Cryptocurrencies have been trying to find uses case and have been getting into partnership with real-world business so that they can be implemented in real-world mainstream businesses. Well, Vechain has may have found a rare use case where a Dutch citizen wants to sell his home in the Netherlands, but will only accept the payment for his house in VeChain (VET) tokens.
Why VET tokens only
A Dutch citizen named Dian van Heijningen has been reported to be looking to sell his home in Rotterdam- Kralingen, Netherlands. The price at which the owner is selling for 31,516,323.03 VeChain tokens (VET). Currently, the value of these VET tokens is of about $474,000, according to CryptoCompare data. The details of the were posted by the owner using the twitter handle.
Something completely different, my house is for sale. Not payed with Crypto By the way.
However it is possible to pay with $VET 🤑
— VenDian (@GoConnectar) August 20, 2018
Notably, Heijningen is the first person in the whole of Netherlands who has put his house, a 106 square meter loft, up for sale in exchange for VeChain tokens. While there have been reports of Dutch citizens and people in other countries selling their homes for Bitcoin (BTC), this may be the very first time that a homeowner wants VeChain tokens for a property.
If reports are to be believed the homeowner said that he is accepting token in VET as he believes the value of VET tokens will increase in the long-term as Vechain’s supporting blockchain-based platform will allow businesses to record transactions that cannot be tampered with. Heijningen told local news outlet AD.NL that VET tokens may not be worth much “for the time being”, however, he believes the digital currency’s value will eventually increase significantly. Commenting on the potential benefits of the VeChain platform, the Dutch homeowner said,
“The designers behind VeChain have built a platform on which businesses and governments can record [transactions that] cannot be tampered with. VeChain utilizes blockchain innovation for building solutions for various sectors, from the automobile industry to the alcohol beverage markets.”
VET tokens are the native cryptocurrency of the blockchain-based smart contract platform VeChain, which aims to make supply chain management processes more efficient.
A quick glance at Heijningen’s Twitter profile reveals he has a genuine interest in VeChain, as he regularly tweets updates about the digital asset platform.
Vechain gaining traction
Continuing to elaborate on VeChain’s potential use cases, the Dutch citizen said automobile manufacturers can accurately monitor odometer readings by using VeChain’s transparent blockchain system. According to Heijningen, the Chinese government has also invested heavily in VeChain’s proprietary blockchain network. He added that China was working with the governments of other nations to develop a VeChain-based “authentication system … to verify whether vaccinations are genuine or not.”
The Dutchman also claims that such a system has already been created. If true, then it may be extremely beneficial as there have been numerous confirmed reports of fake and potentially lethal vaccines being distributed in China by some of the largest pharmaceutical companies.
It’s not just Heijningen, prominent venture capital investor Jim Breyer, who’s known for his successful investments in Facebook and Etsy, had expressed an interest in VeChain. Also according to CryptoGlobe which reported in May that PricewaterhouseCoopers (PwC), the second-largest professional services firm in the world, announced that its Hong Kong and Singapore subsidiaries “have each acquired a small ownership interest in VeChain“, the blockchain-as-a-service company (incorporated in Singapore) that is focused on supply chain management, smart contracts, and financial services.
This is how the VeChain Foundation announced the news on Twitter by quoting part of the press release from PwC Hong Kong: PwC HK is now in discussions with VeChain to provide trust-based services on the VeChain platform. This will require the use of VeChain Tokens to access and perform transactions on the platform. ”
Thank you @RaymundChao and rest of PwC executives for your innovation.
— PwC China / Hong Kong (@PwC_China) May 4, 2018
While Vechain has been expanding its use case via recent partnerships with the Chinese government for vaccine traceability and with NTT for its 5G Open Partner Program, it is definitely gaining traction and making not just Heijningen but a lot of people believe that it is a coin likely increase in the long-term.
Do you think Vechain can actually be a coin that will rise in future? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.