DEFINITION of VeChain
VeChain is a blockchain-based platform that aims to improve the day-to-day business operations and real-time tracking of various business processes and products.
BREAKING DOWN VeChain
VeChain provides a 360-degree view of all necessary information linked to a product and its business processes - like storage, transportation, and supply - to all authorized stakeholders thereby creating greater market transparency.
For example, one can use VeChain to track the quality, authenticity, storage temperature, transportation medium, and last-mile delivery of a medicine pack or an alcohol bottle right from the manufacturing facility through to the final delivery to the end customer.
VeChain uses Radio Frequency Identification (RFID) tags and sensors which keep broadcasting the key information on to the blockchain network that can be accessed in real-time by all authorized stakeholders.
The manufacturer, the customer, and others are informed of any violations - like a drug packet being stored outside the prescribed temperature range during transit - allowing better quality control and service improvements. (See also: Blockchain Technology Could Revolutionize Health Care.)