Anti-Counterfeiting with BlockChain: VeChain
If you haven’t heard, VeChain is blockchain company that’s working the industry players in the automotive and luxury good industry.
I met up with Jerome Grilleres, GM of Europe for VeChain. I was given a quick demonstration of what VeChain done and it was amazing. Imagine buying a bag from the internet, how would you know if the bag is authentic? You wouldn’t! “Certificate of Authenticity” can be easily duplicate for multiple products.
Comes VeChain. VeChain is a platform that focuses on traceability of products, allowing consumers to know if their product is authentic and the location the product was shipped from, where it has been to.
How VeChain does it by inserting either a QR code on a label, NFC Chip or a RFID label on products. Thus, making it unique and almost impossible to replicate.
“I see VeChain becoming a standard for business collaboration.” — Jerome Grilleres, GM of Europe, VeChain
VeChain is working with Car Manufacturer, Renault, to ensure that their manufacturing process is traceable and giving trust to their customers. For example, if a Renault owner bring his vehicle for servicing, everything recorded from oil change, filter change etc. However, the information input not done by users but by the manufacturers or garages that services or maintains the car.
Why is this important? If a car owner wants to sell their cars, the blockchain will have information recorded that the proper maintenance was done before selling the car. In the second hand market, buyers and selling transact based on trust. Thus, with VeChain platform, the buyer will be able to see when was the maintenance done, by whom and what was done.
On how VeChain is coping with competitors, they have ensured that a working product that is being used commercially before launching the ICO. Thus, VeChain is not only an idea but also a proof of work that market is using right now.
“The VeChain platform allows business collaboration between companies with different management systems but they want privacy and security usually around a product.”
The support that the VeChain team has to constantly develop and improve their work process, making their system more robust and efficient for their customers. With a dedicated team to work on IOT, which are the eyes and ears while blockchain is the body, it gives VeChain a strong advantage over its competitors. IOT allows you to see the physical object that is tag to a unique code on the VeChain Platform, usually via NFC or RFID in supply chains. This team constantly looks out for new technology to make RFID or NFC Chips easy to insert in to products of a wide range.
VeChain aim to be not only a market standard for business collaborations, but also an exclusive platform for business to access its library of smart contract and ultimately, using it to make their own smart contracts.
Think Business Collaboration, Think VeChain.