VeChain Partnership Integrates Pharmaceutical Industry

VeChain Partnership Integrates Pharmaceutical Industry
  • Their complimentary technologies have been integrated as a result of their partnership.
  • The Goods provided are an essential aspect of human life and nutrition.
  • VeChain Thor (VET) is a blockchain designed to address real-world economic issues.

In August, the VeChain team announced a partnership with TruTrace Technologies in a blog post. TruTrace is a blockchain platform developer for the legal cannabis, food, apparel, and pharmaceutical industries. 

The collaboration has resulted in the integration of their complementary technologies, as part of a drive to increase the usage of blockchain to assure product provenance and authenticity. Food, clothing, medications, and even the growing legal cannabis industry are fundamental necessities. 

These goods are an essential aspect of human life and nutrition. Bringing these sectors to the blockchain has to happen eventually. It was just a matter of time until we learned that fundamental needs were being shifted to web3.

Furthermore, the collaboration between VeChain and TruTrace is not new. In late August 2022, the two corporations confirmed their alliance. According to the release, the two companies will collaborate to combine complementary technology and boost blockchain usage.

According to the VeChain Foundation, the direct connection between TruTrace and VeChain ToolChain will enable TruTrace to provide a seamless and rapid way for companies dedicated to product quality and authenticity to begin utilizing blockchain in their business, all without burdensome investments in network infrastructure or cryptocurrency management.

VeChain Thor (VET) is a blockchain that aims to solve real-world economic problems. The Proof of Authority (PoA) consensus process is used by VeChain. PoA is a HotStuff-based Byzantine Fault Tolerant Probabilistic Consensus Mechanism that depends on Authority Masternodes (AM) with confirmed identities.

TruTrace Technologies creates completely integrated software that is protected on blockchain architecture and allows clients to save, manage, share, and instantly access quality assurance and testing information, COAs, and motion and movement intelligence on inventory. 

The platform was created expressly to support the traceability of testing standards in the legal cannabis, nutraceutical, culinary, and pharmaceutical industries, with an emphasis on the verification of source materials or chemicals used in the formulation.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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