VeChain (VET): news of the crypto industry's greenest project
VeChain and RWA
RWA is one of the trending areas in the crypto market in 2024, and according to Boston Consulting Group (BCG) forecasts presented in its latest report, the RWA market could reach $16 trillion by 2030.
Boston Consulting Group has become one of VeChain's key partners. The goal of this partnership is to bridge the gap between traditional (TradFi) and decentralized finance (DeFi) by providing clients with access to a wide range of tokenized assets (RWAs) on the blockchain. Among other things, the VeChain and Boston Consulting Group partnership will provide users with the following benefits:
- Equity ownership opportunities;
- Reduction in the number of intermediaries;
- Reduced transaction costs;
- Transparent and immutable asset ownership records;
- Increased liquidity of assets that would normally be illiquid.
The VeChain team is developing a solution with Boston Consulting Group to reduce carbon emissions in agriculture and maintain supply chain integrity for food commodities.
In addition, the collaboration aims to address more global environmental issues through innovative blockchain projects. In particular, one of VeChain and Boston Consulting Group's initiatives is to fund projects to create a "green technology revolution." One of the leading collaborations between VeChain and Boston Consulting Group is an initiative called Blockchain Biospheres Initiative, which includes:
- Promoting blockchain solutions that address environmental challenges;
- Grant programs from VeChain under the mentorship of BCG to enhance the contribution of blockchain technology to the development of an ecological future;
- Collaborative efforts to use blockchain to create green decentralized applications (DApps);
- Building a foundation for future blockchain innovation.
VeChain platform development
In the first quarter of 2024, the VeChain team launched Marketplace-as-a-Service (MaaS), a decentralized e-commerce development platform. In July, it entered into partnerships with NFT platform EXplusnft and motorcycle racing team Gresini Racing.
As part of this collaboration, EXplusnft and Gresini Racing will use VeChain's new e-commerce platform to manage data more efficiently and transparently and conduct fast and secure transactions through a decentralized network.
VeChain and green projects
One of the VeChain team's priorities is fighting environmental issues or, in other words, protecting the environment. For example, VeChain became a partner of the Plumb platform, which aims to reward users for making "environmentally friendly" purchases.
For each such purchase, users receive B3TR native tokens, which can be exchanged for VOT3 tokens. They also participate in managing the decentralized autonomous organization VeBetterDAO, which is part of the VeChain ecosystem.
The VeChain team has also partnered with the GreenCart app, which is very similar to Plumb. However, users are rewarded with B3TR tokens for buying eco-friendly products in the European Union.
In addition, the VeChain team supports various initiatives to protect the environment. For example, as part of the Cleanify VET initiative, the VeChain team launched a jungle cleaning project in India. This project attracted the interest of companies and investors, some of whom joined the Cleanify VET initiative.
Conclusion
According to analysts' research, VeChain has all the chances to become a dominant player in the RWA market due to its strong partnerships with large and well-known companies such as Walmart, PwC, DNV, and BMW. Moreover, the list of partners continues to expand rapidly, strengthening VeChain's influence in the RWA sector.
The rapid development of decentralized tools and services in the VeChain ecosystem only increases the project's potential. For example, the VeChain team has been granted patents for technologies for supply chain management and user identity verification. This not only helps attract new users to the ecosystem but also increases the value of the native token of the VET platform.