Just when you want to pack up your bags thinking the hype on the crypto market is dying, you hear about another rising star! That you are hearing about it for the first time doesn’t mean it’s just arrived at the scene. When deals signed between trailblazers like Ripple (XRP) don’t make headlines anymore, you must wonder what the future holds.
The future of crypto verse lies in scrutinizing coins from the aspect of their functionality before looking at their intrinsic value. Looking from this perspective, VeChain (VEN) becomes the coin of the moment. You may never have heard VeChain (VEN) before but there are good reasons you want to follow up with VEN.
The recent announcement by VeChain (VEN) that it was getting listed on the leading South Korean giant exchange Bithumb caught many by surprise. However, it gave the coin a new lease of life and spurred an unlikely price gain amidst the current bloodbath. The entry of VeChain (VEN) into Bithumb’s stable is the clearest sign that users across the globe are giving it a nod of acceptance, attracting more attention to the coin.
What is VeChain?
VeChain (VEN) is a Blockchain based platform designed to improve the supply chain management procedure. The concept uses Blockchain’s distributed and tamper-proof ledger to give retailers and consumers the capacity to authenticate the quality and origin of products they are buying.
Whether it’s the origin, service history or the genuineness of spare parts, the relevant information regarding a product’s chain supply stream will be recorded and verified in a secure and foolproof supply chain management network. Created in 2015 and based in Singapore, VeChain is among the older Blockchain companies that have recently fallen into investors good graces.
How VeChain Works
VeChain, which was originally a supply chain company, metamorphosed into a DApp platform. By using a combination of an in-house developed smart chip and Blockchain technology, they can track a product throughout its lifecycle. The smart chip is executed using different Internet of Things features like QR Codes, RFID trackers or NFC chips.
You may not appreciate the importance of this technology until you consider the luxury goods market. This sector is bedeviled with counterfeit goods worth over $450 billion. For instance, when a high-priced Louis Vuitton purse has to go through different entities from its manufacture, distribution to retail, everyone in the chain needs assurance that the previous handler passed along an authentic product.
VeChain uses Blockchain technology to deal with the trust issue. Every player on the chain can scan the embedded smart chip to authenticate what they are receiving. Since Blockchain technology runs on an immutable ledger, you are guaranteed that you are getting correct information.
Supply Chain Logistics
Besides counterfeit protection, VeChain (VEN) will enhance supply chain logistics using a simplified product tracking protocol. Logistics are complicated and include varying systems depending on the particular business. This makes supply chain product tracking a real nightmare, especially where you must physically enter data or when interchanging processes. With VeChain, scanning the embedded smart chip provides all items’ associated data ensuring the business owner has a current and accurate account of every single item.
VeChain’s (VEN) asset digitization
VeChain (VEN) will achieve this safe supply chain management protocol through asset digitization. VEN empowers manufacturers to allocate items with inimitable identities on the platform. This lets manufacturers, distributors, retailers, and consumers to track every single product’s movement throughout the supply chain.
By using its VeChain Identity technology (VID), VeChain (VEN) can mark and track every product. The VIDs are created using the SHA256# function that generates arbitrary hash values corresponding to a VID. The VID can then be embedded into a Radio Frequency Identification tag (RFID), Quick Response code (QR) or Near Field Communication tag (NFC). The tagged product together with all its corresponding information including its supply chain details can be transferred from the business world top the platform.
VeChain’s Growing Portfolio
A good case in mind is VEN’s recent deal with luxury car manufacturer BMW to help eradicate child labor from its supply chain. With major manufacturers fighting child labor, it’s clear why such is a serious step forward for VeChain. We should soon see a corporation like Nike following suit regarding their problem with sweatshops in developing countries.
Apart from manufacturing companies, VeChain’s technology is applicable in the wine industry. Using an application called ‘My Story’. Italian wine manufacturers can now enhance the verifiability of their best brands and eliminate the problem of counterfeits that have dogged the industry for a while. VEN will enable the winemakers to display the ‘My Story’ label inside genuine bottles, giving wine consumers a much-needed mark of quality.
VeChain (VEN) entered a pact with the supply chain risk managers YunKeAn that will see them using their technology in the $50 billion risk management the shipping industry. The company is also making in-roads in the accounting and finance industries if their partnership with PricewaterhouseCoopers is anything to mention.
The Future of VEN
From the foregoing, it’s clear that VeChain (VEN) is not just another empty cloud passing; this is a cryptocurrency to watch. The Blockchain application behind it is slowly but surely transforming the world by solving a problem the corporate world has been battling for eons. As more corporates continue to discover its intrinsic value, its economic value will follow suit.
The coin’s current value of below $5 is far below its true value. Any smart crypto investor should think to buy enough coins before the price surges; it’s just a matter of when and not if! VerChain’s (VEN) use-case is so astronomical its value will just explode in the not-too-distant future. By all indications, 2018 may be the year when VEN will break the $15 ceiling.
Compared to other existing Blockchain projects, VEN has proved its capacity is not mere talk; several businesses and high-caliber partners are using the platform and the profile keeps growing. Also, VeChain (VEN) seems to have mastered the art of wooing the biggest anti-crypto authorities like China. All reports on VeChain show a company that will grow making it the Blockchain Company to watch in 2018.