VeChain (VET) Secures New Patent for Advanced Key Management System, Promises More Reliable Blockchain for Enterprise Applications

VeChain, an enterprise-focused blockchain platform, has secured another U.S. patent through NanoJClean, a subsidiary operating in China.

VeChain, a blockchain platform catering to enterprises, has secured another U.S. patent through its China-based subsidiary, NanoJClean. This new patent was approved on December 17, 2024, and pertains to advanced methods for “splitting and recovering a key, program product, storage medium, and system.”

According to the abstract, a key management system (KMS) is introduced that utilizes a hardware security module (HSM) to bolster data security. The KMS, as described, consists of “a management device used for managing user equipment of users in a user group and a hardware security module connected to the management device.”

The system generates transaction keys pertaining to the “processing authority of the current transaction,” which are then split into sub-keys that get encrypted using the public keys of the respective users.

This innovation by VeChain, as reported by CNF, is touted as a breakthrough in the realm of handling data securely and efficiently within multi-user environments. The ability to generate keys specific to each transaction while distributing sub-keys securely is a key aspect that is expected to bolster the adoption of blockchain for enterprise applications.

It is also noteworthy that earlier this year, another significant patent was obtained by VeChain via NanoJClean. On October 15, 2024, VeChain reportedly received approval for a granted patent on blockchain-integrated temperature recording, particularly in the context of cold chain transportation. This earlier patent enables the collection of compressed temperature data for both safe storage and ensuring authenticity through blockchain-based verification.

“Multiple temperature data points can correspond to a single piece of compressed data, which increases storage efficiency and enables authenticity through blockchain-based verification,” reads the abstract. These dual patents effectively showcase VeChain's commitment to solving real-world problems.

Recent VET Price ActionThis achievement is also expected to drive the adoption of VeChain's VET token by analysts, with the VET price poised for a major rally this cycle. However, despite the optimistic news of the latest patent, the VET token is currently experiencing a downtrend.

At press time, the VET price is trading down by 8.98% on Wednesday, December 18, at $0.05388. The token's market cap currently stands at $4.37 billion. The crash could be linked to the anticipation of the Federal Reserve's interest rate decision, which usually leads to increased volatility in the crypto market.

However, there was a positive sign as the 24-hour trading volume for VET surged by 31.32%, reaching $207.98 million, indicating growing interest in the altcoin despite the downturn. If the U.S. Fed offers a dovish stance and meets the expectations of a 0.25% rate cut, the situation could stabilize.

Crypto analyst Michaël van de Poppe offered a bullish outlook for VET price in 2025, according to CNF. On X, he stated, “VET is ready to continue moving. It has seen a substantial move upwards as, fundamentally, the ecosystem is thriving. As we can see, those periods often conclude with a period of consolidation.” He concluded, “Overall, the uptrend has barely started, and as VeBetter is the cornerstone and quickly expanding, I expect we’ll see a strong 2025 for the entire VeChain ecosystem.”