Supply chain specific crypto platform VeChain (VET) had quite a green week in the charts. As of August 26, 2018, VET is up 21 percent than what it was last Sunday. Not a bad movement at all considering the prolonged bearish mood crypto market is going through.
In a recent tweet by Crypto Shark, Co-Founder SharkCIA, we get a sneak peek of real-life application of VeChain. In the short snippet, VeChain dApp scans the NFC enabled chip embedded on an apparel piece to get the entire specifics of the product through its supply chain. Users can view the product name and the product ID of the scanned item.
Real Life use in Small and Medium Scale Enterprises
In a series of tweets explaining the whole conundrum, Crypto Shark stressed the viability and ease of use for the end-users to use VeChain application. VeChain team also came up with multiple approaches to integrate the RFID, and NFC enabled chip into the garment.
The embedded chips include product details such as the place of manufacture, material breakdown, URL, size, and quantity, among other information. The entire data was uploaded on to blockchain, and it is speculated that VeChain will make the process cost-effective for small and medium scale firms to be able to afford it.
Following is the snippet posted on Twitter:
Here's some context relating to my previously uploaded video demonstrating a real-world implementation of #blockchain #iot #nfc #rfid technology with @vechainofficial technology for @SharkCIA (thread) and a new video showing the chip being scanned pic.twitter.com/PNEzCoHOhe
— Crypto Shark (@CryptoShark) August 24, 2018
Will VeChain Rise Again?
Early this year in January, VeChain was trading in crypto markets at a price of $8.46 per token, which also happens to be its ATH. While the digital currency has since plummeted considerably, currently trading at a mere $0.01, this is due to the 1:100 token split that occurred earlier this year, a development which saw VEN convert to VET.
This price is not surprising taking into account the fact that crypto markets across the globe have shown a bearish sentiment for quite some months now.
The tweet above comes at just the appropriate time to encourage the VeChain community. Through proper utilization of the distributed ledger technology and more such encouraging real-life examples, one can positively look forward to encouraging developments for VeChain shortly.
Editorial Update: Statement suggesting erroneous 99.8 percent fall in VEN value, without taking into account VET 1:100 token split, has been changed. We regret the error.