VeChain - Battle Against Fake Products | RFID on Blockchain | Technical Analysis & Re-branding Update
There are a lot of problems out there in the real world that can be solved with blockchain technology. One of the reasons crypto market is emerging day by day. We have seen that are promising a lot in their ICOs and even projects getting almost dead.
It is not ethical to say that every blockchain technology or coin that we came across is good and will be keeping its promise. I always try my best to cover projects that, I personally believe to have some potential.
VeChain, in my opinion, is currently undervalued and overlooked project by many of us or it just been working under the radar. After reading this post, I am sure you'll be able to make your own judgment on this project.
What is VeChain?
VeChain is a project which took best parts of Ethereum and combines it with more features as well as their own technology to make it work with RFID (Radio Frequency Identification) & supply chain solutions. As far as my research and understanding this is the only project trying to work out with RFID to tackle the problems like forge products & to provide complete transparency in the supply chain including the food industry.
RFID or Radio Frequency Identification is based on transmitting data wirelessly with the help of a tag/chip (with or without battery powered) within a certain distance (depending on the equipment being used). We have been using this technology for quite a long time now. If you own a car that opens and locks without needing a key, visiting offices that requires a card to punch on a machine to unlock the door and/or for attendance system, even toll taxes on the road are based on RFID these days for automatic tax payment detection but this is not all there are many companies working with RFID to make an effortless payment system such as Apple Pay, Samsung Pay or even Visa & Master Cards.
VeChain Technology or Vision
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The first solution that VeChain promising is to tackle with counterfeit products in the market. This is without a doubt that seems to be a never-ending problem in the market. VeChain is trying to provide a solution which will help consumers to identify the product authenticity by using RFID tags inside the products. for example, if you are going to buy a bag and that has an RFID chip hidden inside it, you can easily be sure just by scanning the chip possibly with a cell phone that it comes from the trusted source. Since the data behind RFID tag/chip will be processed under VeChain blockchain, it eliminates the possibility of any alterations.
The second solution is more interesting as it is based on the problems we have with the supply chain that too specifically for the food industry. According to their solution, RFID chips will be used in food for recording the temperature of the food to their blockchain, this will enable customers to know about the food quality & health before even buying it. As we know in order to keep our food in the healthy or eatable condition it requires being under safe temperature environment and tracking the temperature of the food products even under transportation is something which has never been transparent to consumers.
Their solution is not limited to the above-mentioned points, they are working on various other sectors & industries as well such as automotive, retain and even logistics.
VeChain Partnerships
VeChain is not only providing or developing these solutions but they are putting a lot of efforts to make it usable in the real world by partnerships they are making with different organizations such as Price Waterhouse Coopers, DNV GL and even making their efforts for partnerships under NDA.
These are the organizations which cannot only implement VeChain on their services but can also bring other businesses on board.
Additionally, according to VeChain, they are setting up in-house production to develop RFID chip that will be used in their blockchain.
VeChain Rebranding
This is the major reason for me writing about this wonderful project. VeChain is going for a Rebrand event on Feb 26th, 2018 in Singapore. I believe they are going to change the name of the project from VeChain to something better. This can lead a to a good opportunity to invest in this project before the rebrand in my personal opinion.
Current Status
VeChain is trading at 5.70 USD at the time of this post and available on Lbank, Binance, Huobi, Gate.io, Liqui, HitBTC, EtherDelta & Kucoin. I recommend buying from Binance & EtherDelta. If you have not signed up on Binance Exchange, I would appreciate if you signup with my link: https://www.binance.com/?ref=10782921
Please feel free to add any information that I might have missed in this post. Also, I would love to know your thoughts on this project in the comment section below.
Please Note: I am not a financial advisor, I like to share about my research on different projects and always advise everyone to do their own research before investing in any cryptocurrency.
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so may icos
@teenovision This is not an ICO mate, It's already established project moving towards rebranding...
Wonderfully written.. Wonderfully explained!
Your knowledge about technologies & currencies is truly remarkable bro..
Good luck @bunnychum
Thank you for appreciation bro... @pkalra
Good read, keep up the good work
thank you @mojorisin
The problem of fake or counterfeit products and services is an international plague. Companies keep facing counterfeit product issues with the aim of verifying sellers and protecting buyers, and it’s no longer just in the United States and in other highly post-industrialized countries where the problem of misleading merchandise stands in the foreground.
Very interesting that they are going to rebrand! I'm honestly such a huge fan of VeChain. I think they are doing something that nobody else is even close to doing! Seriously it is very nice...
Very true, do agree that no one else is working on this problem, whereas we need high transparency for the products we buy, especially for our food. @zahidmalik
RFID itself is not the solution to it all; the technology has been around for many years. The critical issue with it is that it is still too expensive for mass adoption in FMCG markets. Imagine you look at a product that with a price of $ 0.99 it is just not economical to stick a $ 0.15 tag on it.
For product piracy, I do see the use case, since the products will be more expensive. If only the manufacturers can enter a product into the blockchain based on the RFID ID, any user would be able to read the code and assure originality. Well unless a pirate gets his hand on the ID finds a way to adds it to the fake product.
In any way, VeChain provides a solution to a "real world" issue, which I prefer when investing into Cryptocurrencies.
@bitcoinquest I do agree that RFID becomes more expensive when it comes to single products but for the meantime what VeChain is trying to do is to use RFID to record temperature on blockchain majorly in logistics.
And yes even I find the counterfeit solution for luxury products or automobile parts is something, I am more excited about.
Thanks for sharing. I feel like I understand VeChain better now! You have a lot of good articles, looking forward to see more from you.
Thank you @samuel-swinton, I really appreciate your kind words...
Very well explained and now u have given me the reason to keep it in my check list. The way u have described the features of this coin, it seems to have a very promising future. Thanks for the information buddy.
thank you @honeychum for this appreciation, it helps me keep my research to go on 😀
Great post. There are however some competitors working with RFID technology in the space as well. For instance Waltonchain (Chinese) and Modus (European competitor). However due to especially its partnerships especially the one with PwC, VeChain definitely is the most promising.
@sylvesterjohn may I add, after their rebrand event, I believe they would get good attention...
Very well explained. technically u are very sound. i read twice and think thrice before commenting on your post. keep up the good work bunnychum.
@shagungupta thank you for appreciation 😀
Very interesting that they are going to rebrand! I'm honestly such a huge fan of VeChain. I think they are doing something that nobody else is even close to doing!
@cryptodj99 Completely agree with you, No one else is working towards this solution at this moment at least...
Ya VeChain has got some serious future to itsefl!