With the plethora of blockchain platforms out there and each of them offering so-called “out of this world” solutions, it is difficult not to miss platforms and solutions which have proven their mettle in recent times.
VeChain is a project that seems to be garnering a lot of interest by the general cryptocurrency community, but why, what is vechain and what has it been up to that it commands attention from many in the general cryptocurrency community?
what is vechain and what has vechain been up to lately?
In regards to what is vechain, while it originally started as a blockchain platform that powered supply chain networks by tracking product information, VeChain has since gone through a revamp and does not only provide those services, but also blockchain as a service solutions to small businesses, large enterprises, and even governments.
Also providing DApp creation and development solutions, the platform now has two tokens, with the previous VEN now rebranded to VET, and the new THOR Power utility token to fuel operations on the platform.
While the VET continues to be used as a means of payment and value transfer, the platform’s users could utilize the THOR token to supplement VeChain’s blockchain solutions.
However, those developments have not stopped the blockchain platform’s continued to strive for innovation, as it recently announced that it is bringing Distributed Data Vending to its platform – a data sharing solution that could transform industry-level processes.
What is distributed data vending and how does vechain use it?
The Distributed Data Vending solution was developed by VeChain in collaboration with experts from Michigan State University.
Simply described, the solution allows the capability of sharing a vast amount of data among the actual individual owners of the information and the purchasing enterprises, all while ensuring that proper security and regulations are complied with to maintain privacy and best practices on all front.
The move and the solution is being welcomed by the cryptocurrency, blockchain, and even conventional business communities since it would allow corporations to purchase information directly from individual data owners upon their discretion without breaching their trust by involving a third party.
One of the most apparent use cases of this technology could apply to the healthcare industry, where individuals could share their health records with parties such as medical facilities in order to aid them in their research.
However, it could also be used in commercial settings where corporations are simply looking for data to build or market their products. Thus, being allowed access to it by the end-users themselves would establish a form of trust that would go a long way for their future. Needless to say, the use cases for this technology would only develop further with time.
The news comes at an opportune time amidst the Facebook scandal, where user data belonging to the social media giant was utilized by a research company which then shared the data for political and monetary gain, all without the explicit consent of the affected Facebook users.
This particular development – if marketed the right way – could have very positive effects for its user adoption and market value in the near future.