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- VeChain is significantly enhancing the European IoT market by integrating blockchain technology across various sectors, such as supply chain management, healthcare, and automotive.
- The IOTA Foundation is advancing transparency by launching Digital Product Passports, which track product lifecycles in collaboration with the European Commission.
The European Blockchain IoT market is rapidly growing, and numerous industries are incorporating blockchain technology to enhance efficiency and security. In a report by Global Markets Insights Hub, VeChain Global Technology was given special mention for its contribution to the IoT market.
The IoT market is segmented by application into key sectors, including supply chain management, healthcare, automotive, energy, and agriculture. In these areas, blockchain technology plays a pivotal role as it provides real-time tracking and transparency.
Supply chain management, one of Europe’s largest applications of blockchain IoT, benefits significantly from VeChain’s expertise. Blockchain technology allows for end-to-end visibility of goods. This reduces the risks of fraud and provides transparent tracking across global supply chains.
VeChain’s Role In European IoT Market
On July 2, VeChain secured a new patent related to an automated mobile inventory container system earlier this year. This innovation integrates the VeChainThor blockchain technology. However, the primary goal of this patent is to boost the efficiency of supply chain management. VeChain’s solution seeks to streamline operations and improve overall productivity in inventory tracking and logistics.
The healthcare sector also sees VeChain’s involvement with tracking medical products from start to finish. Moreover, it allows patients to share their biometrics with doctors for monitoring in real-time. This contributes to better patient outcomes and data integrity, reported CNF.
VeChain’s blockchain solutions create a digital passport for every vehicle in the automotive industry. The passport encompasses all the data related to the vehicle, including repair history, insurance details, etc.
In the energy sector, VeChain promotes sustainability. It launched VeBetterDAO, which helps in the sustainable use of resources via decentralized apps (dApps) like Mugshot, Cleanify, Greencart, and Non-Fungible Book Club, per the CNF report.
The blockchain firm also helps the agriculture sector by using AI and data analytics to optimize farmers’ resource usage. Moreover, VeChain recently received approval of a U.S. patent on September 17, 2024. The patent is titled “Methods and Devices for Managing User Identity Authentication Data,” which marks a crucial milestone in the firm’s journey.
IOTA Foundation & EU
Apart from VeChain, the report also mentioned IOTA Foundation and Ethereum Foundation alongside tech giants like Microsoft and Intel. The IOTA Foundation has taken a leading role in Europe’s efforts to advance transparency through blockchain. In partnership with the European Commission under the European Blockchain Pre-Commercial Procurement (PCP) framework, IOTA recently launched three innovative products, per the CNF report.
These include Digital Product Passports (DPP) for electronics and plastics and an Intellectual Property Rights (IPR) management solution. The DPP for electronics tracks the entire lifecycle of electronic goods. This ensures transparency from manufacturing to recycling, similar to VeChain’s medical product tracking solution.
Likewise, the DPP for plastics addresses plastic waste management by tracing plastic products’ journeys from usage to recycling. Both solutions aim to promote accountability and sustainability through record-keeping on blockchain.
Additionally, IOTA’s IPR management tool simplifies music licensing. It ensures that rights holders are paid through self-executing smart contracts. Furthermore, his system also supports NFTs in improving traceability and reducing royalty disputes.
