VeChain is exploring the possibilities of using artificial intelligence (AI) in order to tap into a billion-dollar market with their product. Following the development in the tech industry, the VeChain developers are exploring possibilities of integrating OpenAI into their product. The result will be a human-readable description of decoded contracts. VeChain is open to feedback from the community to further their project and development.
AI technology is estimated to bring in up to $13 trillion to the economy in the next decade according to McKinsey, and blockchain technology companies like VeChain stand to make large gains. Smart contracts are already being used on the VeChain network to apply to logistics, supply chain management and other industries. Adding AI technology will take the VeChain project leaps and bounds ahead, creating a secure and transparent platform that users will find attractive. In this effort, VeChain is collaborating with OpenAI, the leading AI company, in order to develop a unique product.
The use of AI and blockchain intersect in many ways for businesses and everyday use. Blockchain and AI both enable machines to make intelligent decisions and interact with humans. By successfully integrating this technology into the VeChain network, it will be possible to further streamline the efficiency, accuracy, and data security of VET blockchain.
In spite of uncertain market conditions, the VeChain project has remained unwaveringly committed to fulfill their goal. VeChain developers have taken the initiative to work with governments in the EU, having compliance built in to the chain. This comprehensive MiCA framework on digital assets is clearly the important step towards eliminating the guesswork from investments and giving investors a regulated system for token trading.
At the time of writing, the VET token is trading for $0.02241, a 14% decrease from a week before. However, with all the development and features that the project is exploring, investors are still very optimistic about the token’s future. If VET can tap into AI and the EU regulatory framework, its success can be potentially huge.
VeChain is an enterprise-focused blockchain platform that was founded in the year 2015. The Singaporean-based project has been increasing in popularity, especially due to its diversified product range and integration of popular technologies. It aims to provide a secure and robust blockchain solution for global businesses and their various application scenarios.
The original founder of the VeChain project is Sunny Lu. He is an experienced executive in the field of IT, who has held numerous important positions. He was the former CIO of Louis Vuitton China and brings a wealth of knowledge and experience to the company. Much of VeChain’s success can be attributed to Mr. Lu’s ambition and focus on delivering quality products to customers.
