Building “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring” is the business model of blockchain-as-a-service (BaaS) company VeChain. The company has confirmed its plan to eventually evolve by rebranding itself into VeChain Thor as reported in Coin Central.
VeChain says it has been fusing blockchain technology and their internally-developed smart chip system for about 2 years now. The smart chip was implemented in various IoT projects like “NFC chips, RFID trackers, or GR codes.” They can be useful in product quality control for retail companies to avoid losing business to the counterfeiters.
For example, a common enterprise losing business to counterfeiters is French manufacturer Louis Vuitton. A single purse, just like most luxury items, gets released to the market involving a series of middle men or intermediaries, especially in online transactions where a single item can change hands multiple times. Multiply this transaction a hundred times over and it’s easy to lose track of the genuine Louis Vuitton purse.
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