VeChain is one of the largest blockchain networks today, with massive followership. The network launched in 2015 as a private consortium chain, later transiting to a public blockchain in 2017, launching its main net in 2018. One of the biggest benefits brought by VeChain is its toolchain.
Affordable Supply Chain Management Solutions
The VeChain toolchain is a system that allows the blockchain to receive information from IoT devices. It offers a comprehensive system with no code or low code blockchain solutions meeting the most demanding enterprise requirements.
The supply chain management process sometimes requires tools that are constantly assembled and complicated to use. The toolchain brings simplicity, convenience, and affordability.
Essentially, the toolchain brings a pay-as-you-earn pricing model that is quite affordable. The toolchain brings a complete set consisting of an;
- IoT chip and equipment
- A management platform
- A mobile app
- H5 technology
Bringing the complete set reduces the complexity of searching for one and the hefty costs involved.
Anti-Counterfeiting of Products
Counterfeiting has been a massive challenge in the supply chain, with some buyers getting low-quality or completely fake products. Past research indicates that in 2016 alone, buyers received knockoffs that amounted to $509 billion.
Knockoffs mainly occur during either the packaging but mostly during the transit process. The persons involved in transit could exchange the goods with poor quality or fake products.
VeChain’s toolchain offers a hedge against the risk of counterfeiting. Due to the linking with IoT devices, both parties to a trade, i.e., supplier and buyer, can see the products and even location in real-time. If the delivery vehicles stop at some point, the IoT devices will relay the info through the toolchain to the DLT.
The continuous tracking of the data surrounding products in the supply process ensures the persons transiting the products cannot provide knockoffs.
Perishable Goods Tracking
Yes, from time to time, the supply chain involves transiting perishable or delicate goods from one point to another. Consider transporting flowers, fruits, vegetables, or expensive watches or art pieces. Without adequate care, these goods could easily be destroyed or go bad during the supply process.
The supply chain has systems like deep freezers, which help keep the products at a given temperature. However, in the supply process, the cold levels may drop, or the machines malfunction, endangering the goods.
The toolchain ensures you can trust the process of supply. When linked with proper applications, the toolchain can help track the live photos or videos of perishable or delicate goods. It can help monitor the conditions of the vegetable, for instance, ensure they enjoy the right conditions.
Blockchain Logistics Real-Time Data
Logistics are also an essential part of the supply chain, majorly centered around the effective movement and storage of goods. The logistics industry faces many challenges, including falsified data, poor data assembly, and data isolation.
The logistics process receives poor quality and sometimes downright inaccurate data. Moreover, the data can only be accessed by a single party, meaning the rest of the participants are in the dark.
The toolchain offers full-time tracing of goods within transit packaging and storage. By combining with IoT devices, the network can receive real-time data updates about the products, including location, temperature, etc.
Toolchain connects the blockchain and IoT devices, ensuring a constant transfer of info from one end to another. The biggest pro is that the data is available to every party in the supply chain, the buyer, seller, and couriers; everyone gets data in real-time.
Warehouse Management
Part of the logistical tasks is connected to the warehouse management job. When goods are in storage, there needs to be a proper tracing of their condition, which means getting complex data in real-time. So, how can the networks use the toolchain in warehouse management?
Foremost, the networks will often use IoT devices to collect the data. On the other hand, the toolchain ensures the data from the devices is relayed to the blockchain in real-time. The product owners can therefore trace conditions in real-time.
Highly Scalable and Convenient
The issue of supply chain management starts from the roots, which is software support. Vechain toolchain makes it easy for any project, individual, or company to create a blockchain with little to zero coding. Hence projects can develop apps that use the toolchain to offer their supply chain solutions. Providing the toolchain removes the complexity of hiring developers to deliver systems that will not offer a complete supply chain revolution.
Offer Security and Reliability
Security is another core feature of the toolchain. Projects enjoy blockchain security using a blockchain-powered software solution for the supply chain management. The encryption and data protection systems are always top tier.
Final Word
This guide has been exploring how the Vechain toolchains revolutionize the supply chain offering benefits to participants. As mentioned, the toolchain touches on different aspects of the supply chain, including security, warehouse management, and traceability, all while offering convenience.
By touching on different sides of the supply chain, the toolchain ensures the quality and health of products in supply are maintained at high standards. Already, top networks have been linking with the toolchain to enjoy the benefits. They include DNV, BitOcean, National Research Consulting Center, Direct Imported Goods, and Groupe Renault.
Source: https://crypto.news/heres-how-vechains-toolchain-in-revolutionizing-the-supply-chain/