Many of us know VeChain (VEN) as the coin that regularly makes double digits gains and has almost recovered its losses following the recent correction, but what does it actually do? VeChain (VEN) can be rightly called as the Ethereum of business for its ability to bring transparency and oversight to business operations at every step from manufacturing to supply chain management. This is achieved with the help of its cutting edge technology that uses RFID tags and sensors to track products through smartphones and computers. The whole process is completely decentralized and data is recorded on VeChain blockchain for all stake holders to access.
The need for a decentralized technology that tracks and oversees the delivery of a product at every stage of its journey from manufacturer to the consumer has long been felt. For instance, a medical patient in the United States who is need of a drug that is only manufactured in Sweden will have to order the drug from Sweden which will then have to travel a long way before it gets to the consumer. This means that there is a high probability that requirements like storage temperature for the drug or handling instructions will be ignored as long as there is no tracking and oversight. Furthermore, a drug could get interchanged with another and the patient may never know.
With the help of an RFID tag or a sensor, a patient will be able to track their shipment at every stage. This means they will know where the drug is stored, how the drug is stored, at what temperature it is stored, how it is handled, how far away from the consumer it is at a particular point etc. If anybody tampers with the drug, the consumer will know instantly. The same goes for electronics which can be fitted with counterfeit equipment during a delivery and the consumer will never notice. However, with the help of VeChain (VEN) each and every product will have a unique identity and the consumer will be able to tell that they are getting the product with the right combination of equipment from their unique identities.
VeChain (VEN) can employ the same concepts in all business industries. For instance, if a person sells a car with parts bearing RFID tags, a buyer will be able to tell instantly just using their smart phone if the car has a clean record or not. Additionally, they can see for themselves if the car has had any parts replaced without having to just take the seller’s word for it. While projects like Ethereum create a trustless system for smart contracts and transactions, VeChain (VEN) creates a trustless system for business dealings. VeChain currently has two tech giants, LG and Sony as its partners. It also added PwC to its list recently. The cryptocurrency currently trades at $4.74 and can only be purchased with Ethereum (ETH) and Bitcoin (BTC) on exchanges like Binance. It currently ranks at 15th place in terms of market cap and has plenty of room for further growth.