What is VeChain(VET)? A technology based on blockchain

VeChain text and VeChain chart

VeChain is a block-chain based platform designed to improve the supply chain management process. VeChain allows retailers and consumers to determine the quality and authenticity of purchased products, using the anti-tampered distributed notebook technology.

Every piece of information about the movement of a product’s supply chain, from product source materials to service history and spare part changes, is recorded and verified on a secure ecosystem for all participants. VeChain plans to build this secure supply chain management ecosystem with entity digitalization.

VeChain Chart of Coinmarketcap
VeChain Chart of Coinmarketcap

The idea is that the authenticity of goods purchased using blockchain technology can be verified. This is a system that aims to provide product quality but is used in a global network of industries that are not centralized. The products (luxury goods, beverage industry, car industry, warehouse sector, logistics) are followed up to the last how much they are present. VeChain’s aim is definitely to create a reliable environment management platform functioning with a method for token digitalization.

VeChain enables manufacturers to assign products with unique identities on the secured platform. This will allow producers, supply chain partners, and eVET consumers to monitor the movement of products through the supply chain. VeChain (VET) has an identity system called “VeChain Identity (VID)” to follow the tracks of the transactions. This method ensures that all information related to the supply chain activities of the labeled product is converted from the real world of business to digital platform.

For example, the platform and accompanying technologies can be used in the winery industry. A bottle of wine can be equipped with a VID that allows both the winemaker and the consumer to monitor the movement of the wine from its production point to its final consumer. Any attempt to deceive the consumer is detected because the wine originality can be determined at each stage of the supply chain process.

How does VeChain (VET) work and what is it good for?

What is VET text on chart
What is VET

VeChain (VET) platform allows manufacturers to place products equipped with unique identities on the system. Manufacturers and consumers can reach all the information about the product they want to track using the platform.

For example, the platform and accompanying technology can be used in the winery industry. A bottle of wine is equipped with a VID that allows both the winemaker and the consumer to monitor the movement of the wine from the production point to the consumer. Any attempt to deceive the consumer is avoided in this way since it is possible to determine the authenticity of the wine at every stage of the supply chain.

VIDs are generated using the SHA256 algorithm, which creates a random hash corresponding to a VID. This VID is then written to the Near Field Communication (NFC) tag, Quick Response (QR) code or RFID (Radio Frequency Identification) tag to be used for each product. This method ensures that all information about the labeled product and the product supply chain activities is communicated to the platform.

In addition to allowing products to be digitized, VeChain (VET) supports authorization-based digital ownership management too. Thanks to this method, a person can represent the product in digital form.

This system, realized with Smart Contract technology, allows the digital entity to connect to both a public key and a private key account. The public key is public and can be recognized by other users. The private key provides access to digital assets through user authorization.

What are the advantages of VeChain (VET)?

What is VeChain text and VeChain cjart
What is VeChain

There are currently 476,173,805 VeChain (VET) in the digital money market. In total, the maximum number of VETs that can enter the market is 867,162,633.

There are currently retail, automotive, luxury goods, alcoholic beverages, agriculture and logistics companies among the sectors Vechain provides using the blockchain infrastructure.

Integrates Blockchain technology into customer operations to ensure VeChain’s intended products are immutable and unpalatable. It guarantees a system in which all the products register with their own data in Blockchain technology and the company can not eVET play this information. In addition to the system, it stores information such as product sales, storage and moving in the Blockchain book. VeChain (VET) ensures that the products that deserve the right value and quality with the complex transparent process reach the customers in the best way.

VeChain has announced that it wants to rebrand its brand in 2018 and plans to change it to “Thor”. In addition to this name change, they aim to create a much larger, ambitious, fast and powerful structure. The VeChain development team decided to give the name “Apotheosis” to the restructuring process. VeChain (VET), who said he would do many updates with the rebranding, did not give information about features to be added or changed.

VeChain Customers and Partnerships

VeChain (VET) brought together very impressive customers and partnerships in a short time. As we have said before, this is a working and working product. Large companies already use it. VeChain (VET) began to develop its technology in 2015. With a successful ICO in 2017, VET was put on the market in August. Since that time, they have been working on partnerships and block platforms since 2015, as development continues. Renault is an excellent example of collaboration. The automotive group is using VeChain (VET) for the automotive supply chain. Direct Imported Goods, the largest luxury wine importer in China, has placed a million bottles of wine in the Vechain’s chain of blockades to get the most significant worries about false wines in the country. In South East Asia, a partnership was established with PwC in May 2017 to increase the use of block chains.

The most certain aspect of VET is that active investors are investing and have a good turnover. Breyer Capital’s billionaire CEO, Jim Breyer, is known to have VeChain’s money in his portfolio. This dramatically increases corporate confidence in the crypto world

VeChain (VET) Coin’s Future

No doubt exists about the fact that blockchain technology is a valuable innovation in supply management. Increased partnerships Vechain can have a prominent position as an innovative force that reshapes supply chain management with technological improvements.

 

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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