A recent U.S. patent approval involving a key security management system has sparked discussion in the blockchain community due to its association with VeChain. The patent, U.S. Patent 12,058,252 B2, was granted in early August 2024 and is attributed to NanoJClean, an offshoot of VeChain operating in China.
Details Regarding the VeChain Patent
The patent outlines a comprehensive security management system, method, and related software for secure operations involving public and private key pairs. However, the firm’s communications lead, Jake C., debunked the patent’s connection to VeChain, explaining that NanoJClean is a separate entity. He stated, 'NanoJClean are a BaaS (Blockchain as a Service) seller in China—ToolChain is the product. They were split out of VeChain Technology for compliance purposes, and there was a subsequent rebranding for China/Global market compliance. Those entities sell to businesses.'
Key Major Partnerships This Year
In 2024, VeChain formed significant partnerships, enhancing its visibility and adoption. One such partnership was with Walmart China to launch a blockchain traceability platform built on the VeChainThor Blockchain. Initially, this platform tested and launched 23 product lines, aiming to expand to 100 by year-end. In June, VeChain also partnered with the UFC, giving the company unprecedented integration into key UFC assets. UFC athletes promoted VeChain by leveraging their global popularity to introduce its supply chain management solutions to a wider audience.
Financial Status of VeChain
As of press time, VeChain’s native cryptocurrency, VET, is currently trading 1.6% down at $0.02498, holding its support levels. According to a CNF report, the VET price can see further growth ahead.
The patent, granted to NanoJClean and not directly to VeChain, underscores the need for clear understanding of corporate structures in blockchain technology. VeChain’s partnerships with major companies and events continue to bolster its market position.
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