Trade VEN - VEN Markets, Exchanges, Broker
Who doesn't know the "Rayban" bought on the beach for a few Euros. But not all counterfeit products are to be underestimated. For example, "punched" alcohol can have serious consequences. This is where VeChain would like to come into play and declare war on "counterfeiters".
There are already some ideas, such as the inclusion of QR codes on the products. Scanning the code should ideally present the consumer with a website that demonstrates the authenticity of the product.
However, since these systems are quite new and easy to counterfeit, it is not difficult for the manufacturer of a counterfeit product to print a QR code that refers to a fake website that claims the product is legitimate.
It is clear that an alternative solution is needed. This applies not only to alcohol, but to any number of goods, such as counterfeits, improper storage, or any number of problems.
What is VeChain?
VeChain, a Singapore-based company that operates the VeChain Foundation, has developed its own solution to this problem using blockchain technology in supply chains. The aim is to use a blockchain to track the products at every step of the production and sales process. The actions on the blockchain are tracked at all times and this information is made publicly available to everyone.
For example, if you want to buy a bottle of a brand's whisky, the packaging of the bottle could contain information that covers every step of the production process.
Information such as how and where it was produced and when it was bottled, where it was sent to, could be publicly available. One could trace which wholesaler bought it, resold it and where and especially how long the product was stored.
Luxury goods as a use case
In the case of luxury goods such as handbags or watches, it is even possible that the entire life cycle of the product can be tracked via the blockchain. From manufacture to sale and resale in the Second-Hand shop.
This information could be invaluable in parts of the world where this information simply does not exist. Since this information is stored on a single platform, it would not be possible for criminals to simply create a false database.
Rebranding
There was a re-branding event of VeChain. In addition to a new brand image, the Nordic god Thor, new partnerships for the new brand VeChain Thor were announced. All detailed information about rebranding can be found in this article.
The VEN tokens
VeChain is designed for Ethereum's blockchain and is driven by its own token called VET (VEN). The tokens are currently traded for almost three dollars each.
Conclusion
VeChain could become an important component of luxury products, alcohol, food and other applications in developing countries. These could also become important for retail in developed countries, but are less likely to be necessary for areas where developed and well-developed logistics already exist.
It is more likely that it will take at least a few years for a significant number of companies to use the blockchain. However, this is not a problem and can be a great opportunity for those who get involved early.