VeChain is created with an objective to build trust and make the consumers realize the full value of a product or service. The information revolves around being transparent and balanced. The idea is to eliminate the issues of trust and make a business transaction simpler, quicker, and smoother.
VeChain uses the blockchain technology to find solutions to the challenges faced by consumers about the quality of products. Lot of money is being wasted on counterfeiting issues and people are losing trust and confidence to make purchases.
VeChain was initiated in China in 2015 to provide consumers to detailed information about the origin of a product and how and where it routes through till it reaches the end-user.
Using the blockchain technology, VeChain aims at controlling the issues from its root cause. Consumers can use their smartphones to scan the embedded computer chips on most of the products and can learn about the transitory points of the products right from the time it was initiated. Keeping a track of the product gives a reassurance to the consumer about the genuineness of the product and its quality. VeChain comes as an effective intermediary for the product manufacturers to gather and share important product information with the consumers and retailers.
VeChain was implemented first in 2015 using the bitcoin technology but shifted over to the smart contract of Ethereum which by then had overcome its teething issues and allowed better scope for modifications and technical innovations. The company has built a powerful software pattern based on the blockchain technology that allows the manufacturers to allocate products with identities like barcodes and QR codes that can be used by all- the manufacturer, trader, chain partners, consumers to interrelate and learn more about the product.
VEN ICO hardly took a few minutes to complete its first presale. VeChain has partnered some of the top corporations across the globe to provide supply chain management services on the blockchain ecosystem. It has tremendous scope to become an important factor in the global market as there is not much of competition yet. The funds for the VeChain foundation comes in two ways. One is the initial ICO’s funds and the non-operational income realized on digital assets and the other is from the regular operating income that includes product sales, licensing, private investors, enterprise investors etc. with the aim of curbing counterfeit and forgery, the organization is sure to generate more interest from the investors.
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