What Is VeChain?
Are you looking to invest in a promising cryptocurrency in UAE or KSA? Several cryptocurrencies have received considerable praise in the last few months and one of the leading cryptocurrency amongst them is VeChain.
Products are delivered to customers through complicated and ineffective supply chain processes. It goes from manufacturers, suppliers, wholesalers and retailers to the consumers eventually. In most cases, manufacturers either produce more or less products than are actually required due to the unreliable transmission of information.
As there is often this severe lack of communication between different stakeholders in the supply chain, thus everyone has to take the loss including the consumers. VeChain aims to revolutionize this through its platform.
What Is VeChain?
VeChain aims to be a decentralized platform which can facilitate in businesses and individuals to conduct sell and buy products without any central authority while also providing reliability and scalability.
VeChain intends to provide transparency through digital products .i.e. each product will have a unique ID and can be tracked at each interval in the supply chain. It will help for all the relevant entities to communicate easily and therefore will increase revenues and profits for everyone involved.
There have been a number of factors that make VeChain an attractive investment opportunity.
Cryptocurrencies that are supported by powerful corporations have a greater chance to succeed. However, most of the cryptocurrencies do not have the backing of a reputable brand. VeChain is not one of those.
In fact, VeChain has been part of many media headlines due to its associations. One of China’s states has engaged in a partnership with VeChain recently. Other brands to partner with VeChain include international brands like Renault, DNV GL, Jiangsu Printed Electronics, PwC and many others.
Each cryptocurrency focuses to solve a certain problem in a specific industry. However, VeChain is targeting multiple industries including retail, agriculture, auto, logistics and many others with the use of Blockchain.
For example, customer demand in a specific area requires the order of 1,000 shoes per month. VeChain will allow the shoe manufacturers to create this exact amount. Each phase that the order goes through will be seen by everyone involved. As there will be any hurdles in the process, the problem can be solved easily by locating the phase and solving the problem. This is unlike traditional supply chain where stakeholders are blaming each other and no one can guess the origin of the problem.
Deliverance of the Roadmap
Majority of the cryptocurrencies have promised to be the next big thing through a number of future objectives for their roadmap. However, most of them have been struggling to progress and achieve their goals.
VeChain on the other hand has been quicker to deliver results. VeChain has already been started to be used by real world businesses. It started with 4 key cases and has now gone over to more than 180 cases. VeChain has established itself globally in many countries including China, France Singapore and others.
VeChain is one of the best cryptocurrencies out there. With its focus to utilize Blockchain in revolutionizing the traditional business processes as well as having the support of strong partnerships on its back, it can be a major trendsetter in the future.