TL;DR
Imagine walking down the street and as you approach the corner you see a sketchy store selling what appears to be Louis Vuitton bags and Supreme t-shirts. The material and everything about the goods seem legit. However, how can you verify if the product is legit?
Insert Vechain.
Introduction
Vechain was originally conceived as a way to identify if real-life products are fake or not preventing frauds and counterfeiting. Since then, it has been used by major corporations to track everything from wine production to automobile manufacturing.
Using sensors, it tracks what happens at every stage of the supply chain: each product has a unique identity. In this way, both companies and consumers can be certain their products are handled correctly.
How Does Vechain Work?
The company has developed sensor chips that are uniquely linked to its blockchain platform for physical products. The platform is exclusively intended for enterprise adoption. The company has been using its technology in the real world since it first developed NFC tracking chips for an exclusive French brand that goes inside handbags.
In 2016, VeChain applied this technology to Renault cars to track vehicle history. Whenever a car is driven for the first time, its computer keeps track of its maintenance, mileage, and other events. The unchangeable record that exists within the blockchain allows used car buyers to verify the complete history of the vehicle - a huge benefit for preventing odometer fraud.
VeChain has also announced partnerships in Europe and Asia with BMW and other car companies. This technology is applicable in several other industries, and VeChain has hinted at further collaborations.
What is VET and VTHO?
VeChain is a blockchain-powered platform that connects consumers with retailers. Blending the Internet of Things (IoT) with blockchain, VeChain empowers businesses in everything from drug and food safety to luxury goods and counterfeiting.
Two main tokens power its ecosystem: VET, which can be used for financial transactions on the platform, and VTHO, which is the “energy token” used to conduct transactions on VeChainThor.
What Makes Vechain Important?
VeChain is a supply chain management blockchain project with a focus on China. It aims to create a trust-free, distributed business ecosystem and is currently one of the most promising projects in the cryptocurrency space.
VeChain has quickly gained its reputation as the leading blockchain platform for information and products. VeChain Thor is a platform, focused on providing real-world solutions to enterprises such as Walmart and PwC, among others.
Vechain (VET) Use Cases
There’s a lot of exciting applications for the VeChain technology that we can’t wait to share with you. Below we will share three. This list is non-exhaustive. For a complete list of dApps click VechainWorld.
Food Safety
Blockchain technology has the potential to improve traceability in the food economy and help us solve the world’s most pressing problems involving food.
Vechain uses IoT and an RFID infrastructure to track products in real time. The IoT devices can be deployed on the supply chain, including on products, warehouses, and vehicles. Data from these devices is then uploaded onto the blockchain for tamper-proof storage.
Anti-Counterfeiting
In a world plagued with counterfeit luxury goods, VeChain is here to track and trace your baguette. The world's first online real-time cryptocurrency open platform for products, the blockchain has never been known for being at the forefront of luxury goods -until now.
Health Records
Vechain was designed to digitize information, contacts, assets, and more. A Vechain-based E-HCert app will be roll out to patients of both the Mediterranean Hospital of Cyprus and Aretaeio Hospital in 2021. They along with authorize medical personal will have access to their own information.
How To Buy Vechain?
Now, the question is where can you buy Vechain? Vechain exists in many centralized and decentralized exchanges. However, below we will guide you in buying Vechain (VET) from Binance.
Create/Login an/to Account
If you don’t have an account already make sure to sign up for one before using Binance. You will need to provide an ID along with other information.
If you already have an account you can just long in and head over to the next step.
Search for VET
In the search box you want to search for the ticker symbol VET. There click on the coin that appears.
Select Amount
Next you will need to select the amount you want. Remember to have funds deposited in your account.
Then you can select buy and your order will be executed.
Final Thoughts
VeChain is a blockchain-enabled platform offering robust infrastructure, a comprehensive governance structure and advanced IoT integration to support the extensive requirements of any industry. They seek to amend the supply chain industry.
So there you have it. The future in the supply-chain industry. What are your thoughts about this project?
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