Chris MacDonald, a Fool.com contributor focusing on what’s new and exciting in the crypto world, discusses VeChain (CRYPTO:VET) with The Motley Fool’s Eric Bleeker as a top utility crypto to watch — in this clip from “The Crypto Show” on Backstage Pass, recorded on Oct. 20.
Eric Bleeker: The next one being VeChain. I believe that one is about $8 billion and it has a very interesting use case. As you’ve been saying over and over again on the show — you look for use cases. So let’s talk about what VeChain provides.
Chris MacDonald: Yes, I think starting at the end and thinking about what value and utility users get is really important. I think VeChain is one of the most intriguing in this regard.
Most cryptos provide relatively similar value to end-users there. They can transfer. They allow for transactions that take place, their historic value, etc. But with VeChain, their network provides unique utility in that it’s an enterprise level robust supply chain solution for users.
So what that means is companies can track what they manufactured, where it’s headed, temperature, the odometer readings of their goods over time. Big clients such as Walmart or BMW have actually adopted this technology.
So it’s big in China. China has been a leader in their QR code, Internet of Things development there. We’re catching up here. But what’s intriguing about the integration of Internet of Things and blockchain, because that by using a scanner, for example, putting a QR code on the package, scanning it, and integrating that with the blockchain.
These companies essentially have a record on a ledger — a digital ledger — that can’t be tampered, changed, or manipulated over time. In a sense, it’s a much more secure and faster, better way of tracking their goods around the globe.
Given the globalized nature of our economy, this is a potentially huge use-case and VeChain is a leader in this regard. So it’s a rather niche, specific, targeted use-case technology, but I like the fact that it’s got real utility and it’s seeing adoption increase dramatically, so it’s one that I’m keeping an eye on.
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