Cryptocurrencies with real use cases are continuing to separate themselves from the herd. When choosing what to invest in there are multiple factors to consider. Some of these include the team behind the project, real world use and feasibility, partnerships, and ongoing development. projects that do not have these attributes will fall off and cease to exist. In 2018, about 1,000 different cryptocurrencies failed, many of which could not stand the pressure of the bearish market in late 2018. When choosing which cryptocurrencies to invest in it is important to do thorough research.
Vechain continues to drive its adoption by relentlessly showing their real world applications. During this pandemic they have found a way to provide value to the world by utilizing their platform to verify the authenticity of coronavirus KN95 masks. Face masks are currently in high demand. Some have reported ordering the product online only to see that it wont arrive for months. Due to this rise in demand there has been an increase in counterfeit protective gear as scammers exploit the coronavirus for profit. Hospitals all over the U.S. are importing vast amounts of face masks from China due to the shortage, and Vechain is ensuring through its Blockchain ecosystem that the new KN95 masks are authentic.
Vechain utilizes a non fungible token(NFT) chip as well as a two-factor authentication QR code to verify each shipment from China. Information such as product ownership and origination are uploaded onto the blockchain by San Francisco start up Real Items, a partner of Vechain. Retailers and healthcare facilities can then verify the authenticity of the KN95 masks by scanning the QR code on the product packaging using a mobile phone camera. The scan reveals time and place of production, as well as logistical points along the supply chain.
Example of QR code: Users scan item with mobile phone to obtain supply chain information
Vechain has proven to be agile in a challenging economic environment. Companies that fail to adapt to the continuous changes will be left behind. However, the future is bright for companies that can show their value in turbulent times.
