Have you ever read a tag/label on any item and wondered how much of it is true? Is my 100% cotton shirt actually 100% cotton?
The authenticity of a product matters to us sometimes and we should have some way to verify it. So where does one go look for these answers?
VeChain is your answer. It’s a blockchain-enabled platform that is designed to enhance supply chain management processes. By giving tamper proof access, it allows them to determine the authenticity and the quality of the products that are bought.
Its mission is to build “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.”
Though the project has been around for two years now and has customer making use of it as well – it’s still rare in the crypto world.
VeCahin does a lot. You can use the technology to track items through a supply chain, ensure the authenticity and quality of goods all the while maintaining the quality control of your items. The best bit? It’s not limited to clothing items, it goes way beyond that. Their database includes product source materials, to servicing history and spare part placements. Every single thing you need to know is accessible.
This is actually a requirement in today’s world, because more than half of the time, you don’t even know what you are eating or wearing. If what the company claims is actually true or just a lie to sell their image. Humans have been cheated on so many times that we are bound to get skeptical about all of this.
It sounds like a lot but how do they plan to achieve this dream? One answer, asset digitization.
Vechain uses a mix of blockchain technology and their in-house built smart chip to track items throughout their journey. It vital in ensuring product quality across industries; even more when it comes to luxury items because this industry is wrought with counterfeit items so you need to be sure where it is coming from.
VeChain becomes the person you trust but even more authentic because every step is recorded. You can scan the smart chip to get a detailed history of the item, confirming that what you’re receiving is what you want.
VeChain is currently in partnership with
- China Unicorn
- Directed Imported Goods
- DNV GL
- Healthcare Co Ltd
- HyperledgerJiangsu Printed Electronics Co Ltd
- Kuehne and Nagel
- Xiamen Innov Information Technology Co Ltd
VET is used by companies as the smart payment currency to run business activities on the blockchain. Businesses who hold more VET are given higher priority and more rights on the blockchain. You can buy them at Binance in exchange for Bitcoin or Ethereum and a VeChainThor Wallet is a recommended place to store your funds.
VeChain is not only the most useful but it is also the most established blockchain company in the industry. They have a functional product along with a competitive team with extensive experience at their disposal.
If VeChain continues at their current pace, it wouldn’t be a surprise to see VET as one of the top players over the next five to ten years. It has positioned itself to be the innovative technology that reshapes the way we think about supply chain management.