- The prices of the crypto market continue to fall and offer favourable entry points to profit from a possible trend reversal.
- VeChain is a project that already cooperates with well-known partners like DB Schenker, Walmart China or China People’s Insurance Company of China (PICC).
VeChain is a comparatively young project of the Singpuar-based company Bitse, which has been able to demonstrate a functioning product from the very beginning. VeChain has dedicated itself to the global problem of product counterfeiting. Worldwide, companies are suffering damages from counterfeiting amounting to 323 billion USD, so that this market has not been able to sufficiently control the problem so far.
By using the VeChainThor blockchain, VeChain allows a complete documentation of a product along the value chain of almost every company. Special RFID chips are used, which store all important information and store it tamper-proof on the blockchain. The manufacturing location and time as well as all further stations through which the product passes until it reaches the shelf in the supermarket or the shop window of a shoe store are stored.
The consumer can simply scan a QR code on the back of the product and receives all the information collected in full and without gaps. Thus the customer can be sure that the product is an original and not a fake. Many manufacturers and of course customers attach great importance to the authenticity of the products, as consumers spend their money on them. The compatibility of VeChain’s resources has enabled the company to establish a number of prominent partnerships.
Most recently, VeChain was able to convince the globally active fashion brand Sarah Regensburger to monitor and verify the authenticity of their products by using the VeChainThor blockchain. However, Walmart China also works with VeChain to fully and accurately track their products along the supply chain.
She was absolutely amazed about the vision of VeChain and the possibities they offer.
She teamed up with @_DiNeocleous and together they created something special…https://t.co/4XHpGm8cCX $VET #VeChain @vechainofficial #SarahRegensburger #ParisFashionWeek #Sustainability pic.twitter.com/Gw8JmF6CS0
— Mike Ⓥ 🖖🏻 (@mikefrancesc0) February 28, 2020
The trading giant started to track the first products with the VeChainThor blockchain at the beginning of February. With a barcode scanner app, a wide range of information can then be read out. It even shows on a Google Maps map where the product was manufactured.
At the end of last year at the China International Import Expo (CIIE) 2019 VeChain announced that in cooperation with the ASI Group and the logistics heavyweight DNVGL (active in over 180 countries worldwide) the first cross-continent trade and logistics solution will be introduced on the VeChainThor blockchain. Various products of important brands such as “The Concours Général Agricole Paris” (CGA), “Cochon Paysan”, “Blason Prestige” or “Qualité Limousine” will be monitored using the blockchain.
Other well-known partners of VeChain are PriceWaterhouseCoopers (PwC), Kuehne & Nagel, DB Schenker, BMW, Birght Food, LogSafer, iTaotaoke, China Unicom, Shanghai eGrid Consulting Co LTD, LVMH as well as the largest insurance company in China People’s Insurance Company of China (PICC). The Blockchain-as-a-Service solution developed by VeChain can be used in a wide range of industries.
VeChain has developed a modular system which allows companies to integrate the advantages of the blockchain without any technical knowledge and to use the new technology for their own business processes. Thus VeChain provides an interface for companies of any size to pilot the blockchain and evaluate it for a possible application.
VeChain price follows the current market trend
Due to another flash crash VeChain follows the current market trend and records a minus of 14.14% to a price of 0.0032 USD within the last 24 hours. With a market capitalization of 248 million USD, VeChain ranks 21st among the largest cryptocurrencies.