Blockchain technology is advancing and disrupting almost every industry. Bitcoin is becoming the greatest store of value, and decentralized finances are booming thanks to Ethereum.
VeChain is another blockchain project supposed to be innovating in the crypto space. With its focus on providing the supply industry with a robust and viable platform for tracking data, VeChain has gained recognition from many high-profile partners.
We will analyze the VeChain protocol, see how it works, and list some of its benefits for the supply chain. Moreover, we will provide you with a thorough price analysis and an honest VeChain Price Prediction for the next 5 years.
What Is the VeChain Blockchain and How Does It Work?
VeChain is a public blockchain protocol. It was created to improve the supply chain industry by making it more transparent, cost-efficient, and easier to manage. It uses the decentralized blockchain ledger and smart contracts to improve upon some issues of the supply chain.
Thanks to the smart contract infrastructure of the VeChain blockchain, supply chain processes can be simplified by making them more autonomous. Human error is reduced significantly, which makes the process cheaper and easier.
There are two tokens on this blockchain: VET, which is used for governance and storing value, and VTHO — for transaction fees.
VeChain can be connected to IoT devices to automate each step of the supply chain. Product statuses can be auto-updated, providing transparency at each stage of the logistics process.
And finally, VeChain addresses the main problem of the supply chain: fraud and counterfeit products. Thanks to the immutability of the blockchain, data integrity is ensured, and every item has a unique proof of origin.
These benefits have led industry leaders, such as BMW, DB Schenker, and PriceWaterCoopers (PWC), to seek partnership with VeChain and start building logistics solutions on their blockchain.
VET Historical Price Analysis
VeChain (VET) missed the 2017-2018 crypto bull-run by a few months, as it was released during the second half of 2018 when the bear market had already started. The price of the VET token never really went up in this 2-year period (2019-2020) and was mainly trending between $0.003 and $0.007. The cryptocurrency experienced its first price rally in the summer of 2020, during the DeFi summer, when it reached $0.02.
However, this was only a precursor to the incredible bull run that followed in 2021. The price of VeChain literally skyrocketed in the first 5 months of 2021, reaching a peak price of $0.27 per VET token in April. When doing the math, VET did over a 1000% price increase from January to its newly-reached all-time high in April.
The price retraced more than half from the April peak but is now preparing to follow the market into another possible rally towards new heights.
VeChain Price Prediction
So, what will VeChain be ultimately worth by the end of the year? Many analysts are quite bullish about this cryptocurrency. WalletInvestor puts the price at around $0.25 by the end of the year, meaning they hope VET returns to previous heights.
We believe that thanks to the great partnerships, the forecast could be even more optimistic. We shouldn’t rule out that the VET price could reach $0.50 by the end of 2021. As for 2025, we could see VET reach $2, as a new bullish cycle driven by the next bitcoin halving will have taken place by then.
How to Buy VeChain Anonymously?
With all that in mind, you might be interested in acquiring some VET tokens. If this is the case, you should look for a fast and reliable platform like Godex. It will allow you to trade hundreds of different cryptocurrencies for VET, including rare market pairs like ANKR vs VET.
The best thing about this exchange is that it doesn’t require you to create an account on their website. All you need to do is provide your VET address to receive your newly purchased tokens. This also means that you will maintain your privacy when making transactions, which is an important benefit these days.
Conclusion
Projects like VeChain are proving that blockchain technology can find its place in almost any industrial sector. Its VET token is a promising cryptocurrency that is bound to grow with the popularity of the platform. And as more partners join the VeChain ecosystem, the value of the VET token should increase significantly.
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