Posted 2 years ago | by Ben Armstrong
A Partnership Between Ripple and VeChain Could be the Biggest Event on Crypto
With VeChain and Ripple showing great potential by themselves and growing popularity, there could now be a partnership that could skyrocket their popularity and benefits.
To learn more about these 2 coins, the benefits that a possible partnership could bring, and Bitboy Crypto’s predictions for them, make sure to watch the latest video!
The Birth of a Revolutionary Partnership
A user on Twitter by the name of CryptoEri posted about a Japanese article that explains how financial behemoth SBI Holdings could be getting into VeChain to use their traceability tools and build a supply chain platform for agricultural products.
SBI Holdings is a direct partner of Ripple which suggests that a partnership between both companies could be taking place as VeChain’s CEO Sunny Lu expressed in the past that VeChain and Ripple could be great partners.
A partnership between these companies would place VeChain is a great place to start ruling the supply chain industry which has seen companies like Volvo, Mercedes-Benz, Sweden’s seafood industry, and other giants applying blockchain technology to improve their processes.
Automation and Streamlining are on the Rise
With automation increasing in all industries, supply chain management is essential for companies to produce, transport, and sell all of their produces as seamlessly as possible, which is a process that goes from the raw materials to the finished products.
Integrating Ripple’s token (XRP) into a supply chain on the VeChain network would allow VeChain to add payment applications into the network as Vechain is focused right now on business applications.
While there has not been a confirmation from either side yet, Sunny Lu’s interview suggests that such a move could have already been considered and there might be more to what their silence indicates.
VeChain is Working on Making Supply Chains Work
VeChain is a platform specifically designed to enhance supply chain management and business processes, a blockchain application that is experiencing increasing applications by major players in different industries.
Providing a fast delivery of transactions, scalability, and energy efficiency are paramount for this kind of application, which is why the VeChain network uses a proof-of-authority algorithm that also provides privacy during the whole process.
VeChain’s token (VET) is sitting at rank 17th at this time as his value has duplicated in the last 30 days with its market capitalization following the same trend, which is making VET one of the hottest altcoins in the market at this time.
Ripple is Changing how Financial transactions Take Place
Ripple has been doing even better than VeChain when it comes to market dominance as it is the 4th biggest cryptocurrency out there at this time.
The company was created as a means to use blockchain as a means to enable organizations and financial institutions to send money internationally, instantly, reliably, and for a low cost.
It was founded back in 2012 and quickly to become one of the most influential voices in the blockchain world, with over 300 mainstream financial institutions joining the RippleNet with investments from giants like Standard Chartered, Accenture, American Express, and more recently Santander group.
The Ripple network is a decentralized currency exchange that uses the XRP Token to power its transactions on the XRP Ledger, allowing transactions to be settled in up to 5 seconds without the need for intermediaries.
The token has a value of $0.1965 and market capitalization of $8,822,151,472, with an increase of only about %5 in the last 30 days in value and market cap.
Effective Supply Chain Management is More Important than Ever
Supply chain traceability has been of the most popular applications of blockchain technology in the last months as the result of the economic and industrial crisis caused by the COVID-19 pandemic around the world, which has forced suppliers to stop operations in some regions.
Industry titans around the globe have been rolling out trials of different blockchain networks to tackle the issues with their supply chains, like is the case of Volvo and Mercedes-Benz in the automotive industry.
Volvo announced on July 8 of 2020 an investment in the blockchain firm Circulor through their Volvo Cars Tech Fund to track its battery supply chain by incrementing transparency on suppliers that up until now had no visibility due to its tier in the chain.
Mercedes-Benz on the other hand had its parent company test the ocean Protocol, a data-sharing platform based on blockchain technology, to enable different manufacturing plants to share internal data securely and in a decentralized manner.
Other uses of Blockchain that allow for the improvement of supply chain management include the authentication of the end products by taking advantage of the immutability that the technology provides, with IBM and Norwegian seafood producers being an example.
To learn more about these 2 companies and the possible partnership, Bitcoin's current state, and CEEK VR's recent spike, make sure to watch the video by clicking here.
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