VeChain is a blockchain-enabled supply chain management solution intended to help businesses streamline cross-border trade by having higher visibility and greater insight into their products and services. Sunny LU, former Louis Vuitton CIO in China, founded the non-profit VeChain Foundation in Singapore in 2017 to create a platform that addresses the issues prevalent in inventory and supply chain management.
VeChain has also developed proprietary tools like ToolChain, VeChainThor, and My Story powered by blockchain technology and the Internet of Things (IoT). All share the common goal of making the international supply chain more transparent and efficient.
VeChain helps companies track the goods delivery through various channels, including transportation, storage, and authenticity tests. It increases the flow of supply chain information. It is made possible by the decentralized blockchain network that records every movement in a distributed digital ledger.
Other essential information obtained through the end-to-end solution includes product origin and point of products. With all this information securely organized in one place, it becomes convenient for businesses to manage and share them with the concerning vendors or consumers at any stage of the product life cycle.
The VeChain enterprise software platform encompasses the entire manufacturing and supply chain processes. It assures the retailers/manufacturers and the consumers of the quality and authenticity of the end product. While providing the next-generation solution to the enterprises, VeChain ensures that it reduces product counterfeiting and maintains client trust.
VeChain is a far better option than traditional supply chain management software for companies with static or variable supply chains. This article will provide you with a better understanding of how VeChain helps international commerce achieve better product quality across all supply chain verticals.
How The VeChain Platform Helps Companies To Maintain Product Quality Across The Supply Chain?
VeChain aims to disrupt supply chain management in ways never imagined before. Switching to the revolutionary VeChain platform can unlock many other benefits for a business, such as service improvements, fair pricing, reduced operational costs, and up-to-the-mark quality control standards. By utilizing a semi-centralized framework, the platform helps companies maintain the quality of the products across the supply chain. By running on a decentralized structure through centralized channels, the platform identifies and eliminates quality issues in the supply chain.
It begins with digitizing all the products in an inventory with radio frequency identification (RFID) tags or near-field communication (NFC) or QR code and sensors. These products assigned with unique IDs are then stored simultaneously into the VeChain platform. The chips or tags allow all the participants to interact with the products and alert the quality control teams about any abnormalities in the supply chain.
All the product data then are secured through private keys that supply chain stakeholders, including manufacturers, retailers, supply chain partners, and consumers. Stakeholders can see quality parameters about commodity processing and management in the supply chain using their private keys. Thus, by enabling stakeholders to check product quality, the entire supply chain becomes transparent.
How Decentralization Of Supply Chain Helps VeChain To Grow Across The Borders And In Terms Of Price?
With the decentralization of the supply chain, blockchain-based VeChain cryptocurrency creates a trustless and distributed system. In addition to maintaining transparent information flow, the platform encourages international supply chains for efficient collaboration in the blockchain space. VeChain is now an integral part of supply chain management across borders as a product of the globalized economy, in which companies are becoming more interconnected than ever.
From the pricing or operational costs standpoint, agriculture, perishables, consumer products, and pharmaceuticals are among the sectors that have implemented VeChain to avoid counterfeiting and theft. Based on the increasing adoption and our VET coin price prediction, the currency might reflect a rise in its price in the near future. Many governmental agencies are also exploring the possibilities of the VeChain blockchain solution in solving real-world issues. Other significant areas that help VeChain grow in value include:
- Automating the billing process
- Efficient trading and financing
- Enabling real-time product tracking cross-border supply chains
- Increasing transparency and quality of products
- Facilitating timeliness transactions
- Reducing supply chain intermediaries
- Removing data security vulnerabilities