VeChain Extends Its Rally By Building Off Solid Week Of Gains After Discussions With Chinese Governm
A report said that the price of VeChain (VET) extended its rally by building off a solid week of gains after discussions with Chinese government officials centered on a post-epidemic health response.
It has been reported that VeChain rose 2% on November 11 (Wednesday) to reach $0.011669, according to CoinMarketCap.
However, over the past seven days, the supply-chain management cryptocurrency is up over 23%. Only two other top-30 coins, NEM (XEM) and Chainlink (LINK) have outperformed VET over the past seven days.
The cryptocurrency’s uptrend appears to have coincided with a meeting of high-ranking officials from China’s Hubei Province, VeChain, and DNV GL Global, a global risk management firm, early last week.
China-based Chainnews reported that the meeting centered on the use of digital tools to revamp the public health system in the wake of COVID-19, as supply-chain logistics, especially those that enable import traceability and certification, will be a critical component of the post-crisis response.
What's propelling VeChain's weekly pump? https://t.co/NnCzJdce3W — Cointelegraph (@Cointelegraph) November 11, 2020
Likewise, DNV GL proposed a four-pronged approach to public health management in the wake of the epidemic, including an “internationally leading blockchain-based self-risk management” platform.
Kang Wenyu, the Senior Vice President of DNV GL, said the “prevention and control of epidemics” requires a coordinated approach to health management.
“Standardized and digital management tools can efficiently establish a complete public health system.”
Wenyu further said:
“The new environment requires an innovative management model. VeChain’s blockchain technology can ensure the transparency, security, and credibility of all critical information, increase the cost of data fraud to infinitely high, and minimize the cost of supervision.”
Moreover, VeChain is widely regarded as the leading enterprise supply chain management platform leveraging blockchain technology, as the platform is backed by the Chinese government and has even been promoted by state media.
As a natural extension of its close ties with Beijing, VeChain is not a fully decentralized platform.
Thus, this is by design, as its developers sought to integrate features from both decentralized and centralized finance.