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Cryptogambling / VeChain secures groundbreaking U.S. patent for transaction processing protocol

VeChain secures groundbreaking U.S. patent for transaction processing protocol

Publish Date: 07/11/2023
Video: VeChain - The power to shape the future is in your hands

VeChain – The power to shape the future is in your hands

Crypto researcher Collin Brown has reported that enterprise blockchain protocol VeChain (VET) has obtained a groundbreaking patent in the U.S. The patent was granted on October 23 and centers on VeChain’s potential as a transaction processing protocol.

β€œ#VeChain just secured a groundbreaking US Patent for transaction processing on #blockchain! Approved on Oct. 24, 2023, this patent is set to revolutionize blockchain efficiency with a new transaction processing method,” said Brown in a social media post.

The patent highlights VeChain’s capacity to handle numerous transactions simultaneously. Today, VeChain is known for its contributions to supply chain efficiency and sustainability. The newly acquired patent will expand its reach into a new market and support growth in various regions.

VeChain’s plans for utilizing the new patent are not yet clear, but given the increasing demand for enterprise blockchain solutions, finding suitable partners may not be a challenge. Additionally, VeChain might consider strengthening its partnership with Simplex, which began in August 2021, to further advance its payment-related endeavors.

Aiming for Sustainability with β€˜X to Earn’

VeChain founder Sunny Lu discussed the network’s sustainability efforts through the “X to Earn” initiative during a chat with the Boston Consulting Group (BCG) at the recent Money 20/20 event in Las Vegas.

During that meeting, Lu shared his crypto journey since 2013, when his encounter with the Ethereum network inspired his belief in the transformative potential of blockchain for a blockchain-driven green economy.

Since then, he has been committed to promoting sustainability through blockchain, emphasizing that sustainability should be a central aspect of any blockchain project.

The focus on sustainability is embedded into VeChainThor’s core architecture. This network is designed to produce very low carbon emissions compared to its competitors. It also maintains a high level of efficiency and scalability.

The network’s emissions are openly tracked on the VeChain Stats Explorer for full transparency. Each year, VeChainThor’s emissions are equivalent to that of a single-passenger vehicle running on gasoline.

VeChain main objective is to motivate people to contribute to collective sustainability efforts, with the platform actively engaging in such initiatives. It has partnered with BYD, the world’s largest electric vehicle manufacturer, and DNV, a Norwegian risk management and quality assurance company. Electric vehicle owners involved in this project are directly rewarded through the blockchain for their role in reducing the global carbon footprint.

β€œThe vision is to make sustainable living an integral part of our daily lives by digitizing user efforts, validating information through blockchain, and rewarding positive action. Sustainability encompasses environmental, social, and economic components,” Lu said.

VeChain, Venum Brazil partner to honor MMA legends

VeChain recently partnered with Venum Brazil. The announcement coincided with the opening of Venum’s flagship store in SΓ£o Paulo. This collaboration brings VeChain’s blockchain, NFC and NFT technologies into Venum.

Venum, famous for its sports apparel, introduced a co-branded collection that highlights the practicality and value of VeChain’s technology for global brands. Every item in the collection uses VeChain’s key features to guarantee authenticity and origin, along with innovative ways to tell brand and fighter stories.

β€œThe integration saw #vechain #blockchain, NFC & #NFT technologies incorporated in to a new product line designed as an homage to MMA sporting legends, and an embracement of a rapidly digitizing future,” said VeChain in a social media post.

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