IOTA (MIOTA) -VeChain (VEN) –With the globalization rise, there has been significant growth in global trade. Goods valued at trillions of dollars are yearly dispatched all across the world. But, as global trade continues to expand and grow more complex, certain fundamental problems remain unresolved. One of these fundamental problems is that of authenticity in the supply chain.
The current system on ground makes it tough to track goods through the system. As such, this has made it easy for goods with fishy background –like those gotten through conflict –to slip through the supply chain.
Likewise, counterfeit goods are also able to make it through the supply chain, thereby leading to billions in losses for manufacturers.
There are three critical components that make up the global supply chain. They are:
- Physical movement of goods/products.
- The movement of documentation that validate the physical goods.
- The movement of money as payments for the goods and services moving across the globe.
All these are problems that can be resolved using blockchain technology. Several blockchain projects are already making this possible and as a result, their valuation will grow as they gain adoption. VeChain (VEN) and IOTA (MIOTA) are two of such projects.
Meet IOTA (MIOTA)
IOTA goal is to put to test in the Machine-to-Machine economy its Tangle, DLT and DAG platform. According to their website, ‘it is the first open-source distributed ledger that is being built to power the future or the Internet of Things with feeless micro transactions and data integrity for machines.’
In the area of partnerships, one of the most active coins in the market is IOTA. Kudos goes to the IOTA Foundation that simply keeps growing. Its numerous partnerships in the automobile industry as well those in other sectors make the potentials for future adoption truly exciting.
Volkswagen, Bosch, Porsche and Cisco are just some of the major partners that can really drive the IoT and M2M advocated by IOTA to adoption.
The IOTA platform has made many inroads into other sectors. This is a confluence that could facilitate an increase in the demand of its native coin.
One of the projects that have a huge role to play in transforming the global supply chain network is IOTA (MIOTA). Fujitsu, a key IOTA partner recently came out strongly in support of IOTA. It advocated it as the perfect Distributed Ledger (DLT) Platform for auditing the manufacturing process.
According to Fujistu, IOTA is an immutable source of truth and can aid in eliminating inefficiencies in the manufacturing process.
IOTA offers a perfect and immutable way of storing such information, thereby effectively dealing with the problem of ethics and genuineness of the physical goods being transported. With companies like Fujistu backing IOTA, it will not be long before it gains extensive adoption in the global supply chain network.
Meet VeChain (VEN)
Vechain (VEN) aims to leverage blockchain technology to change and revolutionize several industries. Inroads has been made by the Vechain Foundation in the automobile, pharmaceuticals, liquor, luxury goods, supply chain, retail, logistics, and food amongst others. Seriously, its possible use cases are quite many.
Vechain (VEN) is working on using the blockchain to authenticate physical goods. By means of its cold-chain logistics IoT devices, it is possible to track goods from their point of origin to the final consumer. Vechain is very useful in the luxury goods department, which had been besieged by counterfeits in recent past.
Through Vechain (VEN), a consumer can ascertain if the luxury products they are using are actually from the brand owner or just knock-offs. This will seriously play a vital role in cutting down on counterfeits in the future.
The Vechain Thor blockchain is definitely attracting attention even though more is expected of it. The enterprise-ready platform already has signed game-changing deals with BMW and a lot of other companies in the supply chain industry and other allied fields where its technology is working.
It was recently announced that it was working on MustangChain, a Vechain Thor blockchain that is a powered solution designed to transform the $30B equine industry. They also revealed that Decent Bet will be the first of many projects to migrate and launch their mainnet on the Vechain Thor blockchain.
Vechain appears to be taking solid steps towards getting their products to the global stage and its links in the Asian region is likely to accelerate its adoption. The implication is that Vechain (VEN) is also poised for huge growth in the months to come.
And the Plot Between IOTA (MIOTA) – VeChain (VEN) Thickens
There are numerous cryptocurrency projects in the cryptospace that it is becoming a daunting task to just select one and declare it as the ultimate. It is even more overwhelming to an investor if similarities are more than dissimilarities. And then as new projects are launched you might begin to doubts if you as an investor have invested in the right coin.
Different as they are, both Vechain and IOTA are likely to pull through in their particular crypto spaces. Although, the many partnerships that they have agreed upon over the years has the capacity to determine who succeeds in the long run and who flounders in the shadows. Most of these deals are likely to be catalyzed by the Internet of Things (IoT), an aspect being championed by the two coins.
IOTA (MIOTA) – VeChain (VEN): To Sum It Up
By way of their huge use-case in the global supply chain network, the advancement of these crypto projects is considerably assured. This is because they are putting forward solutions to a real need and that is definitely a favorable advantage to their prospective valuation.