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- VeChain blockchain is leveraged by brands to gain complete control over their supply chain.
- Micromation launches standardized traceability tool TrueStoryTeller on the VeChain blockchain.
VeChain has been very popular in the last few years in the supply chain ecosystem and has collaborated with several brands to unlock several other real-world use cases. According to the latest report, digital service technology Micromation has come up with a standardized traceability tool TrueStoryTeller on the VeChain blockchain.
The idea behind it is to leverage the data transparency tool of VeChain and enable companies to improve their supply chain management capabilities internally while they strengthen their brand-building externally. David Smith, CEO of Micromation said:
The trust brought by blockchain would make our customers’ brand stories stand out and convince consumers. This is critical for business resilience in the era of epidemic.
Paril Clothing also uses blockchain as a technological tool for its own development. Each fashion item is individually matched with a unique ID stored on the blockchain. This is based on VeChain’s “one item, one code” traceability method.
In an interview, Micromation explained how Toolchain is used by TrueStoryTeller to track supply chain management and create transparency to build trust with their customers. VeChain’s Toolchain operates as a cloud-based solution that enables users to set up their own “storyline”. It is reported that it enables the flow of products from the supplier to the consumer to be set up in addition to controlling who has access to updating information on the blockchain.
The general operation of VeChain the Supply Chain World
VeChain is reported to be using blockchain technology, smart contracts, and IoT devices to create secure and transparent supply chain management systems. Companies including Walmart, BMW, and DNV GL have been using its services to manage their supply chains. It is known to be using two token systems – VeChain Token (VET) and VeChainThor Energy (VTHO).
While VTHO is used to pay for transactions and run smart contracts, VET operates as a store of value and a medium of exchange on the platform. It is believed that its ability to track products throughout the supply chain is what entices brands. In addition, it provides other supply chain features including “inventory management, quality control, and logistics management.”
VeChain is a blockchain platform that offers a comprehensive solution for managing supply chains. The platform uses a combination of blockchain technology, smart contracts, and IoT devices to create a secure and transparent supply chain management system. With its ability to track products throughout the supply chain, provide complete visibility and control, and offer a high level of security and scalability, VeChain is the perfect solution for businesses looking to streamline their supply chain management processes.
VeChain is reported to have several benefits including having complete visibility and control over the supply chain. It also provides a high level of security and transparency. One other important feature of VeChain is that it is very scalable and can be tailored to meet the needs of different industries.
As of press time, VET was trading at $0.01935 and had fallen by 1 percent in the last seven days. VTHO was also trading at $0.001147 after falling by 1 percent in the past seven days.
