Modern and Extraordinary. What is VeChain?
What is VeChain?
VeChain is a ‘Blockchain-as-a-Service’ company with a mission to create ‘a trust-free and distributed business ecosystem to allow clear data flow, adequate collaboration, and high speed worth transferring’.
The project has been around for over 2 years and already has customers using a working product – which is a rarity recently. Many industries as well as luxury product, agriculture, logistics, food/drug, and governments are already using VeChain blockchain technology which is amazingly modern – you can call it intelligent package tracking with many information provided live.
To get you on board fast – watch this intro:
VeChain does lots of things. Using the technology, you’ll be able to track things through a supply chain, make sure the legitimacy and quality of products, also as maintain the standard control of food products.
How does VeChain work?
VeChain began primarily as a supply chain company however has recently declared plans to evolve into a DApp platform also.
Supply Chain Trust
VeChain uses a combination of blockchain technology and their in-house designed smart chip to track things throughout their lifecycle. The smart chip may be enforced in numerous IoT items like NFC chips, RFID trackers, or QR codes.
Although this might not seem to be the foremost fascinating technology, it serves a very important role in making certain product quality across industries. Let’s examine the luxurious product sector as only one example.
The luxury product industry is shaped with counterfeit goods – over $450 billion value. VeChain, like all other blockchain firms, removes the necessity for this trust. At each step of the method, you’ll be able to scan the smart chip on every item to ensure you’re receiving what you ought to be. As a result of the blockchain is an immutable ledger, you’ll be able to trust that you’re receiving correct info.
Although still missing, it’s not crazy to assume that this technology are going to be within the hands of customers shortly. Soon, you’ll be able to check the legitimacy of these sketchy flea market stand sunglasses with a quick scan from your phone.
Supply Chain logistics
VeChain additionally improves logistics systems through simplified product tracking. Due to this, tracking product within the supply chain may be an enormous pain. This is often very true once information has got to be entered manually or when switching between processes.
Using VeChain, you simply scan the item’s smart chip to induce all of its associated information. This provides businesses with info that’s always current and a correct account of every item.
Integrating with IoT devices, VeChain additionally helps with quality control. This is often particularly helpful within the food and agriculture industry where one thing sort of a temperature change of a couple of degrees might ruin a complete product batch.
VeChain is one amongst the foremost established blockchain firms in the industry. Not solely do they have clients using a useful product, they have a team with in depth expertise within the industry they’re targeting.
Having partnerships with giants like PwC and also the Chinese government, they ought to haven’t any drawback growing their clientele. Some individuals could question their shift into the enterprise DApp space, however it’s to be useful for customers who are longing for an additional sturdy blockchain answer to their specific business desires.
REMINDER: VeChain will rebrand to VeChain THOR on the 26th February, 2018, so follow their twitter feed to get latest news.
You may be interested
5 Reasons Why Banks should be Scared of CryptocurrenciesJustin - July 16, 2018
The current centralized Banking system revolves around spending the customer’s money. Banks either use customers money to fix a financial crisis or as collateral for a mortgage.…
Slovakian Cryptcurrency Activists Lit up Local Banks with Bitcoin (VIDEO)Karolis - July 14, 2018
Slovakia’s central bank was marked with Bitcoin logo a in crazy way to protest local regulator hostility towards crypto traders and crypto companies. Paralelna Polis is Bratislava…