After an incredible pullback in cryptocurrencies, VeChain has produced one of the strongest rebounds. In fact, the coin is up another 50% today to $0.015.
All thanks to news out of China, where a crisis is out of control.
Crisis creating opportunity
At the moment, there’s a vaccine safety issue in the country.
Hundreds of thousands of children’s vaccines in China are faulty, raising the number of defective vaccines to one million.
China’s State Council announced that a batch of diphtheria, pertussis and tetanus (DPT) vaccines, produced by Changchun Changsheng Biotechnology are all “substandard.” The crisis of confidence among consumers deals another setback for China’s $122 billion drug industry. It’s so bad that Chinese drug maker stocks have lost more than $22 billion since the scandal broke.
As a result, it appears government agencies may be turning to blockchain technology to help.
VeChain offers traceability solution for 30 million people
VET offered a drug and vaccine traceability solution for over 30 million people to help combat the pharmaceutical scandal.
There appears to be acceptance of the solution.
In fact, the Shanghai government is supporting the VET traceability solution:
“In VeChain’s drug and vaccine traceability solution, high 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 VeChain solution will also ensure the reliability of the data source and eliminate the potential risks in the princess. Its solutions will reportedly reduce future vaccine manufacturing scandals. There will be backtracking and accountability, targeted recall and disposal, exclusive ID for each vaccine. Additionally, there will be early warning and risk management.
The VET traceability solution has been up and running since 2016, and is the only blockchain supported by the Shanghai government, notes Asia Times. “VeChain is the only approved blockchain traceability provider in Shanghai and has been tasked to achieve the China traceability requirements by 2020.”