VeChain app scans NFC chip attached to a woolen beanie by Arket

Vision to put a stop to the rampant counterfeiting practices

Recently signed an MoU with the Republic of Cyprus

VeChain (VET), a Singapore based blockchain firm aiming to streamline the supply chain management space has been making constant strides lately. The firm recently partnered with a couple of top Chinese energy companies to offer blockchain-based solutions.



VeChain App



In a recent tweet by @_DiNeocleous, the VeChain app scans an NFC chip attached to a woolen beanie by Arket, to retrieve all the data related to its supply chain. Once the chip is successfully scanned, the app verifies the product and fetches its supply chain specifics.



Of truth, VeChain can be called one of the most useful applications of the distributed ledger technologies. Blockchain technology’s immutability makes it an ideal solution to tackle the rampant counterfeiting practices followed in the production and manufacturing frontiers.



Several high profile companies have been accused of passively allowing child labor for manufacturing purposes, and its not hard to guess why.



Outsourcing manual labor to developing and under-developed countries helps the giant enterprises to vastly cut down on their operating costs, consequently leading to higher revenues, and a healthy balance sheet.

However, this also results in a direct violation of human rights in some cases, as these companies turn to children for the manual work to further raze down their costs.

VeChain’s vision is to leverage the blockchain technology to put an end to such ill practices in the industry.

Aim to Be the Benchmark in Every Industry

Of late, VeChain has showcased a number of use cases in which the app can be used to verify the authenticity of a product without any hassle.

Blockchain Reported informed on October 27, 2018, how the VeChain community is bringing the blockchain technology to the shoe industry when it partnered with the prominent shoe artist ‘Mr. Sabotage.’

The team displayed NFC chip-enabled shoes at the brand showcase event Street Superior from October 26-28.

To that effect, Sarah Nabaa, Country Manager, Singapore at VeChain Tech posted a tweet showing how the entire process works.

Notably, VeChain also entered into an MoU with the Republic of Cyprus to foster blockchain development in the country.

At press time, VeChain sits at the 20th position on CoinMarketCap crypto table, trading at $ 0.010 with a total market cap of approx $570 million.