On Wednesday November 11, the price of VeChain extended its rally. This built off a solid week of growth after the company's CEO had a discussion with officials from the Chinese government. Those discussions were centered around the post-epidemic health response. VeChain, which trades under VET, had a 2% increase on Wednesday. It closed the trading day at $0.011669.
Over the past seven days, the cryptocurrency's value has increase by 23%. This coin is paired with supply chain management. Only two other coins have done better than VET in the past week. Those coins are NEM (XEM) and Chain Link, (LINK). At its current value, VET has a market cap of $751 million. The trend upward for VET is coinciding with the meeting of high-ranking officials from the Hubei province of China. Also in the discussions were VET officials and officials from DNV GL Global. DNV GL Global is a risk management firm serving clients around the world.
In a report from a crypto publisher in China, the meeting was centered on a discussion about using digital tools to fix the public health system in the wake of the COVID-19 pandemic. It involved talking about supply chain logistics, especially in the way that would enable certification and tracing of supplies from the manufacturer to the retailer or consumer. This is critical in times of shortages, theft and hoarding.
The proposal from DNV GL Global is a four-tier approach to public health management services. They want an international blockchain around self-risk management. In the report, the Senior Vice President of DNV GL said that the prevention and control of pandemics requires a coordinated response. Digital management tools that are standardized would help that a lot. The current environment needs improvement. It needs more credibility of information, security and transparency.
Fraud needs to be cut, and management and supervision need to be simplified. Blockchain could do it. The platform would be backed by the Chinese government and promoted by Chinese media. The platform could be used as an extension for other needs. Its features would combine centralized and decentralized finance in China.