Earlier this year, VeChain (VET) rocketed higher on a “crisis and opportunity” situation in China.
There was a good amount of news of vaccine safety in China at that time
Hundreds of thousands of vaccines for children in China are faulty. This raised 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 were all “substandard.”
As a result, government agencies began to turn to blockchain technology for help. In fact, VeChain offered a drug and vaccine traceability solution to over 30 million people that could assist.
However, since then, VeChain fell from a high of $0.2062 to a recent low of $0.116.
While it would appear VeChain is going nowhere, that’s not the case
Just recently, King Harald V and Queen Sonja of Norway reportedly witnessed the Signing Ceremony of the “DNV GL — VeChain Digital Low Carbon Ecosystem” in Beijing in recently.
According to Medium.com, “The signing of this document serves as the official creation of a new partnership between the influential Norwegian assurance company DNV GL and key partners of the Thirteenth Chinese Five-Year Plan: BYD, PICC, VeChain, Tsinghua University’s Sino US Relations Research Center, and Shanghai Xiandao Food (a subsidiary of Bright Foods).
The purpose of this newly established ecosystem is to advance DNV GL’s existing efforts working with the United Nations. The aim is to advance the UN’s environmentally-focused Sustainable Development Goals.
VeChain Thor Blockchain
The idea is to leverage the VeChainThor Blockchain and Internet of Things (IoT) devices. They will record all carbon emission reductions of people and companies. To do so, it’ll use smart contracts to calculate carbon reduction equivalents, and issue carbon credits.
Should all go according to plan, analysts believe the news could garner further investor support.
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