VeChain Selected by Shanghai Govt. to use its Traceability Solution for Drugs & Vaccines

VeChain is been selected by the Shanghai government for its traceability solution to be used for drugs and vaccine. Recently, the source code of v1.0.1 has also been released along with the announcement of VET trading zone with zero trading fee on LB Exchange.

VeChain offering its traceability solution for 30 million people

This has been a big week for the VeChainThor as it made a series of developments that will add value in the long term. The world’s 20th largest cryptocurrency will be now used for its traceability solution for drugs and vaccines.

The Food and Drug Administration of China (CFDA) recently investigated the Changchun Changsheng Biotechnology, a vaccine manufacturer to find out that it was involved in “faulty and falsely documented vaccines” that has been described as “vile and Shocking” by the president Xi Jinping. The authorities have revoked the company’s license and initiated a recall for all of its unused vaccines.

Now, the Shanghai government has selected and is supporting VeChain’s traceability solution. In partnership with DNV GL, VeChain will be catering to millions of people. DNV Gl is an equity owner in VeChain that basically provides certification services to hospitals and pharma companies in Shanghai as per the official blog.

The idea is to advance drug traceability, monitoring, security, and auditing by leveraging public blockchain technology. Apparently, VeChain is the “only approved blockchain traceability provider in Shanghai” that will be further rolled out across China.

Also, read: VeChainThor [VET] Defies the Odds, Here’s What Makes it a Hot Investment

Drug & vaccine traceability, v1.0.1 release, VET on LB exchange

Apart from ensuring that vaccine records are immutable and permanent, the VeChain solution will also ensure the reliability of the data source and eliminate the potential risks in the princess. Its traceability solutions will mitigate future vaccine manufacturing scandals as well through accurate backtracking and accountability, targeted recall and disposal, exclusive ID for each vaccine, and early warning and risk management.

VeChain vaccine traceability solution along with other VeChainThor powered solutions will be presented at the China International Import Expo.

In the past few days, VeChainThor released the source code for v1.0.1 which is available on GitHub for download. It is primarily a maintenance release that will improve its blockchain’s performance. The team has worked on bugs and fixes as well.

A couple of days back, VeChain Foundation announced that VTHO/VET has won the blockchain breakthrough race by LB exchange.

According to Coinmarketcap, VeChain (VET) has been trading at $0.014 at the time of writing with a market cap of about $811 million.