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Enterprise blockchain protocol VeChain (VET) has reportedly landed a groundbreaking patent in the United States. According to crypto researcher Collin Brown, the patent was granted on Oct. 23, and it is focused on VeChain's potential as a transaction processing protocol.
According to the abstract, the patent underscores the ability of the VeChain protocol to process multiple transactions per time, a feature that can successfully bolster its role in commercial adoption. VeChain's original design is billed to fulfill this purpose, and since its inception in 2015, it has created its ecosystem to champion this enterprise niche.
Today, VeChain is recognized as one of the most prolific blockchains driving supply chain efficiency as well as sustainability endeavors. The current VeChain patent will further extend its accessibility in a new market while pushing for growth in other regions as well.
It remains unclear how VeChain hopes to commercialize this new patent, but with the growing interest in enterprise blockchain solutions today, finding the right partner to showcase these may be easy. As a respected blockchain, VeChain may also look toward bolstering its partnership with Simplex, which dates back to August 2021 as it drives its payment pursuit to new highs.
Implications for VET price
Unlike other payment and enterprise-focused protocols in the industry, VeChain is considered undervalued, with its price changing hands at $0.02079, up 1.22% in the past 24 hours. Notably, this growth stems from the latest patent announcement, but the question remains what the future looks like for VET if these milestones become optimized?
VeChain has the robust exchange backing it requires but needs to record a commensurate level of demand, which the adoption of its patent can help actualize. Overall, VeChain's future appears bright, considering the related upgrades ongoing in the ecosystem as well as the push to onboard more developers to help drive its visions on-chain.
Denys Serhiichuk
Vladislav Sopov
Tomiwabold Olajide
