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- VeChain uses the VeChainThor public blockchain to ensure scalable smart contracts in industry supply chain management.
- VET price gained approximately 3 percent in the past 24 hours to trade around $0.0162 on Tuesday.
The use of blockchain technology to streamline supply chain management is no stranger to the VeChain (VET) ecosystem that brings together different nodes through enhanced smart contracts. Moreover, the growth of manufacturing companies around the world is highly pegged to the efficiency of the supply chain.
Bringing together suppliers of raw materials, manufacturers, distributors, retailers, and consumers in one network that is verifiable with a click of a smart contract is crucial to ensuring satisfactory results.
Lenovo Case Study in Blockchain Use to Streamline Supply Chain
For instance, Lenovo, a Chinese multinational technology company, operates in more than 180 countries and runs 35 factories worldwide. The company cooperates with more than 1000 suppliers, over 2.8 million distributors, and third-party agencies. As a result, the giant tech company can process more than 5 million orders and produces more than 150 million units of smart devices on a yearly basis.
However, the company has long suffered the deteriorating situation of its supply chain management. Moreover, the company has over the years been using human resources to fill in crucial data that is prone to error among other insecurities.
As a result, the tech company has in recent years accelerated its blockchain development phase to streamline its supply chain management. According to a case study conducted on Lenovo on the effects of blockchain technology on supply chain collaboration by several universities across Asia, the subdivision of tasks in a complex chain ensures trust and increases overall efficiency.
Currently, Lenovo is fine-tuning its blockchain technology to phase out problems experienced in supply chain management. Furthermore, Lenovo has applied blockchain technology to the supply chain by proposing a model integrating the supply chain and blockchain popularly referred to as the dual-chain integration model since 2017. The company applies the model to the server business to integrate the flow of information, logistics, and flow of funds in its supply chain.
VeChain Solves the Problem at Scale
Having identified the key problems in supply chain management, VeChain has used its VeChainThor, a constantly evolving public blockchain, to help global enterprises and governments achieve Sustainable Development Goals (SDGs). Notably, the VeChainThor uses a two-token system – consisting of VET and vethor (VTHO) – to ensure a seamless value transfer.
With the help of Phygital NFTs, the VeChain ecosystem promises businesses a scalable and secure adoption of its products globally in a competitive environment.
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Furthermore, VeChain has partnered with several leading entities to ensure several industries including food safety are guaranteed through blockchain technology. Pharmaceutical companies around the world do not have to struggle to market their authenticity as the VeChain blockchain helps the end user verify the product on a blockchain that is tested through time.
VET Price Action
As the adoption of the VeChain blockchain goes mainstream around the world, the underlying tokens including VET are well poised to rally in the next crypto bull market. From a technical standpoint, the VET price is retesting the 2018 highs as a support level as buyers continue to accumulate more coins.
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