This is news that has had a real impact on VET, the native currency to the VeChainThor project. At the time of writing, VET is valued at $0.014, up 41.39%.
In China, there is currently a huge issue with the vaccine supply chain and as a result, many people end up with the wrong vaccinations, or no vaccinations at all, against diseases that have proven to be deadly. It’s a crisis, one that VeChainThor has the cure for.
This news was initially posted on the VeChainThor Medium blog, however according to Ethereum World News, the news has picked up a great deal of traction after Nasdaq released a report that allegedly proves how VeChainThor could be used to solve the crisis in China. It’s important to consider than within China specifically, the VeChainThor project has already been used by Chinese authorities and thus they do have a history of working together, though as it stands there have been no official announcements from the Chinese government to say that they are working on improving the vaccine situation by using VeChainThors technology.
According to the VeChainThor Medium post:
“China is currently facing a tragic vaccine scandal, where it was recently discovered that Chinese vaccine manufacturers provided hundreds of thousands of faulty and falsely documented vaccines to Chinese school children. The scandal has incited widespread fury both in China and abroad, prompting the country’s President, Xi Jinping, to describe the incidents as vile and shocking.”
What are VeChainThor planning on doing?
According to the Medium post:
“Blockchain technology has developed under the support and guidance of state-provided resources and policy. VeChain is the only approved blockchain traceability provider in Shanghai and has been tasked to achieve the China traceability requirements by 2020. VeChain’s traceability solution is being developed and tested in Shanghai, and will soon be rolled out across China.”
“In VeChain’s drug and vaccine traceability solution, highly sensitive IoT devices capture and record to the VeChainThor Blockchain all data involved in vaccine manufacture and transport including getting vaccines from manufacturers, storage facilities, cold chain distribution, hospitals, and even usage. While ensuring the reliability of the data source, VeChain’s solution also eliminates the potential risks in the whole process and ensures that vaccine records are immutable and permanent.”
You can see the full post for yourself, here.
The system will allow for accurate backtracking and accountability, targeted recall and disposal, real data-based early warning and risk management and an exclusive ID for each vaccine. It’ll improve the entire system and the implications of this are huge, simply put, lives will be saved.
The re-birth of this news is sure to hit headlines in China and may put pressure on authorities to start to look into the VeChainThor solution. It seems that VeChainThor have done the hard work here already and that all the authorities need to do is agree to work with them, the rest should simply fall into place.