VeChain: Internet of clothing specialist takes 5,300 service providers across 15 countries onboard – Report

• The VeChain (VET) ecosystem has grown to over 300 enterprise partners through its platforms like VeChain ToolChain which enables businesses of all sizes to create new services and products collaboratively.
• VET price is trading around $0.02333108, up 4.8 percent in the past 24 hours.

During the 2019 crypto bear market, the VeChainThor Blockchain became a core technology in which the COSMOPlat open platform – an ecological backbone of Haier Smart Home – members operate within. Through the partnership, Digital Carbon Ecosystem (DCE) integrated with the Haier IoC platform, an apparel lifecycle management platform. As such, DCE, VeChain, and Haier made a pact to use blockchain technology in clothing management.

Fast forward to 2023 – after Bitcoin price recovered from the 2022 bear market – and Haier’s smart home ecosystem powered by the Internet of Clothing (IoC) and the Internet of Food (IoF) announced it has taken onboard more than 5,300 resource providers across 15 industries. Notably, the onboarded resource providers offer a full-cycle smart experience covering washing, caring, managing, wearing, and purchasing to over 65 million users.

The VeChain (VET) ecosystem has grown to over 300 enterprise partners through its platforms like VeChain ToolChain which enables businesses of all sizes to create new services and products collaboratively. The VeChain product has been adopted by industry-leading companies from different continents in need of supply chain automation to ensure credibility. Moreover, blockchain technology has played a significant role in uplifting businesses in the post-Covid era.

VeChain and the Market Outlook

The VeChain ecosystem is composed of companies leveraging the latest technology including augmented reality (AR), virtual reality (VR), artificial intelligence (AI), internet of things (IoT), and 5G, among others. As a result, VeChain (VET) has grown to a billion-dollar blockchain with a market capitalization of approximately $1,690,636,812 and a 24-hour trading volume of about $70,678,471.

According to our latest crypto price oracles, VeChain (VET) is trading around $0.02339085, up approximately 5 percent in the past 24 hours. During the recent crypto pump, the VET price has gained approximately 43 percent in the last 30 days. However, the digital asset is down approximately 91 percent from its ATH, $0.280991, achieved in mid-April 2021.

The versatile layer 1 protocol was started in 2015 but launched its mainnet three years later. With two tokens in operation, VET, and VTHO, the VeChain ecosystem has convinced industry clients of its capabilities. Moreover, VET generates VTHO and acts as the store of value and transfer medium. Notably, VTHO is used to pay for GAS costs, thereby separating the need to expend VET when writing data. 

The partnership with Haier is expected to further increase on-chain activity on the VeChain network, which will guarantee a significant rally in the next crypto bull market.