VeChain

What is VeChain?

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VeChain is a platform on the blockchain that aims to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and customers with the ability to be assured about the quality of products that are bought. Every single piece of information about the supply chain movement of a product can be recorded and verified to bring about a supply chain management ecosystem that is secure for all participants.

Vechain started primarily as a supply chain company but has recently announced plans to evolve into a DApp platform as well.

Who is using it?

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Vechain has been around for approximately two years and already has customers using their product. Many industries including luxury goods, agriculture, logistics, food/drug and goverments are using VeChain.

So, How it works?

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VeChain uses a mixture of blockchain technology and their own smart chip to track items throughout their lifecycle. The smart chip can be implemented in many different IoT items such as NFC chips, RFID trackers, or QR codes.

The technology might not sound so interesting, but it serves an important role in ensuring product quality across industries. As an example we can look at the luxury goods sector.

The luxury goods industry is wrought with counterfeit items – over $450 billion worth. With an item like a Michael Kors purse changing hands many times during the production and distribution, you have to trust that the person is passing along something authentic.

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References

• https://www.vechain.com/#/
• https://medium.com/@vechainofficial/vechain-apotheosis-part-ii-thor-power-forged-974111a93278
• http://www.oecd.org/industry/global-trade-in-fake-goods-worth-nearly-half-a-trillion-dollars-a-year.htm