The VeChain (VET) blockchain is making steady progress toward its goal of being the central component of blockchain-based sustainability in the real world.
Indeed, the VeChain Foundation disclosed on January 25 that it would be using the VeChain blockchain in order to achieve the 17 sustainable development goals (SDGs) established by the United Nations (UN).
In an accompanying blog post, the VeChain Foundation emphasizes the positive effects on society brought about by the digital ecosystems it is creating with an emphasis on sustainability. This is due to the fact that it creates new uses for data and promotes favorable social consequences for everyone.
The Sustainable Development Goals established by the United Nations include a diverse range of issues related to environmental preservation. These include issues such as poverty and hunger as well as health, education, clean water and sanitation, clean energy, decent employment and economic development, sustainable cities, and responsible consumerism, amongst other issues.
VeChain’s advanced sustainability solution
The VeChain Foundation claims that VeChain has already developed and is further developing blockchain solutions to solve these critical sustainability challenges. Ethical sourcing, healthcare, and economic empowerment are just some of the areas that may benefit from blockchain technology made possible by VeChain’s supply chain ecosystem initiatives.
These VeChain-based initiatives have facilitated the availability of immutable records of origin, transport, and authenticity for worldwide companies, regulators, and consumers.
VET price analysis
Following the news, VeChain is currently changing hands at $0.02378 in the last 24 hours, up 6.78%. Over the last week, VET has climbed a further 18.12% to have a total market capitalization of $1.7 billion.
VeChain enthusiasts are bullish about the network’s prospects in 2023. This confidence is echoed by the VeChain Foundation, which announced that it could weather any crypto market storm with a war chest of assets worth at $397 million as of Q3 2022.
All in all, the native token of the enterprise-grade L1 VeChainThor blockchain, VET, has traded well so far in 2023, climbing over 50% since the start of January.
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