VeChain Overview – Main Features and Partnerships
VeChain, the world's leading blockchain-enabled product management platform, revolutionizes how products travel through the supply chain. Using blockchain technology, VeChain makes it simple and secure for product manufacturers to collect, manage and share important product data with vendors and consumers throughout the lifecycle of a product.
Established two years ago in Singapore, VeChain's vision is to create greater market transparency and provide consumers with access to more detailed information about the products they buy, sell and interact with. By having a full 360-degree view of the supply chain, with all components securely recorded and stored in a tamper-proof distributed ledger, retailers and manufacturers can be certain of the quality and authenticity of their products, guaranteeing consumers that what they are buying is really what they think it is.Key Features of Vechain
- Enterprise-focused blockchain – One of the earliest blockchain technology companies in the world, top-notch blockchain team
- In-house IOT and supply chain management technology – Proven blockchain implementation experiences in industries such as luxury goods, liquor, and agriculture
- Vechain Foundation – Branches set up across the world such as France, Singapore and Hong Kong, capable of delivering blockchain implementation projects globally
- The value is in a loop that keeps expanding, accompanied by the development of commercial activities with high-speed transmission.
To achieve its ambitious vision, VeChain has developed a powerful blockchain-enabled enterprise software platform. The VeChain platform enables manufacturers to assign products with unique identities, which then allow manufacturers, supply chain partners, and even consumers to interact with the product through the platform. It uses blockchain technology to ensure the security of the data collected, allocating private keys to all participants within the supply chain.
A product on the VeChain platform is assigned a unique ID, which is stored simultaneously in the blockchain, and placed on the product with an NFC chip, RFID tag or QR code. At any point during the product's life, the chip, tag or code can be interacted with, whether it's a distribution or retail partner ascertaining batch membership, or a consumer learning more about a product's provenance. The company envisages a broad range of applications, including brand protection, anti-counterfeit, and food safety.