The downturn in the cryptocurrency market has not impacted the blockchain industry. Blockchain industry is slated to grow at a breakneck speed. It is expected that more and more companies and corporates will start using blockchain technology for a variety of different applications. That is why blockchain companies tying up with various corporate’s is not surprising at all. Recently, there were reports that Vechain (VET) tied up with Morpheus labs.
What can Vechain (VET) gain from its partnership with Morpheus labs?
Morpheus labs is famous for converting blockchain technology into a more usable form. It is working towards providing blockchain as a service. We all know how widespread, cloud computing became since it got offered as a cloud service. Similarly, software as a service is a multibillion-dollar business model. That is why, when blockchain as a service is accessible for the users incorporates, it will undoubtedly gain significant steam. It will mean that the corporates, as well as the businesses who want to use blockchain technology, don’t need to build blockchains themselves as cryptocurrencies will start offering their blockchains. It will help them scale up the usage significantly.
Morpheus labs create strategic partnerships. That is why it partnering with Vechain (VET) speaks volumes about the blockchain of Vechain (VET). Morpheus labs cover a wide variety of functions when it offers blockchain as a service. It facilitates the prototyping, deployment, testing, and operations of various applications on the blockchain. The solutions are easier to use for the corporates with no prior blockchain technology experience. As a result, they can readily convert their software and applications to ones based on the blockchain.
You need to however keep in mind that Vechain (VET) is already focusing on the enterprise market. If it can provide blockchain as a service with the help of Morpheus labs, it will become easier for Vechain (VET) to increase its market share. It can also provide such a service to its existing clients as well. When it does that, not only the use of the blockchain will increase but also the token price will go up significantly as well. Morpheus labs, on the other hand, will get the existing infrastructure of the Vechain (VET) blockchain to create proper infrastructure quite easily.
It is a win-win situation for Morpheus labs and Vechain (VET). The future will tell whether the partnership can increase the efficiency of the Vechain (VET) blockchain or not.