VeChain announces to BlockShow Asia that it will incorporate Blockchain technology into its platform to protect luxury products for consumers, merchants and manufacturers.
The luxury market is full of imitations and fakes, and the current platforms that transport a product of materials, to manufacturing, to the market are so compartmentalized and disconnected that fake products can be inserted at any time. This problem creates considerable trade-offs for extremely valuable products that require a high level of customer satisfaction.
Blockchain technology provides a connected system to track products from start to finish with security and transparency. The implementation of Blockchain technology in the supply chain allows a manufacturer, distributor or retailer of products to see and follow the product with absolute certainty.
In addition, Blockchain allows for complete transparency, which means that problems in the process from the manufacturing level to the end consumer are easily spotted. Problems throughout the supply chain related to shipping, storage or transportation can be known and addressed more effectively.
VeChain at BlockShow Asia
VeChain’s presentation at BlockShow Asia has traced a number of products, from raw materials to sales, explaining how Blockchain can protect luxury goods from potential risks during the product life cycle.
The system is designed to use Internet of Things (IoT) technology to create private keys for each product to track them. All consumers need a smartphone to check the history of the products they buy.