VeChain scores new partnership while VET tumbles

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VeChain is seizing the opportunities presented in China after President Xi Jinping vowed to put the nation at the forefront of blockchain technology.

The firm recently scored a partnership to accelerate the development of the tea industry in one of the most populous provinces in the country.

In a blog post, the VeChain Foundation announced a partnership with the Anhui Tea Industry Association to improve the production and distribution of tea in Anhui, China, through the use of blockchain technology.

By leveraging the VeChain Thor blockchain technology, tea producers and stakeholders will be able to verify and certify information about the full lifecycle of different products.

The VeChain Foundation highlighted that the gross value of the tea industry in Anhui is estimated to reach $7.1 billion by 2020.

As a result, the VeChain Thor blockchain technology could potentially be implemented by the 670 enterprises and 194 business owners that are part of the Anhui Tea Industry Association.

VeChain plummeted over 30 percent to recently hit a low of $0.00455.

A spike in demand for VeChain could trigger a bullish impulse.

The VeChain Foundation is systematically expanding the utility of VET. As China embraces blockchain technology, the Foundation is tapping on a wide range of industries.

From a drug and vaccine traceability platform to a cross-continental logistics and trades solution, VeChain is trying to meet China's demand.