The European blockchain Internet of Things (IoT) market is rapidly expanding as various industries integrate blockchain technology to improve efficiency and security. According to a report by Global Markets Insights Hub, VeChain Global Technology stands out for its significant contributions to the IoT sector. While blockchain technology continues to play a vital role in several industries, its applications are reshaping key sectors such as supply chain management, healthcare, automotive, energy, and agriculture.
The European IoT market is divided based on applications, with blockchain technology being key to improving transparency and real-time tracking in these sectors. One of the key sectors benefiting from blockchain IoT is supply chain management, where companies are leveraging the technology to improve visibility and security. VeChain’s expertise in this area has proven invaluable, providing end-to-end transparency and reducing the risk of fraud in global supply chains. By enabling real-time tracking of goods, blockchain offers a secure and transparent system for managing complex logistics networks across borders.
Earlier this year, VeChain reached a major milestone by obtaining a new patent on July 2, 2024. The patent is for an automated mobile inventory container system that integrates VeChainThor blockchain technology. This innovation aims to increase the efficiency of supply chain operations, including inventory tracking and logistics. VeChain’s solution is designed to optimize productivity, making supply chain management more streamlined and cost-effective. The focus on improving operations underscores the company’s commitment to leading advancements in the blockchain IoT space.
In addition to supply chain management, VeChain has made strides in other industries, including healthcare. The company has developed blockchain-based systems that track medical products from manufacturing to delivery to patients. This ensures transparency and data integrity throughout the care process, which is crucial for patient safety. The technology also allows patients to share their biometric data with healthcare providers in real-time, improving outcomes and increasing data security.
VeChain’s influence also extends to the automotive industry, where its blockchain solutions create a digital passport for each vehicle. These passports store all relevant vehicle-related data, such as repair history and insurance information, helping to maintain transparency and reduce fraud. This innovation improves the consumer ownership experience by providing a secure, tamper-proof record of the vehicle’s lifecycle.
In the energy sector, VeChain promotes sustainability through its VeBetterDAO platform, which uses decentralized applications (dApps) such as Mugshot, Cleanify, and Greencart to encourage the efficient use of resources. VeChain’s approach focuses on leveraging blockchain to promote environmentally friendly practices and drive positive change in the energy sector.
VeChain’s impact also extends to the agricultural sector, where it uses artificial intelligence (AI) and data analytics to help farmers optimize resource utilization. By applying blockchain technology to agriculture, VeChain enables more accurate decision-making, helping to increase agricultural productivity and sustainability. On September 17, 2024, VeChain reached another milestone with the approval of a U.S. patent titled “Methods and Devices for Managing User Identity Authentication Data.” This achievement reflects the company’s continued innovation and commitment to leading the adoption of blockchain technology across various industries.
While VeChain is playing a leading role in the blockchain-based IoT market, other major players have also contributed to its development. The report highlights the contributions of the IOTA Foundation and the Ethereum Foundation, alongside tech giants like Microsoft and Intel. IOTA, in particular, has been instrumental in improving transparency in Europe’s blockchain efforts. Working with the European Commission under the EU blockchain pre-commercial procurement (PCP) framework, IOTA recently launched three groundbreaking products aimed at improving transparency and sustainability.
One of IOTA’s key innovations is the Digital Product Passport (DPP) for electronics and plastics. The DPP for electronics tracks the entire lifecycle of electronic products, ensuring transparency from production to recycling. This system shares similarities with VeChain’s medical product tracking solution and aims to promote accountability in the electronics industry. Additionally, the DPP for plastics addresses the issue of plastic waste management by tracing plastic products from use to disposal and recycling. Both DPP solutions aim to drive sustainability by improving record keeping on the blockchain and promoting responsible resource management.
IOTA has also launched an Intellectual Property Rights (IPR) management solution that simplifies the music licensing process. The system ensures rights holders are paid accurately through self-executing smart contracts, streamlining the payment process and reducing royalty disputes. The IPR management tool also supports the integration of non-fungible tokens (NFTs), improving traceability and transparency in the creative industry.
As blockchain technology continues to evolve, companies like VeChain and IOTA are at the forefront of innovation and efficiency across many industries. With the growing adoption of blockchain-based IoT solutions, the European market is poised for further expansion as these technologies improve transparency, security, and sustainability across key sectors.
Disclaimer: This article is provided for informational purposes only and should not be considered investment or trading advice. Always conduct thorough research before making any investment decision in blockchain or cryptocurrency services.
