Is VeChain about to revolutionize the supply chain management process?
VeChain (VET) is known for its passionate and committed fan base, however, despite the considerable hype surrounding the project, can VeChain live up to its promise of transforming the way businesses conduct their operations in the foreseeable future?
Many crypto enthusiasts firmly believe that VeChain will become the world’s leading enterprise level blockchain solution provider. The project itself has already announced a plethora of partnerships with many notable actors such as governments, luxury brands, and vehicle companies.
This, of course, helps build trust for VET, especially in regards to longer-term relationships, while also encouraging future companies to partner with the platform.
VeChain aims to provide real-world solutions for real-world problems, and they’re enabling a real-world utilization of blockchain technology through providing a governance structure, economic model and IoT integration. Almost the Ethereum of enterprise solutions, one could say.
The idea behind VeChain is that they will provide companies with an encrypted smart chip or a QR code with a unique ID and the company embeds the chip or QR code on the product, then it scans the product ID and stores on the blockchain. The company can then track the product during each phase of its life-cycle, from development all the way to end user, due to blockchains immutable and transparent DLT.
This means then companies will have a record of the authenticity of the product; it’s low cost and easy to use solution.
There’s some smart money invested in VeChain, for example, Jim Brie- a prominent VC known for his early investments in Facebook and Ethereum, has backed VeChain the most out of all the projects originating from China- high praise indeed.
VeChain is primarily aiming to find the right balance between decentralization and centralization, hoping the sweet spot between the two, will allow for a future transparent operational system for projects, while still being in control.
The project has already been listed on the most popular exchanges such as Binance, Huobi, and Bithumb, so there is plenty of liquidity for users who would like to get involved.
So does the project necessitate the massive hype surrounding it- we believe it has a tremendous chance of success. While there are hurdles to overcome- such as trying to execute their aims in a large sprawling environment like that of global business, will be complicated and an ardent task, there are plenty of merits to believe VeChain has the capacity for a successful endeavor.