VeChain partners with Chase Shiel for product verification

  • VeChain is working with the Australian custom sneaker manufacturer Chase Shiel to verify the products in real time.
  • Both VeChain blockchain and chips from VeChain are used.

VeChain is a highly complex project whose technology is used in many different industries such as finance, insurance, food and beverage as well as logistics. Counterfeit products cost companies more than $509 billion per year worldwide, accounting for 3.3 percent of all goods shipped.

At 22 percent, the shoe market is the hardest hit by product piracy. In a new collaboration with a shoe manufacturer, VeChain is to help authenticate the authenticity of high-priced brand shoes.

VeChain cooperates with Chase Shiel

Australia-based sneaker manufacturer Chase Shiel has officially announced it will use the VeChain blockchain to protect its branded shoes from counterfeiting. In a first test run, the Mars Yard & Off-White Air Jordan shoes are to be tracked along the product chain using VeChain technology and then verified at the customer.

Sarah Nabaa, Vice President of the VeChain Foundation for Southeast Asia, also confirmed the upcoming cooperation, describing that VeChain’s Chase Shiel will attach chips to shoes that can be scanned by the customer using a QR code. This will ensure that all information is stored securely and unalterably on the blockchain.

So far, four different models are equipped with chips from VeChain. On the website of the manufacturer, the following is noted with the respective shoes to verify the authenticity of the products:

All pairs will be equipped with the VeChain ToolChain authentication chip.

The Mars Yard OffWhite AJ1 was the first shoe to receive this new authentication method and sold out within days. Buyers can scan the QR code to obtain comprehensive information about the manufacturing location, transportation routes and, of course, authenticity. Chase Shiel adds that more models will be equipped with this technology.

The manufacturer has been on the market for 10 years and is known for its high quality and innovative spirit. The use of VeChain technology ensures that no counterfeit products are sold to end customers and that all products are 100% authentic.

More and more companies recognise the potential of VeChain

Already in April of this year, SBTG Label announced that they will launch an Adidas shoe collection secured by NFC chips. These chips also come from VeChain and reliably store all relevant information for the end customer.

As we have already reported, VeChain is supporting DNP Group in a social project to promote environmental protection. Coffee drinkers can collect points if they hand in their coffee cups at the right disposal point. The points collected can then be redeemed for social projects.

Another large market that VeChain has entered is the tea market. Tea is one of the best-selling products in China and is considered susceptible to counterfeiting. This is why VeChain, in cooperation with a local Chinese government, has developed a traceability platform that can also verify the authenticity of the products.

These examples show that VeChain can be used in many different industries. It remains to be seen whether the price of VET can benefit from this in the long term. At the time of writing, VeChain is trading at USD 0.0060 and has seen a downtrend (-5.6%) over the last 24 hours.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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