VECHAIN Is Backed By Former Louis Vuitton CIO - Here's Why It's Going to be EPIC
The days of counterfeited products - especially in the luxury goods sector - are numbered. VeChain is committed to putting an end to businesses that thrive on counterfeited goods by integrating blockchain technology with supply chain management systems.
Sunny Lu, the former CIO of Louis Vuitton in China, is heading the management team at VeChain, so we can be sure that they know what they're up to. VeChain has already entered into various partnerships with luxury brands around the world. In fact, even businesses in China, one of the most stringent companies when it comes to cryptocurrencies, has shown support for this particular blockchain technologies.
Vechain is essentially a platform that aims to improve supply chain management processes. VeChain provides retailers and consumers the power to determine the authenticity of products that are bought. The most important factor is confirming their authenticity, and the blockchain is more focused towards luxurious products. This is done through the Vechain Smart Chip, a kind of NFC chip in the product you buy. Think for example of fake Givenchy handbags - it is very difficult to see if they're real or a counterfeit if you are not an expert.
VeChain offers a lot of background information about the product as well. One can scan the handbag and immediately notice if they really come from Givenchy or not. Furthermore, you could the check the builder, the material, the origin of those materials or even the age of the product.
Vechain currently has solutions for the following markets:
• Luxury goods
• Agricultural goods
• Cars
• Retail
• Logistics
• Cold chain logistics
• Drinks
Major VeChain Partners:
• PwC China & PwC Singapore porfolio company
• Kuehne & Nagel– leading global freight forwarder
• Givenchy
• Kuehne & Nagel– leading global freight forwarder
These companies are just the top brands - the blockchain has signed many more partnerships in the logistics, transportation and publication sectors.
For those looking to make some money in the blockchain space, VeChain happens to be a great choice - the currency roughly doubled in price from last week's low of about US$4 to a new all-time-high of US$8.50, according to CoinMarketCap. The rise comes after the above-mentioned series of partnership announcements from VeChain.
The next big hike can be expected in the last week of February. On February 26, 2018, VeChain will change its name into Vechain Thor at a special rebranding event in Singapore on February 26, 2018.