On April 18, 2019, the Vechain Foundation filed a patent for a transaction processing blockchain protocol in the United States. After a long period of review, the patent was finally approved on October 24, 2023. The Vechain network aims to revolutionize global supply chain management through the use of blockchain technology and NFTs. With this patent, the network can now enter the US market in a regulated manner.
This approval is a significant milestone for both Vechain and the blockchain industry as a whole. The industry has faced challenges in navigating the complex regulatory landscape in the US. Companies in the cryptocurrency and blockchain space have to obtain approvals from various government agencies, including the SEC and CFTC, as well as comply with state-level regulations. This patent could open the door for more blockchain firms operating outside the US to secure patents and ensure future growth.
The approval of the VeChain patent is expected to increase the value of the network in the coming months. US-based DeFi protocols and exchanges are likely to list VeChain assets for trading, boosting its reputation and attracting institutional and new crypto investors. The network already has a strong portfolio of institutional investors, including BMW, LVMH, PWC, DIG China, Renault Automotive, BYD, and Fuji Marumo Tea.
The VeChain ecosystem has positioned itself as a game-changer in global supply chain management through strategic partnerships. Many global enterprises are eager to integrate blockchain technology to streamline their supply chains and combat counterfeit products. Luxury goods producers, in particular, have suffered from counterfeiters for a long time. VeChain has obtained regulatory licenses in various jurisdictions with clear crypto regulatory frameworks.
As of now, the VechainThor blockchain has over 2.3 million active addresses and has facilitated over 50 million transactions since its inception. The company’s treasury holds approximately $311 million in stablecoins, Bitcoin, Ether, and VET. The VeChain network is proud of its VORJ platform, a web3-as-a-service platform designed to democratize blockchain technology.
Overall, the approval of the VeChain patent marks a significant milestone for the blockchain industry. It opens doors for more innovation and growth, while also solidifying VeChain’s position as a leader in the space.