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Tracking Features of Vechain’s Traceability You Should Know About
The role of blockchain technology in the financial world has been apparent for the past decade. Generally, crypto and blockchain have brought about revolutions in many different economic and noneconomic industries globally.
Generally, each blockchain has unique features and problems to tackle in the industry. For example, Ethereum was introduced for smart contracts, IoTA was introduced primarily for the internet of things, and Vechain came with traceability solutions.
This guide will look into Vechain’s traceability solutions, how they affect the supply chain, etc. So, what is Vechain, how does its traceability solution work, and what are the use cases? Keep reading for more.
What is Vechain?
Vechain was launched in 2015 with the primary intention of streamlining the efficiency of the supply chain. The supply chain involves the long process that goods/products take from the manufacturer until they reach their destination.
Fundamentally, supply chains lack traceability. However, the Vechain network can provide the best solutions to the traceability of goods during supply by different interconnecting tools for efficiency.
How does Vechain provide traceability solutions, and how does it benefit the supply chain? Keep reading.
How Does VeChain Traceability Work?
The traceability in the Vechain network involves more than just the blockchain. It consists of different interconnected tools to collect, analyze, and send data to the blockchains. Here is how the Vechain Traceability system works:
IoT Device
IoT devices are among the most fundamental elements of the Vechain blockchain and traceability solution. IoT devices are electronic tools that collect data on conditions, temperature, location, and much more information.
Therefore, the IoT devices are tagged onto the products under transfer or during manufacture and packaging. Each of those products has one, and the vehicle transporting the products also has one. The purpose of installing IoT on the products is to monitor the conditions of high-maintenance products.
These IoT devices attached to the vehicle, product, etc., have the conditions the product is supposed to have. Furthermore, the IoT devices attached to the car can access map data, and in case of any deviations from the original road plan, the devices will pick up the information. The device can also garner details on time spent at a particular stop, the conditions, etc. After garnering the info, then here comes the next feature.
Toolchain
The toolchain is another fundamental tool in the Vechain blockchain since it helps improve efficiency. However, IoT devices and blockchains are designed from two very different technologies; there may be issues with connecting.
A toolchain is designed to help connect IoT devices and the blockchain. It helps streamline data transfer from the IoT to the blockchain to the distributed ledger.
This toolchain is a Blockchain service platform with the necessary components to streamline the integration between blockchain and IoT devices. This tool is a vital part of the traceability solution.
The Blockchain Core
The blockchain core is the center of all the activities included in the Vechain network. Once IoT devices collect all the data, it’s autonomously sent to the blockchain, where the seller and buyer can easily see everything.
If the required conditions fall during transit, the IoT devices send the information in real time, and the transaction parties can know how to compensate. Therefore, tracing what the transport team is doing during transit is effortless, effectively protecting the goods and their quality.
Involvement of Industry Experts
The Vechain network has partnered with many institutions and enterprises to bring efficiency and industry standards. The experts include Deloitte, DNV, PwC, and Cointelegraph.
Artificial Intelligence
AI involvement is mainly for viewpoint. This comes after the traceability process ends, and the AI analyses data from different sources for efficiency.
Applications of Vechain’s Traceability Feature
Indeed, with all of the features stated earlier and its vast applications in the supply chain, Vechain must have many Use Cases. So, what are the most common use cases?
Food and Beverage Supply Chain
The Beverage and food supply chain is another industry set to benefit vastly from the applications involving the Vechain. During transport, these products require certain conditions to reach their destination at the right quality. Using IoT and Vechain, it’s possible to trace these food conditions from departure to arrival.
Health
Another use case of traceability solutions is the safekeeping of health records and the development of the health industry. Since patients’ health records are left on the blockchain, they can be easily traced and are anonymous. Vexhain is also planning to launch a blockchain-driven tumor treatment center.
Anti Counterfeiting
The issue of counterfeiting has been vastly increasing in the supply chain, but Vechain can help eradicate the problem. Changes are transmitted live to the ledger. Therefore, the supplier and buyer will know what is happening to the goods, thus helping thwart knockoffs.
Tracing Carbon Emissions
Cars using carbon-based fuels often emit gases that direly impact the environment. However, IoT devices can be connected to vehicles during manufacture to help in carbon emission control.
Final Word
Vechain is one of the popular blockchain networks, and it comes with a world of use cases for the benefit of the supply chain. However, supply chains needed more traceability, and as such, the issues of counterfeiting were very high.
However, due to the traceability solutions provided by Vechain, it can now end counterfeiting in the supply chain. This new blockchain affects several industries, including health, food, the environment, transport, and delivery. Vechain is working to ensure it provides further efficiency and streamlines more industries in the future.
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