- VeChain’s new patent is seen as a breakthrough in secure data handling for enterprise applications, with the system’s ability to generate transaction-specific keys.
- It uses a hardware security module (HSM) to securely generate and split transaction keys.
VeChain, an enterprise-focused blockchain platform, obtained another US patent through NanoJClean, a subsidiary operating in China. This new patent was approved on December 17, 2024. It refers to advanced methods for “splitting and recovering a key, a program product, a storage medium, and a system.”
More about the new VeChain patent
The patent presents a key management system (KMS) that uses a hardware security module (HSM) to strengthen data security. According to the summary, the KMS is composed of “a management device used to manage the equipment of users of a user group and a hardware security module connected to the management device.”
The system creates transaction keys related to the “current transaction processing authority” and divides them into subkeys that are encrypted using the public keys of the corresponding users.
Furthermore, VeChain has positioned this innovation as a breakthrough in the field of secure and efficient data handling in multi-user environments, according to the CNF report. Being able to generate transaction-specific keys while securely distributing subkeys is one aspect that promises to make blockchain more reliable for enterprise applications.
Additionally, it is worth noting that earlier this year, VeChain obtained another important patent through NanoJClean. On October 15, 2024, VeChain reportedly received approval for a granted patent on blockchain-integrated temperature recording, especially cold chain transportation. Its previous patent allows the collection of compressed temperature data for secure storage.
According to its summary, it “has multiple temperature data points capable of corresponding to a single piece of compressed data, increasing storage efficiency while enabling authenticity through blockchain-based verification.” The dual patents perfectly signal VeChain’s dedication to solving real-world problems.
Recent FP Price Action
Furthermore, with these achievements, analysts also expect the adoption of VeChain’s VET token to grow. Therefore, it is safe to say that FP price is set to experience a major rally this cycle. However, VeChain’s VET token is currently experiencing a downward trend, which has continued despite the optimistic news regarding the latest patent.
At press time, the price of VET stood at $0.05388, a decline of 8.98% on Wednesday, December 18. Meanwhile, the market capitalization of the token is currently $4.37 billion. The drop could be attributed to uncertainty surrounding the Federal Reserve’s interest rate decision, which typically exacerbates volatility in the cryptocurrency market.
However, 24-hour trading volume for VET soared 31.32% to $207.98 million, indicating growing interest in altcoins despite the downturn. Furthermore, the situation could stabilize if the US Federal Reserve offers a dovish stance and meets expectations of a 0.25% rate cut.
Source: Michaël van de Poppe | unknown
Crypto analyst Michaël van de Poppe offered a bullish outlook for the FP price in 2025, CNF reported. Regarding X, he stated: “The FP is ready to continue moving forward. It has seen a substantial upward movement as, fundamentally, the ecosystem is thriving. As we can see, those periods often conclude with a period of consolidation.” He concluded: “Overall, the bullish trend has only just begun and with VeBetter being the cornerstone and expanding rapidly, I expect we will see a strong 2025 for the entire VeChain ecosystem.”
