Review on VeChain by francis fernandez
Vechain: a fundamental tool in the supply chain!
Vechain is a digital currency born in Singapore and that currently handles operations in different jurisdictions, such as: Paris, Tokyo, Hong Kong, Luxembourg and San Francisco.
This platform seeks the integration of real world activities with blockchain technology.
Vechain is a public network that seeks to provide solutions to product manufacturing companies; linking blockchain technology with reality through advanced integration of IoT (internet of things). Its usefulness in this area is to assign unique identification codes to merchants' products so that they can be tracked (movement and origin) in the supply chain.
How does Vechain work?
To understand this platform, just imagine making purchases and selecting a product, we scan its barcode with a cell phone and we have access to all the information about the manufacture, quantity, origin and the complete history of that product. Well that's how the Vechain ecosystem works.
Vechain, like many of its counterparts, is a decentralized digital currency, using blockchain technology. What differentiates it from other cryptocurrencies basically is that this platform aims to follow the complete life cycle of an article or product.
The advantage of this blockchain network is that both manufacturing companies and consumers or buyers have access to the history of the product.
Its mission is to use its platform to provide users with fast, timely, truthful and transparent information on its products.
Its objectives are oriented to provide high quality services based on the Bass system. This system consists of facilitating the management of users by connecting mobile applications with cloud storage.
Pros
- It is useful for general product manufacturers.
- Allows instant inventory and monitoring of your products
- It allows the connection of real objects with virtual ones through the Internet of Things (IoT) system.
- Connect industry with blockchain technology, to solve real-world problems.
Cons
- It is focused on a particular category of companies; product supply chain.
