Rajarshi Mitra
Independent Analyst
- VeChain has launched an enterprise-grade sustainability solution called ToolChain.
- ToolChain will help companies improve the sustainability of their supply chain.
- The new solution can also help firms cut down on public reporting for state regulation.
VeChain (VET) has launched a blockchain-based sustainability solution to enhance green energy practices into enterprises’ manufacturing and supply chain operations. The solution, dubbed ToolChain, will be marketed by PwC, DNV, Deloitte and Grant Thornton, among others.
According to an announcement by VeChain, ToolChain is a Blockchain-as-a-Service (BaaS) platform that intends to provide greater supply chain transparency. This will reveal the implications for regulators and policymakers. The blockchain firm noted that the new solution would give the enterprises white-label solutions and customizable tools to let them implement services for greater sustainability.
Some of the key benefits that ToolChain will offer include greater transparency and consistency of data and storage of information on recycling, processing, rescuing and inspection. The solution is also expected to boost the trust between brands and customers.
Data related to sustainable initiatives collected by ToolChain can help companies reduce the cost of reporting for state regulations, rating services for a green brand image, and attestation services for responsible financing.
An excerpt from VeChain’s announcement reads:
As the world’s leading enterprise-friendly blockchain platform, VeChain shares the vision with enterprises to a future of green business and had accumulated know-how and refined technology in proven cases in numerous business sectors. Joining hands with its strategic partners such as PwC and DNV GL, Vechain aims to bring blockchain technology to businesses in every sector.
VET/USD daily chart
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VET/USD bulls took charge in the early hours of Tuesday to cancel out a bearish Monday. In the process, the price has gone up from $0.01764 to $0.01817. The Elliott Oscillator has had a green session following 11 consecutive red sessions.
The bulls face immediate resistance at $0.01833 (SMA 50). Following that, there are four more strong resistance levels at $0.1921 $0.01947 (SMA 20) and $0.0204. On the downside, we have two healthy support levels at $0.01764 and $0.01696.
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