The biggest dilemma of a brand is the counterfeit of its products. Once the brand launches a new product or design in the market, the duplicates start rolling in the market. The counterfeits don’t only interfere with the brand’s reputation but it also affects the sale of the originals.
If there’s a problem, there must also be a solution. The solution to destroy the counterfeit market is blockchain technology. The blockchain technology has many advanced features that can be used to eliminate this issue that directly impacts the reputation of brands.
Blockchain’s applications can be seen in every other sector. Whether it is a tech company or a political requirement, the effectiveness of blockchain can’t be ignored. Do you know that blockchain can also be used to identify whether the shoe you’re wearing is genuine or not?
Yes, you heard that right. It is possible with the advanced trackability of blockchain. But how does it happen? With the help of a blockchain project VeChain (VET) a shoemaker in Australia is identifying genuine Nikes.
What Is VeChain (VET)?
VeChain is a blockchain-based project that provides IOT services. This platform securely saves the data and provides easy management and exchange. VeChain is managed, developed and promoted by VeChain Foundation.
This foundation was found in Singapore and it works independently. VET coin can be used in many applications such as product maintenance, asset authentication, and tracking of goods.
VeChain Shoe Authentication
An Australian shoemaker, Chase Shiel and The Kickz Stand are working in collaboration to manufacture sneakers in the country. These sneakers are based on the “SB Dunk’ shoes from Stussy.
These shoes will be available on Chase Shiel’s website from June 28. The announcement was made on June 24 by Kickz Stand. The Nike Air Max 1-inspired shoes are a limited edition that can be purchased online. The company tweeted that these shoes will be tracked using VeChain’s ToolChain Suite and Thor blockchain.
The shoemaker and VeChain partnership were planned in November 2019. Although the plan was clear to use the ToolChain Suite to trace the original shoes. A traceable platform will help to eliminate duplicates and identify originals.
A VeChain tracking chip is provided with every Chase Shiel’s shoe shipment. Whether it’s a retailer or a customer, they can scan the QR code and identify the authenticity of the shoes on the spot.
The blockchain company is working with a small shoe company for now but if the sports giant Nike identifies this feature of the blockchain, there’s a fair chance that VeChain will someday work with Nike as well.
What Are Other Applications of VeChain?
VeChain is not only joining hands with shoemakers but it also expanding in other industries. A Walmart subsidiary in china, also known as Sam’s Club, has partnered with VeChain. This Chinese company will trace food products sold to the customers.
The premium shopping chain has applied traceability platform to ensure the safe delivery of the food products and it will also create a sense of transparency among the customers.
VeChain has also joined hands with Shenzhen Yuhongtai Foods Company. This company will be using the traceability features of VeChain to track pork. Shenzhen delivers pork to a Chinese retailer Meijiada Fresh Foods.
In this way, the pork sold by Meijida will have the guarantee of freshness and authenticity. The tracking information will consist of data related to the origin, processing, and logistic involved in delivering the meat.
After partnering with VeChain, these companies have increased their product variation. VeChain is planning to emphasize on food delivery transportation companies. Since it requires a lot of trust to order the food online. The blockchain seems to be the most secure tracking feature to date.
While considering the increased demand for food tracking worldwide, VeChain has come up with ‘Foodgates’. This blockchain project is specifically designed for the food and beverage industry. The firm was optimistic to launch an industry-specific tracking project after the success of Chinese food distribution collaboration.