Look around you. A deck of cards. A bottle of perfume. A book. What is the history of these things and why does it matter? The counterfeiting of wine. Irregular agriculture practices. Paper is ridden and outdated government services.
Do you see a link between these problems? All of them arise from the trust. With big businesses and institutions, it’s inevitable at some point to spread management.
There’s a lack of control and issues like those happen. But what If I told you that you could resolve all of these problems with one simple solution? Well, you can. And it’s right here.
VeChain’s vision is to build a trust-free, distributed business ecosystem that allows information to flow in a fast and transparent way granting efficient cooperation. It works like this: the VeChain network is the hub of information where all types of businesses can store data, access it, and build upon the network.
VeChain utilizes the blockchain technology, on top of the Ethereum platform, to run this ecosystem. The blockchain is a technology that allows information to be immutable. Once it’s there, it can not be tampered with. It decentralizes and at the same time unifies everything.
The whole network will support up to 10,000 transactions per second and what will power these transactions is something called Thor. Businesses that operate in the network with DApps and such will use Thor to power their transactions.
And people that hold VeChain tokens will also get Thor as dividends. Another part of VeChain’s platform is the Internet of Things. With IoT, devices can communicate with each other and execute functions if they’re called for.
How is this useful in our case? We’ll see in a minute. Let’s go to our examples. Like we said before, agriculture suffers from many challenges Supervision is tricky. The scale is irregular. And the quality of the crops is often uneven, if not unsafe.
VeChain offers the solution to intelligent agriculture. With our system, it’s possible to watch and control greenhouses remotely with the help of sensors. A couple of sensors are installed inside the greenhouse and using the VeChain app, you’re able to monitor climatic conditions the status of soil, water, fertilizer, and even the crops’ growth.
Not only that, but you can also remotely control processes like ventilating and irrigation. This creates a new standard in the quality of farming and is estimated to improve farm work efficiency in nine times. Now coming to the big city, let’s think about the automobile industry. Vehicles can have many owners and function for decades.
So there’s a real difficulty in knowing their history and assessing future liabilities, for example. With VeChain, the scene changes. Every vehicle is assigned with a unique ID and is secured in the blockchain.
Bound to the ID is the basic information of the vehicle and by utilizing this pathway to the blockchain, all of the future transactions in the vehicle life cycle are recorded immutably. Even things like the driver’s habits, frequency of brake use and such are recorded both by the onboard computers, using IoT, and manually. The information can be leveraged to reduce the cost of insurance allow for green driving and many other benefits.
The use cases of unique IDs don’t end here. VeChain has already implemented innovations with two other industries. Wine and luxury goods. The products are embedded with a physical chip and on this chip, there’s all the information about the product. Consumers are able to scan the tag of the product with their own cellphones and know every step of the way in the trip through the supply chain.
We talked about agriculture, automobiles, wine and luxury items. These are wildly different enterprises, but there’s one thing that they’re all subject to a government. The government regulates and supervises most activities and they can be critical to the success of a company.
But, how do we know that the government is doing their job in the best way possible? In China, commodity inspection for instance is always reported to the agency by manpower. It’s a slow, rudimentary process that lacks inefficiency and even risks data manipulation.
But once again, VeChain can change this paradigm. By having all the data on the blockchain, VeChain allows access to both client and agency. So they can complete the procedure without using a single sheet of paper.
The possibilities are endless. We are offering this platform and we hope to change how enterprises think and operate. Join VeChain now. And let’s build the future. Together.
Read More: VeChain: Digitizing Documents