One of the common problems that often occurs in the market today is the trade in counterfeit goods. The good news is that blockchain technology offers a solution to this problem, and one of the leading platforms is VeChain or VET.
By utilizing the VeChain network, consumers can verify product authenticity easily and efficiently, thereby overcoming the challenge of buying and selling counterfeit goods on the market.
VeChain is a public blockchain platform designed to strengthen supply chains and asset management. With a primary focus on supply chain management, VeChain enables companies to track their assets in real-time, increasing transparency and ensuring product authenticity. The platform uses blockchain technology to record information about products, from production to distribution, allowing consumers and business owners to access trustworthy data.
VET (VeChain Token) is a crypto token used in the VeChain ecosystem. VET itself has several important functions, one of which is for payment of transactions. In this case, VET is used to pay transaction fees on the VeChain network. Users must use VET to run applications, transfer assets, and confirm transactions.
So, to understand more about what VeChain (VET) is, its history, how it works, its advantages and disadvantages, and its future potential with the Internet of Things (IoT), see the full review below!
What is (VET) Vechain?
VeChain is an innovation in the blockchain world designed to create a sophisticated, distribution-based supply chain system. This platform makes business processes simpler, more efficient, and safer.
Initially, VET was used as a mechanism to ensure product authenticity and prevent fraud or counterfeit goods. However, as time goes by, VeChain has become the preferred choice for large companies.
Through VET, each product registered in the blockchain network is assigned a unique identity, enabling direct and accurate tracking of every stage of the supply chain. This creates trust and security in business processes, ensuring product authenticity as well as preventing fraud in their supply chain.
History (VET) Vechain
Referring to its history, VeChain is a blockchain project founded in 2015 by Sunny Lu, a former CIO at Louis Vuitton China.
With a background of experience in luxury goods management and knowledge of blockchain technology, Sunny combines his skills to create impressive Internet of Things (IoT) applications.
Initially, VeChain operated on the Ethereum platform. Sunny and his team carried out various experiments before finally launching his own VeChain main network in 2018.
In October 2022, VET released VeChainThor with the PoA 2.0 version, a significant update. This update improves verification and transaction speeds compared to previous versions, creating a more efficient user experience. By combining his past experiences, Sunny succeeded in designing a sophisticated supply chain management system.
Under Sunny’s leadership, VeChain has collaborated with large companies. They introduced an Anti-Fraud System that allows customers to check a car’s mileage history, providing a trusted solution to combat fraudulent practices in the automotive industry.
How Vechain (VET) Works
VeChain is a blockchain network that relies on a Proof-of-Authority (PoA) consensus algorithm to secure transactions within its main network, operated by Masternode operators.
In the VeChain system, each operator is responsible for ensuring the smooth operation of smart contracts and enforcing applicable rules, keeping the network under control.
The concept proposed by VeChain combines elements of centralized systems with decentralized ones, creating a system that is very strong and trustworthy, especially in the context of supply chain management. VeChain uses a unique consensus approach, namely Proof of Authority, which grants authority to certain nodes in the main network. With this system, every transaction must pass through the authority of the Masternodes to be verified and included in the transaction block.
The process to become a Masternode in the VeChain network is very strict and involves requirements that are not easy to fulfill. Through a combination of centralized and decentralized mechanisms, VET creates transparent and secure transactions.
Overall, VeChain is one of the best examples of large-scale adoption of blockchain technology in business, with successful use cases by companies such as BMW.
Advantages and Disadvantages of Vechain (VET)
Basically, it is very important to understand the advantages and disadvantages of Vechain (VET). The reason is, that a good understanding of these advantages and disadvantages will help companies and individuals make the right decisions when considering using VeChain in their business.
The following are various advantages and disadvantages of Vechain (VET) that you need to know, namely:
1. Advantages of VeChain
- Flexibility for Any Size of Business
VeChain can be implemented in corporate structures both small and large scale. The blockchain-based solutions offered are highly transparent and secure, enabling companies of all sizes to optimize their supply chains.
- Use by Trusted Companies
VeChain has been adopted by various leading companies, including BMW, Walmart China, and PWC. This trust confirms the quality and reliability of the platform, giving other businesses the confidence to adopt this technology.
- Strong Anti-Fraud System
VeChain provides anti-fraud solutions with advanced cryptographic encryption. It provides high protection of data and transactions, making the platform an ideal choice to fight fraudulent acts.
2. Disadvantages of VeChain
- Masternode Fees and Requirements
One of the main drawbacks is the high fees and difficult requirements to become a Masternode in the VeChain network. This can be a barrier for individuals or small companies who want to be actively involved in the network.
- Still Limited Use
Although VeChain has shown its potential, the use of this technology is still limited in some cases. Some business sectors may not yet fully explore VeChain’s full potential, limiting its impact on industry-wide adoption rates.
Potential and Future of Vechain (VET) with IoT
It is important to note that by combining reliable blockchain technology with real-time data from IoT sensors, VeChain opens up huge opportunities to improve security, efficiency, and transparency in various industries, bringing significant benefits to companies and consumers.
VeChain’s deeper integration with the Internet of Things is expected to bring further innovation and shape a brighter future for blockchain applications in the industrial world.
The following are some of the potential and future of Vechain with interconnected IoT, including:
A. Logistics
VeChain has the potential to change the logistics landscape with the integration of the Internet of Things (IoT). In logistics, IoT sensors can be placed on packages and delivery vehicles.
VeChain uses blockchain technology to record the data provided by these sensors, ensuring the sustainability and authenticity of the product throughout the journey. This enables real-time tracking of products, minimizing the risk of loss or damage, and ensuring efficiency in the global logistics supply chain.
B. Manufacturing
In the manufacturing sector, VeChain with IoT can optimize production processes. IoT sensors can be installed in factory machines and equipment to collect data on their performance and reliability.
This data is then recorded on the VeChain blockchain, enabling real-time monitoring by stakeholders. This enables timely maintenance, extends equipment life, and increases overall production efficiency.
C. Certification and Audit
VeChain with IoT can change the way certification and auditing are done. In the food industry, for example, IoT sensors can be used to monitor temperature and humidity during delivery.
When recorded on the VeChain blockchain, it provides a guarantee of cleanliness and safety of food products. In the audit process, blockchain provides irrefutable proof of the origin and authenticity of the product, simplifying the audit and certification process.
Conclusion
In conclusion, VET (VeChain Token) is a crypto token used in the VeChain ecosystem. VET itself has several important functions or roles in the VeChain ecosystem, one of which is for transaction payments.
In this case, VET is used to pay transaction fees on the VeChain network. Users must use VET to run applications, transfer assets, and confirm transactions.
It is important to remember that a deep understanding of VET is the key to fully exploiting its potential in the crypto world.
Buy Vechain Crypto Assets (VET) on INDODAX
So, now you understand what VeChain (VET) is, its history, its advantages and disadvantages, and its future potential with the Internet of Things (IoT).
After checking the price, you can buy this crypto asset on INDODAX. Regarding how to buy it, first of all, please open an account on INDODAX by visiting the official INDODAX website. You can create an INDODAX account by filling in the registration form and verifying your identity.
If your account has been verified, then you can then deposit funds into your INDODAX account. You can make deposits, one of which is in Rupiah (IDR), from a bank account. Next, go to the INDODAX dashboard and find the VET/IDR trading market if you want to buy VET using Rupiah. Then, you will see price charts and other analysis tools on the VET trading page.
Please determine the price and quantity of VET you want to buy. Then, place your purchase order. You can also use the market order option if you want to buy VET at the latest market price.
So, how easy is it to buy Vechain (VET) crypto assets on INDODAX? Come on, start investing in crypto assets now!
