Let’s learn about VeChain, a supply chain, and logistics Blockchain. VeChain is a Blockchain platform designed to enhance supply chain management and business processes. Its aim is to streamline the processes through the use of Distributed Ledger Technology. VeChain was founded in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. Being so ingrained in the luxury goods industry, he surely saw the conflicts that arose from inefficient supply chains and counterfeit goods. Blockchain to the rescue! VeChain tracks products at all stages of the supply chain, monitoring product quality, authenticity, transport medium, and temperature. This process is present from the manufacturing facility all the way to the end customer.
Its aim is to build trust between businesses and customers, allowing for greater market transparency. VeChain uses RFID sensor tags that broadcast the information onto the blockchain in real-time. This is meant to ensure greater quality control and customer service. The Vechain platform has two tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VeChain token transfers value across the network and VeChainThor Energy is used to power transactions. You’re watching MarketSquare, the new homepage for the decentralized Web.
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