VeChain (VEN) managed to recover losses after the recent correction almost completely. The coin has a significant importance in the business especially because its transparency in operations starting with manufacturing and finishing with supply chain management.
All of this can be achieved via the cutting edge technology that makes use of sensors and RFID tags that track products via smartphones and computers. The process is decentralized and the data is recorded on VeChain blockchain to be accessed by all the stakeholders. You can’t ask for more transparency than this.
VeChain enables the shipment to be tracked at all stages
VeChain manages to provide people something that has been needed for a long time – decentralized technology that tracks oversees the delivery of a product, following it at every one of the stages in its journey from the manufacturer straight to the consumer. The product can be tracked with the help of an RFID tag or sensor.
This process provides complete information regarding storage, handling, the distance at particular points and so on. More than this, if anyone tampers with the product, the information will be made available instantly. The process is ideal especially for medication and electronics as well which can be fitted with a counterfeit product during a delivery and the customer would not be able to find out.
VeChain helps to make sure that every product has its own identity and this means that the consumer can tell if they’re getting the right products based on their unique identities.
The same concepts can be employed in all business industries
VeChain is able to employ the same concepts described above for all business industries. Customers can simply use their smartphones to track the products and to see whether they get the original ones. While projects such as Ethereum create a trustless system for transactions and smart contracts, VeChain is able to create a trustless system for business dealings. VeChain boasts two impressive partners for the moment, Sony and LG.
It also added PwC to the list of partnerships just recently. VeChain is currently traded at $4.74 and you can only purchase it with Ethereum (ETH) and Bitcoins (BTC) on more exchange platforms including Binance. VeChain is ranked as the 15th in terms of market cap. The crypto is expected to grow and develop more in the market.