VeChain surges after rumors about a vaccine tracking system in China

The spike appears to be correlated with rumors that link the company with China's launch of a nationwide vaccine tracking system.

VeChain's drug and vaccine traceability solution.

The decision to get involved in the pharmaceutical industry was in response to a series of vaccine scandals that affected the country.

In 2018, Chinese vaccine manufacturers provided faulty and falsely documented vaccines to schools.

In 2015, two people were arrested for illegally selling over $80 million worth of vaccines across 20 Chinese provinces.

That the nationwide vaccine tracking system is set to be launched in March 2020.

"The system will cover information on the entire supply chain of products of all domestic vaccine manufacturers and vaccination information from health departments. The establishment of the national system will integrate the whole process of vaccine production, circulation, and vaccination so that vaccines can be trackable. [It] will enable improved visibility into order status, shipment status, and provider inventory of vaccines, for authorities to better supervise."

As China prepares to launch its drug and vaccine traceability system many speculate that it is powered by VeChain.

Over the last three weeks, VeChain went through an exponential upswing that saw its price rise by nearly 185 percent.

If the rumor that China's drug and vaccine traceability system is related to VeChain's vaccine tracking solution proves to be true, the firm could showcase the utility of VET. Therefore, the bullish sentiment behind this cryptocurrency could just be getting started.