When it comes to real-world blockchain adoption. It doesn’t get much better than VeChain In 2019 VeChain is successfully linking products with consumers in a story of values, trust and digital technology.
We’re going to find out exactly how VeChain is working with global enterprises to bring forward blockchain technology to our everyday lives. Coming up! If this is your first time here and you want to learn all about cryptocurrencies, start now by subscribing, and clicking on the bell So you don’t miss anything! VeChain is using blockchain to track the life cycles of goods through the supply chain.
It’s a low-cost, easy-to-use solution that follows a product from its origination point to its end-user. The solution significantly reduces fraud, counterfeiting and product the tampering.
If you’d like to learn about the full scope of this project, make sure you check out “Part 1” of this video series. Today’s consumers want to know more about the products they consume, with digital technologies we can tell the true story of each product.
The VeChain collaboration with My Story has started to roll out their initial product which will use VeChain hardware tags. The VeChain data collaboration is with DNV GL – a leading global provider of product assurance and certification. Three Italian winemakers are the first to implement My Story.
They have each produced one wine with a unique digital identity giving, consumers instant access to the true story behind the bottle. By simply scanning the QR code all the information gathered through the My Story process will be stored on the VeChain Thor public blockchain.
By scanning a QR code the consumer can use the My Story application to browse the different product characteristics and production processes behind it.
The full history of the journey is easily available with the information checked and verified by DNV GL. It’s a scalable and affordable enterprise solution that improves the quality of products and prevent high-end wine from being refilled with cheap knockoffs and passed off as the real thing.
QR codes in my story have two purposes One is to establish the uniqueness of a bottle and second the authenticity of a bottle. In this bottle of wine, The QR code is reproducible It doesn’t need to be copy proof as it’s only used to tell the story of batch traceability.
This example is tagged with My Story. It’s secure and the tag refers to a specific bottle of wine. The tag has a yellowish tint, which is a unique micro QR code that can’t be copied.
Which is the same technology used to protect banknotes. Finally, this wine has two reproducible QR codes that tell the story and also identify the uniqueness of the bottle. Securing even a small percentage of the wine produced and shipped each year would make VeChain One of the most heavily used blockchains in the world.
But wine isn’t the only thing criminals fake – clothes, shoes, luxury items like purses and sunglasses. You name it. Someone is probably counterfeiting it right now. Do you ever worry about buying a counterfeit product? With so many fakes and copies out there in the market, most people don’t know what they’re looking for to determine if their product is genuine.
Counterfeit products make up the biggest black market in the world estimated at 461 billion per year, which is even larger than the 426 billion global drug market. Last year, a group smuggled more than three hundred thousand pairs of fake Nike Air Jordan sneakers into New York, with a total value of 70 million dollars.
If Nike spent just one percent of the 70 million building a solution against counterfeiting they would greatly increase their market share and profit potential. Counterfeiting is a global problem and VeChain is bringing its solution to major companies.
In a world rife with counterfeits companies can now use blockchain to prove product origin and allow consumers to verify product authenticity instantly with a smartphone. Last year, VeChain has joined hands with SBTG the famous shoe artist who has worked on designs with Nike, Kobe Bryant, Puma and Reebok.
These shoes have been called “the shoes of the future” with the use of NFC chips buyers can keep track of the shoes via their digital footprint. It’s a restless way to confirm the authenticity of the shoe and all of this is being stored on the VeChain Thor blockchain.
Imagine being able to use your phone to verify something is real. It will dramatically change retail and also the process of buying something secondhand. A new trustees method of verifying authenticity. ARKET is a clothing brand for various essential products for men, women and children.
It will be using VeChain’s blockchain to actively track their products. This will enable the final consumer to have a clearer insight into the origin of their purchase. The two are working on a proof of concept that tracks a product’s origin through the supply chain.
MARKET has done small proof of concept through a pilot-tested with VeChain to use blockchain technology to secure product data traceability.
The product used for the trial is a wool beanie from the 2018 collection. By scanning the products NFC chip customers can access detailed information of the product such as its origin, material, supplier and so forth. This kind of implementation is just the tip of the iceberg with regards to supply chain adoption in the real world.
The revenue potential for blockchain in the auto industry is expected to reach 120 billion dollars by 2030. These days, smartphones and computers are not the only devices that collect and store our data.
Our cars store more and more information, but on the used car market there’s a huge problem – mileage manipulation. With the help of VeChain’s public blockchain and the app VerifyCar from BMW this problem can be solved.
Vehicle owners can use the app to transfer important information such as mileage or service and repair history verified and validated via the VeChain blockchain. Mileage manipulation can cause damages of up to eight billion dollars per year. In the long run, this leads to a loss of customer confidence.
The VerifyCar app would record not only the mileage but also all other activities of the vehicle and store it on VeChain public blockchain. In the future customers of the BMW, the group will be able to assign an individual QR code for each car which can then be scanned to obtain the necessary information.
If BMW adopts VeChain’s solution a snowball effect will likely follow. Hundreds of independent repair shops, insurance companies and rental companies will all be interested in logging data from future vehicle purchases, services, parts and repairs on the VeChain blockchain.
That’s easily millions of transactions per year. VeChain has recently launched a one-click solution into Amazon Web Services cloud platform to allow companies to deploy quick transparent and compliant blockchain applications.
Enterprises are moving their application workloads from data centres to the public cloud. Amazon Web Services dominates the public cloud market over both Microsoft Azure and Google Cloud 41.5% of all infrastructure applications in the public cloud are running on Amazon Web Services.
Last year Amazon decided to facilitate a new kind of infrastructure for apps called AWS blockchain templates This means that enterprises without blockchain expertise are able to easily and quickly deploy blockchain Solutions DNV GL plays a critical role by implementing their compliance certification and information security services.
They will help enterprises with their biggest concern of working with the cloud – security and risk management allowing companies to use blockchain without any cryptocurrency knowledge Amazon CloudFront enables enterprises to deploy blockchain applications in one click by speeding up the distribution of static and dynamic web content.
Amazon Elastic Computes cloud enables enterprises to load data and deploy smart contracts on the VeChain Thor manner. Instead of buying their own servers enterprises can easily use Amazon’s virtual servers with no big setup costs, optimal flexibility, and great performance.
Amazon relational database service allows enterprises to set up, operate and scale a database in the cloud. It connects the ERP system with the blockchain to upload data for smart contracts. Because data comes in all kinds of formats.
This is often a challenge. Essentially, this is a working product on top of the world’s leading cloud platform which will enable enterprises an easy way to use blockchain. This is just one of the many ways in which enterprises can benefit from VeChain.
In 2019 VeChain’s mission is simple – to grow the transactions with business value and build infrastructure services around the VeChain Thor blockchain and facilitate mass adoption.
Real-world partnerships, a unique governance model and sophisticated token economics are enabling VeChain to create custom made blockchain enterprise solutions with the potential to lead us into a new era of transparency.
If you made it to the end of this video, let me know in the comments if you’re bullish or bearish on VeChain in 2019.