In the fast-paced cryptocurrency world, VeChain is something that is more than just a brand. It is a blockchain-based platform that stands out for its anti-fraud technology that has the potential to stop product piracy. VeChain’s patented solution helps authenticate purchases and build consumer confidence through reliable accounting. In addition, it can help companies improve the transparency of their manufacturing and delivery processes.
Read Coinspeaker to know what is VeChain and how it works. This article will also talk about these and will explain whether VET is a good investment. Learn about the investment opportunities this new technology has to offer now before you make the actual investment.
What Is Vechain?
Essentially, VeChain is a blockchain platform that helps simplify information chain management. Its blockchain was originally developed as a way to determine if a real product is genuine or not. This helps prevent fraud and counterfeiting; and now several companies are using its blockchain to track production, shipping, and more.
The blockchain claims to form self-executing smart contracts with the final result without the trust of a third party or intrusion. This makes it easier to implement decentralized applications (DApps) that can solve many business problems.
Here are the top five things you should know about VeChain:
- Anti-counterfeiting for luxury goods – VeChain uses smart chip technology to track every single item, preventing duplication.
- Cold chain for logistics – Using smart IoT sensors to transfer sensitive data using blockchain, companies can automatically track and ensure that food does not spoil during transport and storage.
- Automotive – Businesses can maintain a tamper-proof pool of vehicle data, such as repair history, registration, insurance, and driver’s license.
- Clinical Trials Tracking – VeChain is partnering with Bayer China to leverage blockchain technology to address the challenges of digital tracking of clinical trials.
- Go green – Companies can quantify their carbon footprint to help cut carbon emissions. The idea here is that consumers engage in low-carbon behaviors. Thus, by buying low-carbon foods, credits can be obtained and can be then exchanged for green foods or donated.
The Main Goal of VeChain
The main goal of VeChain is to optimize the flow of data in supply chains. VeChain assigns a separate identifier to each product. It uses smart chips or tags and radio frequency identification (RFID) sensors to track what happens to a product at every stage of the supply chain.
In addition, all this information can be accessed in real-time by authorized persons. Third parties are concerned. This helps businesses and customers to ensure that each product is handled correctly and verified for legitimacy at the time of purchase.
It is worth concluding that VeChain is already on the elite list of companies that can claim to develop a fully functional and holistic product currently used in many industries. It’s fair to say that this is because the team behind this project has taken an extremely innovative approach to their work. We do believe that this is not the limit, and the project will move further!