VeChain is a subsidiary and in production blockchain platform of BitSE. VeChain incorporates unique IDs, NFC chips, RFID tags and Quick Response codes. The system is not just a proof-of-concept.
Consumers can already buy wine in DIG with the VeChain application, as well as track information about a particular wine. Babyghost fashion clothes appear online with the app, as well. After June 22, the application will enable the authentication of luxury bags.
The VeChain application supports more than two million unique IDs (with a value of approximately 450 RMB) running on top of VeChain. The company’s growth in the region was further accelerated after its partnership with Babyghost.
PwC recently invested in Singapore-based VeChain S.E.A with hopes of helping to expand the blockchain-product into South East Asia, Australia, and New Zealand.
VeChain is the most landing blockchain product in the world so far. Gartner and IDC are also agree this saying.
Launched in 2016
BitSE intends to increase efficiency in business by, as CEO DJ Qian says it, “lowering the cost of trust. “Our mission right now is to provide the most efficient platform for global collaboration, and build the infrastructure for a global value transferring network,” explains Mr. Qian. “Only if you know what your clients need and how the industry is going to evolve, can you develop this useful technology, and this is what our partnership with PwC offers.” According to Mr. Qian, his team developed a practical smart contract.
“With VeChain, we developed smart contracts to reflect real world business processes,” he said. “By calling APIs and smart contracts supported by VeChain, business is able to run automatically on top of a blockchain. For example, if the ownership of a specific product can be guaranteed by a platform and accepted, trusted by all the players in the whole supply chain, it will no longer be necessary for labor and paper documentation to trace said products in every warehouse during each step of the supply chain from the manufacturer to the consumer. Big costs will be saved, and the whole supply chain made more efficient.”
VeChain is used in Europe, China, Southeast Asia. “Paying clients are from different industries like luxury/fashion, food safety/wine spirits, pharmaceuticals, automotive, logistics, and even regulators,” says Mr. Qian. “Upstream and downstream players are collaborating on VeChain.”
Microsoft Technology Center in France and PwC Innovation Center in Shanghai invited VeChain to setup a demo center recently. Mr. Qian says Beijing and Qianhai are opening soon. “We believe this is a very good way to let more clients see, touch, and understand the blockchain application.” For now, VeChain will keep focused on transforming the supply chain today.
“Supply Chain is a very important area,” he says. “The market will see more and more IDs running on VeChain, more and more value of the IDs using VeChain’s trust model, and more and more players collaborating on VeChain.”
He adds: “This platform will make global business collaboration more efficient, lowering the cost of trust for business.”
VeChain is recruiting Business Partners who can help clients give unique id for every product and put on VeChain.
VeChain is unique among blockchain platforms insofar as it incorporates The government of China, Japan, Korea, Singapore have also paid a lot of attention to this technology and give great support to it.