The VeChain latest news this morning showed that the price of the VET cryptocurrency managed to surge by 65% in a single month. However, the new figures today show that after China’s largest newspaper mentioned the coin referring to it as the “From French Farms to Chinese Plates” food safety initiative, the VeChain price surges 120%.
The People’s Daily newspaper has publicized the way in which blockchain would restore the customer confidence in China’s food industry. Speaking of, this industry is suffering with a crisis of confidence right now – and scandal after scandal continues to highlight the weak controls in place which fail to protect the public.
In times when there are hundreds of cases which include diseased meat, fake eggs, human hair soy sauce, sewer oil and other things, VeChain is solving these problems with a blockchain Traceability System in conjunction with Walmart China and the “big four” firm PwC. As they detailed in a June 2019 press release, the system will work in this way:
“Customers can scan the QR codes of goods to get detailed information about the source of goods supply and the geographical location, logistics time process and product inspection reports received by Walmart.”
This obviously represents a huge leap forward in food safety – and is probably why the VeChain price surges a lot on this day. Thanks to blockchain technology, VET may rise even further and may improve food security as a whole.
“Blockchain technology is ideal to ensure that the information collected from production to consumption will not be altered because of its natural properties and can be made available to all,” the China’s People’s Daily newspaper showed.
As the VeChain price surges by 120%, it is also making a serious headway in solving real-world problems. According to analysts, the price has experienced something of a renaissance lately.
The price of VET is right now at $0.0064 with a 1% gain over the day. Volume, on the other hand, is holding around the $110 million mark. This comes after a negative trend when the price of VET bottomed out at $0.0029 – and the bullish performance saw a 120% gain afterwards.
All of this led many to speculate that VeChain (VET), among others, is leading an altseason change.
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