VeChain Boosts Ecosystem After Securing Latest US Patent

Supply chain-focused blockchain VeChain has boosted its ecosystem after receiving a US-approved patent for its latest innovation.

Vechain confirmed the development in a retweet, citing an earlier post from pseudonymous community figure AprilStrawberry. The patent allows VeChain the exclusive rights to its latest temperature data innovation.

Patent Details

Approved on October 15, VeChain secured its third US patent in three months through NanoJClean Technology, the network’s offshore subsidiary based in China. Notably, NanoJClean prides itself on being a blockchain-enabled food traceability platform and an early contributor to the VeChain network.

The patent, with number US 12,118,129 B2, gives VeChain the license for its temperature data recording. VeChain aims to improve the blockchain industry and its ecosystem by introducing data temperature testing in cold chain transportation.

The methodology involves acquiring, storing, and compressing temperature data to fit into a meager storage space. This innovation aims to ensure the security and authenticity of collected data in the blockchain and avert data tampering.

Notably, the innovation follows VeChain’s latest US patent on data security. Still approved under NanoJClean, the technique aimed to effectively manage key security by improving user identity authentication in blockchain technology.

Building on the identity innovation, VeChain announced the launch of VePassport on Tuesday. Per the update, VePassport is a decentralized identity solution launched on the VeBetterDAO to ensure user genuity and fair reward distribution in the ecosystem.

VeChain Price Prospects

Meanwhile, amidst the broader market downturn, VeChain has corrected over 3% over the past 24 hours to trade at $0.02343. However, an analysis from The Crypto Basic shows that the coin still has breakout potential as it continues to hold its 50-day EMA trendline.

Moreover, analyst Egrag recently predicted an over 4,324% upsurge in VeChain’s price, targeting $1. The analyst cited previous bull cycle performances and stated that the token is close to hitting the “Turbo Trigger.”

Notably, Egrag had earlier predicted a substantial uptick to $1 or $2 for VeChain. In the analysis, the market speculator noted that the coin’s price chart was about to enter wave 3 in the Elliot Wave Theory pattern formed on its 1W timeframe.