VeChain (VET) usability is turning into reality as it shifts its focus into the chain management sector. With the new anti-counterfeit chips, buying substandard products might become a thing of the past. With the VeChain NFC chips attached on products, users can now use their smartphone to scan products to ascertain their authenticity.
Just like scanning QR codes, the chips are an easy way to rid the market of counterfeits and substandard goods. When you can the code on the chips, you get instant response on whether the product is genuine or fake. To seal the gaps where counterfeits infiltrate the market, VeChain will work closely with manufacturers and retailers to ensure the supply chain is protected against unscrupulous traders.
The VeChain chip hype comes at a time when a resident in Rotterdam has put his house up for sell for 31,516,323.03 VET (Approx. 470,853) and only accepting VET currency. Dian Van Heijningen, an ardent VeChain fan might make the developer team to rethink real estate. The choice for the platform is based on its immutable nature and adds that:
The developers behind VeChain have developed a platform on which companies and governments can record information that cannot be falsified.”
Will the VeChain Chips Really Work?
The verification process works pretty much like the QR model and they have been tested in the market since October last year. These are similar to your normal adhesive labels that cannot be tampered with. You cannot transfer them from an authentic product to a counterfeit one since they tend to break.
These chips are customizable depending on the product you want to attach them to. You can get the label format for stick-able products or a button one for clothing products. The fight against counterfeit has been long overdue and this is a popular venture and will change how users interact with the supply chain management.
Cost of VeChain Anti-Counterfeit Chips
The cost of the chips to manufacturers and Retailer will vary from the “gateway they use to access them. There are several gateway devices that will be used to dispense the chips. However, a project insider hinted that the chips will be “inexpensive” and will embrace the VeChain near zero prizing policy.
VeChain is not a lone player in the supply chain industry and there is a huge competition in the market and pricing will play a center role once demand increases. The Seal Network is already in the market and has been popularizing its NFC chips. However, they are step further through the use of “Dual-ID tags that makes it easy to detect an opened wine bottle before consumers purchase.
VeChain Better Value offering
The anti-counterfeit chips have been designed with the supply chain management in mind. With the VeChain technology, it will be possible to trace a product through the entire channel to the manufacturer and soon, the raw materials or ingredients used. A simple chip scan will return the product shipping movement map up to the point of sale.
The VeChain case trial of tracing vaccines in China is a real world use case. The trial was to use the VeChain to curb the increased presence of substandard medicine in the Chines market. Tackling counterfeit from the manufacture and retail level using the VeChain approach is set to curb the vice and increase VEN global visibility and trust among the community.
VeChain Thor (VET) is a new market outfit and with these initiatives, its maturity will come sooner than many critics expect. However, the ecosystem is focused on increased adoption that will spur the VET coin usage and makes it a valuable digital asset to invest in as well as use it for real life daily payments.