Thor remains one of the most solid DLT projects at the moment
- VeChain has inked numerous partnership deals of late
Singapore’s VeChain (VET), a leading distributed ledger technology (DLT) project that seeks to provide robust and safe supply ctional supply chain-focused services is now among the top 10 firms with the most blockchain patents globally, according to a tweet on May 21, 2019.
VeChain Fueling Innovation
While there are currently more than 2500 blockchain projects in existence, with many of them being nothing more than just a proof of concept, some stand out from the crowd with their hard work and creativity. These projects have been successful in creating a niche for themselves with unique use cases.
One of such projects is VeChain (VET), a DLT project that aims to foster transparency in supply chains, while also solving other real-world economic problems.
In late 2018, VeChain (VET) occupied the 10th position in the Global Blockchain Enterprise Patent Rankings, with an exciting 38 blockchain patents, only bettered by e-commerce, tech and payments giants like Alibaba, MasterCard, BOA, PBOC, and some others.
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While we may not be able to dig up the entire details of VeChain’s 38 patents, we’ll briefly outline two of them.
- Sharing and tracing system for internet of vehicles (IOV) based on blockchain technology. VeChain describes the invention as a vehicle information sharing and tracing system that uses blockchain technology to gather and read detailed information about vehicles.
- Blockchain-based anti-counterfeiting system design and implementation. VeChain describes the invention as a system that employs blockchain technology in preventing product counterfeiting.
Besides the patents, the VeChain project has also inked several reasonable partnerships deals with many highly reputed firms of late.
As reported by Blockchain Reporter in September 2019, China’s largest insurance corporation, the People’s Insurance Company of China (PICC) joined forces with VeChain in a bid to integrate its technology into the insurance world.
More recently, earlier in April 2019, VeChain secured a partnership with three leading Norwegian firms to enable the former to use its technology in ensuring the freshness and traceability of fresh foods exported to China.