VeChain (VET), a blockchain platform that has undergone rigorous testing without encountering technical glitches, is steadily expanding its utilization of digital assets in practical settings. The VeChain ecosystem has been leveraged to transform the Internet of Things (IoT) through a pliable blockchain featuring two token systems, namely VET and VTHO, that underpin the VeChainThor blockchain.
Given the extensive integration of blockchain technology and digital assets, it is anticipated that the ecosystem worth $1 billion will experience exponential growth in the coming years. Frac, a distinguished platform for high-value NFT fractional trading, has announced its plan to enhance its security and credibility by leveraging NFC devices powered by VeChain in response to the latest advancements.
VeChain’s NFC devices play a significant role in verifying the genuineness of digital commodities exchanged on the Frac platform. Frac utilizes the Helium protocol to offer an IoT/GPS real-time dashboard that guarantees the whereabouts of the traded commodities.
The Helium Protocol integrates VeChain’s offerings to enhance the efficiency and cost-effectiveness of Frac’s NFT fractional trading, catering to a wider range of investors. Furthermore, VeChain’s NFC processors aid Frac in verifying the authenticity of the fractions being exchanged through the process of ‘phygitalization’ and generating digital replicas of valuable tangible assets. VeChain has mentioned in a blog post on Medium that its solutions improve the security of Frac’s platform by integrating NFC devices that verify the legitimacy of the goods being transacted. The Frac platform, which operates on the Solana blockchain, validates GPS data and ensures the accuracy of asset location details using the Helium protocol.
Frac, a Singaporean NFT infrastructure, facilitates fractional trading to provide wider accessibility to premium products such as luxury automobiles, wine and liquor, and precious jewels for all investors. Under the guidance of Chairman Melvin Tan, Frac has successfully garnered the support of a multitude of investors, including but not limited to Diamond Alpha, VeChain, Wakweli, and Capital Asia Investment.
Vechain’s blockchain tools are being used to power Frac, a fractional asset trading platform that uses #NFTs to fractionalise and trade high-value premium assets as fungible tokens.
— vechain (@vechainofficial) June 15, 2023
The VeChain network has the potential to develop into a more complex ecosystem by enabling crucial supply chain management in practical business models. In addition, there is a significant shift occurring in the global financial markets, with blockchain technology serving as the focal point of the disruption of conventional financial institutions.
VeChain has established several strategic partnerships in regions where blockchain technology has been authorized for extensive implementation. Furthermore, Singapore has been recognized as a strategic destination for global blockchain investors because of its transparent policies and favorable stance towards cryptocurrency.
In light of the recent regulatory measures pertaining to cryptocurrency in the United States, the VET price is currently facing amplified selling pressure on Friday, with a trading value of $0.01458. The value of VET has significantly decreased by over 94% from its peak to approximately $0.27. Presently, VET’s performance is heavily reliant on the partnerships that VeChain is establishing amidst the bear market.