How Vechain Technology Is Changing the Supply Chain Industry

VeChain (VET) is a digital currency (token) of the developer’s own platform, which acts as a huge site employing blockchain technology. The primary function of the platform is to help with product labeling, sharing important info about asset production and logistics. With the help of the solution, users can obtain any data about the product. VeChain Thor is a separate project that syncs two different systems: the Internet and blockchain.

While supply chain management software exists, at https://www.coinspeaker.com/guides/what-is-vechain-vet/, you can find info about most of the companies dealing with Vechain VET, but they currently lack visibility and understanding of products. In this article, you will learn what features VeChain offers and how supply chains can use blockchain technology to increase market transparency.

What Is VeChain?

It is a platform for working with various market groups including B2B and B2C. Manufacturers have the opportunity to track sales in real-time. Thanks to the marking of all goods with a digital code, it is unique. The consumer can check the authenticity and quality, as well as get detailed information about the product by scanning the code through a smartphone and a special application.

At the heart of the platform, there is the solution to all the problems that arise from counterfeiting in the market, which will significantly affect the supply chain industry. For example, there is a client who wants to buy an expensive original item but cannot trust the seller in the authenticity of the target item. If a manufacturer uses a similar platform for their products, then anyone can easily scan the code with their smartphone to get all the data about the product. Thus, you can find detailed info about the year of manufacture, materials, country, etc.

The platform itself assists businesses to quickly work with each other, without deception and intermediaries. As a result, VeChain allows clients to perform the following:

  • Use technology to digitize any real product and then store data about it on the blockchain network. For this purpose, QR codes, NFC chips, and RFID tags are applied.
  • For any product, a unique code is entered in the storyboard for the product. After reading it, the client receives accurate data on the movement of goods.
  • The client can find out who, when, and where has produced a particular product; the same logic works for food items, as well as cars, branded goods.
  • Enter and store info about different corporate documents. This leads to the fact that all data cannot be deleted or corrected; all business partners will be able to access such an entry.
  • Launch of smart contracts, allowing firms to independently enter into contracts without the help of lawyers.

There Are Even More Opportunities

VeChain is committed to reducing the cost of fighting counterfeiting by allowing customers to track and validate branded clothing. The blockchain-based governance platform plans to authenticate the product using an encrypted IoT chip embedded in the product. The chip registers the logistics of the item on the blockchain network, allowing consumers to simply scan the product and determine its authenticity.