The price from VeChain (VETERINARIAN) extended its rally Wednesday, building on a solid week of gains following talks with Chinese government officials targeting a post-epidemic health response.
VeChain was up 2% on Wednesday to $ 0.011669, according to CoinMarketCap. In the past seven days, the cryptocurrency for supply chain management is up more than 23%. Only two other top 30 coins – NEM (XEM) and Chainlink (LINK) – outperformed VET in the past seven days.
At current values, VeChain has a market capitalization of $ 751 million.
The cryptocurrency’s upward trend appears to coincide with a gathering of senior officials from China’s Hubei province, VeChain and DNV GL Global, a global risk management company, early last week.
As reported by Chainnews in Chinathe meeting focused on using digital tools to revamp the public health system in the aftermath of COVID-19. Logistics in the supply chain, especially those enabling traceability and certification of imports, will be a critical part of the post-crisis response.
DNV GL proposed a four-pronged approach to public health management in the aftermath of the epidemic, including an “internationally leading blockchain-based self-risk management” platform.
In an accompanying report, DNV GL Senior Vice President Kang Wenyu said that the “prevention and control of epidemics” requires a coordinated approach to health management. He said:
“Standardized and digital management tools can efficiently build a complete public health system.”
Wenyu called VeChain a strong candidate for improving existing models:
“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 infinite amounts and minimize the cost of surveillance.”
Launched by Sunny Lu in 2015, VeChain is widely regarded as the leading enterprise supply chain management platform utilizing blockchain technology. The platform is supported by the Chinese government and has even been promoted by state media.
Possibly as a natural extension of the close ties with Beijing, VeChain is not a fully decentralized platform. This is designed as the developers strived to integrate functions of both decentralized and centralized finance.