Enterprise blockchain platform VeChain announced this week that it has secured a patent in the United States related to using blockchain for transaction processing. The patent was filed in April 2019 and approved on October 24, 2023.
Keypoints
- VeChain has secured a patent in the United States that focuses on its potential as a transaction processing protocol. The patent was approved on October 24, 2023.
- The patent underscores VeChain’s ability to process multiple transactions at a time, which can help drive commercial adoption. VeChain aims to be a leader in supply chain efficiency and sustainability.
- The patent will allow VeChain to further expand into the US market in a regulated manner. This is significant as the US accounts for around 25% of global economic activity.
- Getting regulatory approval in the US has been challenging for blockchain companies. VeChain securing this patent is a positive sign for the overall blockchain industry.
- The patent could increase adoption of VeChain by US-based decentralized finance (DeFi) protocols and exchanges. Institutional investors may also gain more confidence in VeChain.
- VeChain focuses on supply chain management, anti-counterfeiting, and sustainability. The patent will support these use cases.
- The patent approval has positively impacted VET’s price, with it increasing around 13% over the past two weeks. More adoption could further boost VET’s valuation.
This development is a huge milestone for VeChain, as the US represents around 25% of global economic activity. Gaining regulatory approval to operate in the US market gives VeChain the opportunity to significantly expand its reach and adoption among major enterprises.
VeChain aims to be a leader in supply chain management, anti-counterfeiting solutions, and sustainability initiatives powered by blockchain technology. The newly granted patent focuses on VeChain’s ability to process high volumes of transactions efficiently. This is key for real-world commercial applications that require speed and scalability.
???? #VeChain just secured a groundbreaking US Patent for transaction processing on #blockchain! ????????
Approved on Oct. 24, 2023, this patent is set to revolutionize blockchain efficiency with a new transaction processing method. ????
Retweet #VET fans! Check out the patent ???????????? pic.twitter.com/9UBLn6Yvf2
— Collin Brown (@CollinBrownXRP) November 6, 2023
The patent approval comes after years of VeChain establishing itself internationally through partnerships with brands like BMW, LVMH, PwC, and others. It already has over 50 million transactions processed on its VeChainThor blockchain.
Industry experts say VeChain gaining a stronghold in the US market could incentivize more decentralized finance (DeFi) protocols, exchanges, and institutional investors to integrate support for VeChain. This would further increase demand for its VET token.
Since the patent news broke, VET has seen a price boost of around 13% over the past two weeks. As VeChain continues executing on its long-term roadmap and forming new high-profile partnerships, VET could see further gains in valuation.
The patent is a sign of the growing legitimacy and maturity of the blockchain industry worldwide. VeChain gaining regulatory approval gives confidence to other emerging crypto projects seeking to operate in regulated markets. Overall, it’s an exciting development for the real-world adoption of blockchain technology.
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