Blockchain For Supply Chain Management
By using blockchain technology and smart contracts, VeChain (VEN) provides a unique approach to supply chain management and financial services. The underlying project providing the foundation of VeChain started in 2017, with VeChain Coin launching to the market in 2015. Currently, the VeChain team has offices in Tokyo, Paris, Singapore, and Shanghai.
Through the use of the VeChain blockchain, retailers and consumers can keep track of the authenticity of products as they move through the supply chain. This helps in protecting both retailers and consumers from fraud and theft.
So, how does VeChain work?
Put simply, manufacturers who chose to use the VeChain blockchain can assign their products unique digital identities. These identities are produced using VeChain Identity (VID) technology. Each VID is generated using a SHA256 hash function. Once this digital identity is assigned to a product, both the retailer and consumer can track the product's movements.
Let’s look at an example…
Say VeChain technology is used to track a wine bottle while it moves from the producer to the seller and to the consumer.
The bottle that’s being moved is an expensive bottle and maintaining the quality is important to both the consumer and the seller. Through VeChain, the consumer and the retailer could track the bottle while it moves through the supply chain. If something happens to that bottle and it’s compromised, both parties will know. All it takes to track the bottle is the VID number.
It’s easy to see how this technology could have application in our rapidly expanding economy. From tracking pharmaceuticals to keeping track of art, VeChain could provide security and transparency in the global asset trade.
Outside of simply tracking assets, VeChain could also help individuals in tracking ownership and cataloging ownership on its blockchain. VeChain uses smart contract technology, which you can read about in our Ethereum resource page, to make this possible.
At the time of putting together this index, VeChain had multiple active partnerships, including those with Microsoft, Renault, and Hyperledger.
It's also worth noting that VeChain is one of the first digital currencies to institute a disaster recovery plan. It's also one of the first blockchain-based projects to be working with the Chinese government.
Investors should be aware that there are two digital tokens associated with the VeChain blockchain. The first of these tokens is called VeChain Token (VET). VET was intended to help companies in carrying out payments on its blockchain. The other is called Thor Power, which is the token that allows individuals to invest in the VeChain (THOR) blockchain.
If you’re interested in learning more about VeChain, you can access the company website here.
How to Buy VeChain
VeChain is available on multiple exchanges, including Binance, Huobi, and Gate.io.
The Token Authority, Copyright © 2019, Angel Publishing LLC. All rights reserved. 111 Market Place #720 Baltimore, MD 21202. For customer service, call (877) 303-4529. The content of this site may not be redistributed without the express written consent of Angel Publishing. Individual editorials, articles and essays appearing on this site may be republished, but only with full attribution of both the author and The Token Authority as well as a link to www.thetokenauthority.com.
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned. While we believe the sources of information to be reliable, we in no way represent or guarantee the accuracy of the statements made herein. The Token Authority does not provide individual investment counseling, act as an investment advisor, or individually advocate the purchase or sale of any security or investment.
Subscribers should not view this publication as offering personalized legal or investment counseling. Investments recommended in this publication should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company in question. All Investments in Stocks, Options, Bonds, ETFs and Futures may carry a significant risk of loss.