VeChain 2024 Partnerships: Assessing Potential Impact on VET Video

• VeChain network intends to further enhance decentralization through the VeBetterDAO and its unique governance tokens.
• The notable partnerships the VeChain ecosystem has inked in the recent past have helped bolster VET’s bullish outlook.

VeChain (VET) network, a reputable smart contract-focused ecosystem through the VeChainThor blockchain, has attracted notable attention from global enterprises seeking to scale through the web3 space. 

The VeChain ecosystem has dozens of fast-growing web3 platforms including APEWorld, vet.domains, VTHO Exchange, Vechain Rewards, Empty Wallet, Fiat On-Ramp, Mugshot, Cleanify, SQUAD VeChain, and VeBetterDAO, among many others. 

As Crypto News Flash recently reported, the VeChain network is seeking to dominate global supply chain management through strategic partnerships. Moreover, blockchain technology offers long-lasting solutions to real-world problems, especially in reducing friction experienced in global money transfers and tracking of goods throughout the supply chain for enhanced management.

VeChain Network Revolutionizes Global Logistics

The VeChain network has been working with some of the largest enterprises around the world to streamline supply chain management. On the top list is the giant automobile German-based BMW, whereby the VeChain network is used to track the lifespan of a vehicle after leaving the factory. As a result, BMW’s modern cars are competitive in the market as they are easily verifiable on the blockchain, thus eliminating the chances of counterfeit units in the market.

The VeChain team is also working with other vehicle manufacturers including Groupe Renault.

In the field of e-commerce, the VeChain network has already been working with Walmart China to enhance food safety, whereby anyone can easily verify the source and production of each food product. Consequently, Walmart China has managed to reduce food wastage and enhance its sales over time.

Earlier in 2022, the VeChain Foundation established a headquarters in the Republic of San Marino, whereby the former aids the latter in implementing its blockchain-based regulation. Remarkably, San Marino has been using blockchain technology to deliver advancement in regulations, and innovation through VeChain. 

During the fourth quarter of 2023, VeChain Network announced a strategic partnership with AT&T, T-Mobile, and Verizon telecommunication companies for 5G network preparation. In the food sector, VeChain has been working with China-based Bright Food to control and enhance its entire supply chain management. 

In the luxury industry, the VeChain network is expected to reduce the high rate of counterfeiting that has ravaged the sector. Already, the VeChain network is closely working with LVMH and Louis Vuitton to streamline their supply chain operations.

VET Price Aims for ATH

Amid the ongoing crypto bullish outlook, VeChain’s native token VET has broken out of the 2022 bear market and is now on the cusp of a historical uproar. Following February’s retest of a macro breakout, VET price is aiming for the next range between $0.0645 and $$0.088, which coincides with the weekly 1.618 and 2.618 Auto Fib Extension.

The VET’s bullish outlook is technically bolstered by the weekly Relative Strength Index (RSI), which rallied above the 70 level earlier this year. As of this report, the VET price had dropped about 10 percent in the past seven days to trade around $0.04336.