- The patent, developed by VeChain’s subsidiary NanoJClean Technology, enhances the security and efficiency of temperature data collection using blockchain technology.
- Despite the patent approval, VeChain’s token (VET) faces a downtrend, with a 2.85% price drop to $0.02274.
VeChain, a leading blockchain platform focused on supply chain management, has secured another major U.S.-approved patent. The patent focuses on temperature data recording in cold chain transportation. Moreover, it was granted on October 15, 2024, under the patent number US 12,118,129 B2.
VeChain Secures New Patent Grant In US
This marks VeChain’s third patent in the past three months obtained through its offshore subsidiary NanoJClean Technology, based in China. The latest innovation by NanoJClean aims to improve the security, authenticity, and efficiency of temperature data collection during cold chain transportation. Hence, it is a critical tool for industries like pharmaceuticals and food safety.
The patent provides VeChain with exclusive rights to a method and system for collecting and storing temperature data. According to the VeChain patent abstract,
Collecting and storing temperature data includes acquiring a starting time at a temperature recording time period and acquiring temperature data for each time stamp.
The system compresses multiple temperature data points into a smaller storage space to optimize efficiency. « Multiple temperature data points may correspond to one piece of compressed data so that each piece of temperature data only occupies a small amount of storage space, » the abstract explains.
With the use of blockchain technology, VeChain ensures the data’s security and prevents tampering. The patent abstract further states that « a blockchain-based verification for the collected temperature data ensures the security and authenticity of the data collection and prevents the data from being tampered with. »
Moreover, VeChain’s latest patent underscores its commitment to solving real-world problems through blockchain technology, per the CNF report. The ability to compress data without losing integrity is a significant breakthrough.
As noted in the patent, « The target compressed data corresponding to the temperature recording time period is obtained by compressing the temperature data. » This allows for efficient storage while maintaining accuracy for transport of perishable items. This improvement addresses a key challenge in blockchain’s adoption for supply chains, which is balancing data integrity with storage constraints.
Potential Impact on VET Price
This latest development further boosts VeChain’s growing influence in the blockchain space. VeChain has consistently focused on integrating blockchain solutions into global trade and supply chains, reported CNF. NanoJClean Technology, the subsidiary responsible for this innovation, specializes in blockchain-enabled food traceability and has been an early contributor to VeChain’s network.
Additionally, VeChain’s community is optimistic about the platform and VET’s future as the firm continues securing revolutionary patents. A prominent market analyst known as Egrag recently predicted a significant price surge for the VeChain token.
He predicted a potential 4,297% increase that could push the VET price to $1. However, currently, the VET price is suffering from a downtrend despite the patent approval. At press time, the VeChain price slumped 2.85% to $0.02274 on Wednesday, October 23.
