It seems governments are falling in love with VeChain’s (VET) prowess in the IoT world. The game first started when the Shanghai Government gave the blockchain platform a go ahead on the Drug and Vaccine Traceability Solution designed to reduce Pharmaceutical Scandals in China.
Over the years, China has faced several pharmaceutical scandals. Recently, it was discovered that fake vaccines and drugs had been distributed to school children causing a nationwide outrage among citizens on different social platforms. Changchun Changsheng Biotechnology was implicated during the scam and add its license revoked with their products recalled from the market as well.
To avoid future occurrence of pharmaceutical scandal, VeChain decided to offer its blockchain technology and IoT expertise to the industry. The technology has the potential to solve the drug and vaccine records problems.
At the moment, the traceability research is taking place in China and would be developed and tested in Shanghai before it could be rolled out to other regions in China by 2020, Today’s Gazette had reported.
To expedite the research, the Shanghai government offered to support the innovation. This indeed is a plus for the blockchain company.
Cyprus Also Loves VeChain (VET)
Not only Shanghai, Cyprus Invest, Republic of Cyprus national Investment partner, announced few days back that it signed an agreement with VeChain (VEN) Foundation.
The two with CREAM, a USA registered legal firm with expertise in strategically advising blockchain project and investments, signed a Memorandum of Understanding that will make them expand more on blockchain and its use cases. VeChain Foundation and the other two firms will create an avenue for mass adoption of blockchain in the country.
In the same line, they will suggests policies that will make blockchain revolutionise the technology industry in the country. This will make VeChain to be among those deciding for the country in the area of technology.
What This Means To Blockchain
Beyond VeChain, what this means to the cryptocurrency and blockchain space is that governments are beginning to give blockchain firms the opportunity to stay and have meaningful impacts in their administration.
It will also serve as an eye opener for other country who are still doubting the fact that blockchain is the much-awaited revolution in the technology space.
Before this year ends, expectation is high that VeChain (VET) will partner more governments to bring about blockchain adoption across the world.