VeChain Awarded US Patent for Groundbreaking Blockchain Identity Solution

• VeChain has scored another pattern approval for its innovative advanced method and device to manage users’ identity authentication data. 

• Analysts have highlighted that the $0.02378 and $0.020 price range is the current support level of VET. 

VeChain (VET) has once again received approval for a US patent, which specifically focuses on its advanced method and device to manage identity authentication data. 

According to the report earlier disclosed by blockchain researcher Collin Brown, the patent (US 12,093,419 B2), which is titled “Methods and Devices for Managing User Identity Authentication Data,” underscores VeChain’s continued effort to enhance the safety and efficiency of the blockchain system.

The authentication is done by securing and verifying access to data without necessarily compromising the private information of users. In addition to this, the patent highlights the contribution of blockchain technology in multiple areas such as financial services, decentralized applications, supply chain management, etc. 

VeChain has just obtained a new patent (US 12,093,419 B2) for groundbreaking methods in managing user identity authentication data! This is another significant advancement in blockchain technology! #VeChain #Blockchain #Innovation #TechNews pic.twitter.com/NTjppwLtgO— Collin Brown (@CollinBrownXRP) October 8, 2024

According to our research, this patent describes the use of encryption keys to authenticate identity queries while authorizing and storing identity data from multiple authentication devices. This, to a larger extent, eliminates the risk of fraud or data breaches using the immutability properties of blockchain. Interestingly, this is just one of the several remarkable patent approvals scored by the blockchain company. 

Previous Patent Approval for VeChain

In July, we reported the approval of a new patent for a mobile automated inventory container bin and system powered by the VeChainThor.

According to that publication, the patent unveiled how VeChain’s innovation addresses the gap that existed within the manual process of counting items and inputting the information on a ledger. Meanwhile, other systems that attempted to use barcodes to address this issue encountered problems locating unscanned items that had been removed and placed in a different location. 

In solving this issue, VeChain equipped its invention with the ability to monitor the location of items placed in a movable container or bin. A portion of the document reads:

In one configuration, a primary container may be provided with a wireless device that could utilize or read RFID and or NFC with asset tracking and an authentic tag. When tagged items are placed within or removed from the primary container, the wireless device would automatically read or inventory the items.

On October 24, 2023, VeChain also secured another patent in the US to revolutionize blockchain efficiency with a new transaction processing method. However, these groundbreaking moves have failed to significantly impact the price of VET. 

At press time, VET was trading at $0.022 after declining by 2% in the last 24 hours. 

This pullback was earlier confirmed in its daily chart when a rejection was established at the $0.050 psychological mark. From that point, the price fell to the $0.051 support level. After that, increasing bearish pressure created both primary and secondary resistance trend lines which led to bearish alignments. The asset also formed a declining support line to complete a falling channel pattern.

According to analysts, a critical support level for the asset is currently fixed within the range of $0.02378 and $0.020.