The VeChain (VET) award extended its rally on Wednesday. Building on a strong week of earnings after talks with Chinese government officials focused on a post-epidemic health response.
VeChain rose 2% to $ 0.011669 on Wednesday, according to CoinMarketCap. In the past seven days, the supply chain management cryptocurrency has risen by more than 23%. Only two other coins from the top 30, NEM (XEM) and Chainlink (LINK), have outperformed VET in the past seven days.
With the current price, VeChain has a market cap of $ 751 million.
The uptrend in cryptocurrency appears to coincide with a meeting of senior officials from China’s Hubei Province, VeChain, and DNV GL Global, a global risk management company, earlier this week.
As Chainnews reported, based in China, The meeting focused on the use of digital tools to modernize the public health system after COVID-19. Supply chain logistics, particularly those that allow for the traceability and certification of imports, will be a critical part of the post-crisis response.
DNV GL proposed a four-step approach to post-epidemic public health management, including a leading international platform for “blockchain-based self-risk management”.
In an accompanying report, Kang Wenyu, senior vice president of DNV GL said that the Epidemic prevention and control requires a coordinated approach to health management. He said:
“Standardized and digital management tools can efficiently build a complete public health system.”
Wenyu promoted to VeChain as a strong candidate for improving existing models:
“The new environment requires an innovative management model. VeChain’s blockchain technology can ensure the transparency, security and credibility of all critical information, increase the cost of data fraud to infinite and minimize the cost of surveillance.”
Launched in 2015 by Sunny Lu, VeChain is widely recognized as the leading supply chain management platform for companies using blockchain technology. The Platform is supported by the government Chinese and was even promoted by state media.
Possibly as a natural extension of his close ties with Beijing, VeChain is not a completely decentralized platform. This is by design as the developers tried to incorporate decentralized and centralized funding functions.