VeChain (VET) –Leveraging on blockchain technology is a well-known innovation in the world, but cryptocurrency which is one of its use cases stands out. In the world of Cryptocurrency VeChain stands out among the majority, separating the men from the boys by creating an all-time solution for businesses, enterprises and manufacturers in a ways that simplifies the lifecycle of their activities.
Established over two years ago in Singapore by a team led by CEO Sunny Lu, the top class technology that is leading the world of blockchain enabled product management platform is revitalizing the supply chain of products and transfer of information between vendors, customers, and manufacturers.
Apart from the fact that Lu, the founder of Vechain is a silent person in china as he stand to be the co-founder of BitSe, an internet company in the country where QTUM was founded, while members of the Cryptocurrency’s extensive board of advisor are also well distinguished people, giving the company the quality it needs.
The Need For Vechain And Its Vision In The Market
The blockchain technology was established out of the need to reclaim transparency and data problems in production and sale cycle.
Just as blockchain technology remains a perfect match for data storage, with VeChain, it possible to get a much clear view of supply chain, details of products from the origin up to buyer, while they are securely stored in a tamper-proof distributed ledger.
This makes give market more sustainable for manufacturer, retailers and consumer.
Similarly, VeChain, achieving its vision which is to create a wider market where entities involved in trade and production can have appropriate interaction, opted to establish an enterprise blockchain enabled platform where manufacturer or producer can easily assign unique information to products so that data security and proper management for each product can be maintained.
This conversantly makes every product on VeChain platform has its own distinct ID while it is store in the ecosystem of the blockchain with NFC chip, RFID tag or QR code.
With all this, manufacturers become blessed with secured and immutable data that allows for accountability, retailers in the same vein get to access to information on the supply chain of the good they have at hand, and lastly, consumers are also issued with the benefit of supply chain data like the source of a product, authenticity and where value has been added to the product, and this can make them know the product to purchase.
VeChain’s viability in real world use case.
As of today, large and small scale companies are investing huge amount of data management so that they can keep tab on the products and services, and still the problems of security and accuracy are still in place for most of the companies due to the less trust from intermediaries.
Evident of this, some sectors have embrace VeChain technology as the most viable means in solving their seemingly unsolvable problems.
At the moment, VeChain has obtained credence in alcohol, food, pharmaceutical, automotive, luxury goods, retail, logistics, and cold storage industry among others, where its technicality is used in storing product data.
One of the major product of VeChain, RFID chips which is produced in-house is used to observe the surrounding temperature of products like food.
With RFID chips logistics companies are able to monitor foods and make sure food don’t get spoilt before delivery.
VeChain’s NFC chip is also used to monitor the condition and source of products, making buyer get real information about what they are about the buy and they can buy what they intended.