VeChain gets into the spotlight due to the latest move that they made for the pharmaceutical industry.
Bayer China teams up with VeChain
Bayer China revealed in a recent interview that it chose VeChain as a tech provider for a new blockchain-powered solution that will be allowing the firm to track clinical drugs across the supply chain.
The system is called CSecure and it loads a batch number relating to a certain drug onto the blockchain.
Each one of the drugs can be tracked as it moves across the supply chain, using timestamps and user-identification info.
The blockchain has an immutable nature and this means that the data cannot be changed by a non-permissioned third party according to the latest reports coming from Coindesk.
VeChain won the right to work with Bayer last year
It’s also important to mention the fact that VeChain won the right to work with Bayer China in a competition back in 2019.
This was right after it proposed the company consider implementing a blockchain-based supply chain solution – this eventually became CSecure.
This system is based on ToolChain which is a proprietary blockchain-as-a-service (BaaS) system – it reportedly allows VeChain to create full DLT solutions to a client’s specific requirements.
Bayer China is just the latest important entity that VeChain teamed up with. Other essential firms worth mentioning are the following: the Chinese arm of supermarket chain Walmart, Big Four accountancy firm PwC which teamed up with VeChain to work on a new food tracking solution for China.
You can check out more details about how VeChain is trying to fight the problem of counterfeit medicine by heading over to the original article.
In terms of pricing, VeChain is currently positioned on the 30th spot on CMC and at the moment of writing this article VET is trading in the red – it’s priced at $0.006906.
