According to the latest news, VeChain (VEN) will be listed on the giant exchange platform Bithumb.
Bithumb is already trading most of the top coins in the market including Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Monero, EOS, DASH, Ethereum Classic, Qtum, ICON, Bitcoin Gold and Zcash (13 coins within the top 25 list of market capitalization on coinmarketcap), VeChain (VEN) will be the 14th to be added to this existing list.
With this major announcement the South Korean exchange platform has given VeChain (VEN) a new set of legs, spurring on an unlikely price amongst the current bloodbath.
The listing of Vechain (VEN) on the Bithumb platforms is a clear indication how the coin confidence is growing across the globe, therefore, it will attract more and more attention to the currency.
With such a volatile market characterized by speculation, Vechain (VEN) seems to be enjoying the stepping out of the bearish drawback. The timing of the listing is the best thing that has happened to the platform. After surviving the market’s bloodbath, VEN can now expand its potential for additional adoption.
So, what is VeChain (VEN)?
VeChain (VEN) is a blockchain-enabled platform that is designed to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology, VeChain (VEN) provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought. From product source materials, to servicing history, and spare part replacements, every single piece of information about the supply chain movement of a product can be recorded and verified to bring about a supply chain management ecosystem that is secure for all participants.
What is VeChain’s (VEN) asset digitization?
VeChain (VEN) plans to achieve this secure supply chain management ecosystem via the method of asset digitization. VeChain (VEN) enables manufactures to assign products with unique identities to the platform. This will allow manufacturers, supply chain partners, and even consumers, to track the movement of products through their supply chain.
VeChain (VEN) makes use of its VeChain Identity (VID) technology, to mark and track a product. VIDs are produced using a SHA256 hash function, which generates a random hash value that corresponds to a VID. That VID can then be written into a Near Field Communication (NFC) tag, Quick Response (QR) code, or Radio Frequency Identification (RFID) tag, to be used for each product. This method allows for the tagged product and all corresponding information, such as the supply chain activities of the product, to be translated from the real business world into the platform.
For example, the platform and its accompanying technologies can be utilized in the winery industry. A bottle of wine can be fitted with a VID, that allows both the wine manufacturer and the consumer to track the movement of the wine from the point of manufacture, all the way to the end consumer. Any attempts to defraud the consumer will be detected, as the authenticity of the wine can be determined at each stage of the supply chain process.
As well as allowing for the asset digitization of products, VeChain (VEN) also supports authorization based digital ownership management. This means that ownership of products can be represented digitally on the platform. This is done using smart contract technology, which allows a digital asset to be linked to an account that possesses both a public key and private key. The public key is made public and is show as an alias email address, which can be recognized and accessed by other users. The private key gives a user authorization and access to the corresponding digital asset.
The Future of VeChain (VEN)
There is no doubt that blockchain technology can be an important innovation to supply chain management. With a growing list of business partnerships and technological developments, VeChain (VEN) is positioning itself to be the and innovative force that rewrites the way we think about supply chain management.