What is VeChain and how to get it? All about VeChain

VeChain, which doesn’t even have a 1-year history yet, made a name for itself with the partnerships it established, showed rapid growth in a short time and became the center of attention.. What is VeChain, how and where to get it? A detailed guide on VeChain.

Taking advantage of the open, decentralized architecture of the blockchain, the VeChain platform is built into a reliable, scalable and distributed business environment that works without any central authority and ensures that all necessary information about a product can be accessed by authorized persons.

By providing all the details of a product and connected business operations such as supply chain management, VeChain aims to help businesses and customers provide greater transparency.

Real World Issues and Vechain

How VeChain works can be understood with an example of a real world scenario.

Counterfeit and substandard drugs are one of the biggest challenges facing the world.

You think that a US-based pharmaceutical company has a patented, high-cost cancer drug that is produced only in its US factory and shipped all over the world, and that a patient in Japan needs it.

Even if the drug travels to the other end of the world, various requirements may be needed for special handling, transportation and storage.

For example, the package may need to be stored in the temperature range of zero to four degrees Celsius or higher Since the altitude pressure may cause the medicine to lose its medicinal properties, it may not be possible to send it by air.

First of all, the authenticity of the package and the contents of the medicine has always been one of the most important issues.

How does Vechain solve this problem?

VeChain follows the method of asset digitization to solve such problems.

VeChain provides manufacturers with information at every stage, such as RFIDs and sensors. It allows them to allocate products with unique identities, with the ability to save and publish.

This information is recorded on the public VeChain Blockchain. This allows manufacturers, various supply chain partners, and consumers to see details about the product and its use.

This RFID information is then made accessible on VeChain’s Blockchain.

So using a dedicated VeChain RFID reader app that works on all mobile phones. , the consumer can understand whether the medicine they are taking is genuine or not, reducing their worries about whether the medicine is counterfeit..

These RFID tags can be equipped with smart sensors that can record all necessary information in real time and broadcast it on VeChain’s Blockchain network.. For example, if a drug that should be stored within a certain temperature range is improperly stored by the warehouse, immediate alerts about the violation can be sent to affected packages. altitude sensors will save alerts to Blockchain. Thus, all stakeholders, including the consumer, will be able to become aware of such violations.

VeChain and business sectors

The above example is VeChain in supply chain management and quality control While demonstrating the efficient use of , VeChain is capable of much more. It can help regulate many business activities in various industries.

VeChain has a partnership with a European luxury brand, which allows customers to verify the real product by embedding customized NFC chips into their leather goods.

In the auto industry, the details of a car can be uploaded to the Blockchain by the manufacturer, and then car service, spare parts replacement and their authenticity, accident, theft records and even insurance. All data regarding its details can be placed on the Blockchain.

This information is vital to various parties, including insurance companies, service partners, authorities and even auto dealers.

VeChain, In the agricultural sector, it can also be useful in providing accurate and real-time data collection and surveillance of the farm environment, which helps in superior farm production.

Such monitoring is possible with IoT devices under development by VeChain and works in sync with the VeChain platform.

Ven Token

VEN, the cryptocurrency of the VeChain network, is traded on all leading crypto exchanges including BigOne, Binance, COSS and HitBTC .

Currently, VEN can only be purchased via another cryptocurrency such as Bitcoin or Ethereum, as direct purchase with fiat currency is not possible.

According to CoinMarketCap.com VeChain (VEN), in terms of global market cap, 15.

The VeChain Network was established in July 2017 by the Singapore-based non-profit VeChain Foundation.. Currently operating with 111 nodes worldwide. The opening of the VeChain mainnet, the mainnet for handling cryptocurrency transactions, is expected to take place in the second quarter of 2018.. With a growing list of partners that include PwC and DNV GL, VeChain is ready to help businesses achieve advanced processing and product control.

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