The Revolutionization of the Supply Chain Management by Vechain
VeChain (VET) is a project that aims to transform the way consumers and producers do business by making traceability of products, services, and transactions easy, efficient, transparent, and secure, all powered through blockchain technology using smart contracts and digital identity. In addition to its primary objective, VeChain has also been trying to create a more decentralized economy with its DaaS (Decentralized Application Service) platform and other solutions such as its enterprise-oriented IoT products.
The Vechain network was launched in 2015 as a private consortium chain. Afterward, it transited to a public blockchain in 2017, launching its main net in 2018. One of the substantial benefits brought by VeChain is its toolchain.
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What is toolchain technology, and why did Vechain implement it?
Vechain's founder Sunny Lu, has been working on developing Vechain-PoA and its related technologies for quite a while. The technology was not very popular in the crypto industry due to its complicated implementation process and high cost of development in the traditional industry compared with other solutions based on blockchain technology such as Ethereum. However, the Vechain team has recently started implementing new technologies such as the VeChainThor and VeChainGO.
Toolchains are an essential part of any blockchain project to build, develop, test, debug, and deploy smart contracts safely, ensuring the validity of each transaction made on its network. Without the need for third-party validation or audits to ensure correctness in transactions and blockchains, making them more transparent and auditable and improving efficiency and security. So you can be sure that this is where VeChain comes into play as the best blockchain technology provider of all time with its unique features in supply chain management, which include:
As they use the latest version of Hyperledger Fabric, this offers an immutable ledger that is distributed to every participant, which means that it is safe from hacking, attacks, and fraudulent activities.
It is based on a tamper-proof public ledger and records each transaction through cryptographic hash values (a chain of blocks). So you can ensure that your data will not get lost if someone tries to hack or manipulate the network.
It allows tracking of products from origin to end-user without any intermediary services Smart Contracts. The code on top of the VET blockchain can automatically execute smart contracts, allowing you to set up agreements between parties.
This feature can be used to store a large amount of data and process it in real-time for a faster transaction rate with smart contracts.
IBM has tested them to ensure that everything works perfectly without any glitches or errors that may occur.
The Vechain technology is transparent and offers a traceable supply chain management system that allows every single detail of a product's movement to be tracked, recorded, and verified in real-time on a distributed ledger. It allows users to scan QR codes attached to products or use NFC (Near Field Communication) enabled devices to get instant access to product details, ingredients, expiry dates, certifications, and other data about the item. Enabling manufacturers to track their products from the production stage to retail allows consumers to see exactly where the product they bought came from and what it was made of.
Accessible Supply Chain Management Solutions
The VeChain toolchain is a network that allows the blockchain to get information from IoT devices. It delivers an expansive network with no code or low code blockchain solutions meeting the most demanding industry requirements.
The supply chain management process occasionally requires tools that are frequently assembled and complicated to use. The toolchain brings clarity, comfort, and affordability.
Essentially, the toolchain introduces a pay-as-you-earn pricing model that is quite affordable. The toolchain provides a complete set consisting of;
- IoT chip and equipment
- A management platform
- A mobile app
- H5 technology
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Fight Against Counterfeiting Products
Vechain has become a significant player in anti-counterfeiting products by combining an innovative blockchain with modern technology to protect intellectual property rights and offer secure identification solutions to consumers worldwide for consumer goods, healthcare, financial services, Etc.
Today's counterfeits are getting increasingly sophisticated, making it harder and harder for brand owners to trace their origins back to the original manufacturer and source of their product. As a result, brand owners have been forced to take more drastic steps to combat this problem.
In 2017 alone, brand owners saw sales decline by $25 billion due to counterfeit goods being sold on websites such as Amazon and eBay, while others claim that there has been a "$200 billion a year loss of revenue to illegal manufacturers around the world" (Wakefield & Lacy, 2015). According to the World Intellectual Property Organization (WIPO), counterfeit products account for an estimated $1 trillion per year worldwide (WIPO, 2019) – which is not only bad news for businesses but also has a direct impact on consumers.
VeChain delivers a fence against the risk of counterfeiting. Because of the linking with IoT devices allows both parties to a trade, i.e., supplier and buyer, to recognize the products and location in real-time. If the delivery vehicles stop, the IoT devices will transmit the information through the toolchain to the DLT.
The constant tracking of products' data in the supply process guarantees that the persons delivering the products cannot provide counterfeited products.
The problem of supply chain management begins from the roots, which happens to be software support. Vechain toolchain makes it very easy for any project, individual, or company to create a blockchain with little to zero coding knowledge. Therefore, businesses can create apps that use the toolchain to offer their supply chain solutions.
This article has explored how the Vechain toolchains revolutionize supply chain management, offering privileges to participants. As mentioned, the toolchain touches on different aspects of the supply chain, including security, tracking, and reliability, all while offering convenience.
By touching on various aspects of the supply chain, the toolchain guarantees that the quality and health of products in supply are protected at high standards. Top networks have already been linking with the toolchain to enjoy its benefits. They include DNV, BitOcean, National Research Consulting Center, and Groupe Renault.