How Vechain technology is changing the supply chain industry
Technology has always played an important role in helping industries develop, grow, and operate with greater efficiency. For the supply chain sector, a type of such technology is revolutionising the way it operates, too. It’s called Vechain, and we take a look at how it works.
What is Vechain technology?
Firstly, it’s important to establish what Vechain technology is in order to know how it affects the supply chain sector. Vechain technology was developed mostly to address insecurities faced by many business and enterprise owners, more specifically in a transaction process.
It is divided into three sections. These are real-time supply chain tech, cryptocurrency, and the Vechain platform. The developers of Vechain have also used distributed ledger technology (DLT) to improve the product life cycle management and supply chain protocols. Vechain provides businesses with the opportunity to track a large amount of data and can be bought using trading pairs.
One feature that distinguishes Vechain from other technologies is the fact that it has the ability to blend centralisation with decentralisation. This provides users with high-speed transfers, transparent information flows, and efficient collaboration.
The advantages of using Vechain over other crypto technologies
In addition to combining centralisation with decentralisation, Vechain has several other desirable advantages that help the supply chain industry. One such advantage is Radio Frequency Identification (RFID).
By adopting RFID sensors and tags, Vechain is able to track essential data while it’s being transferred. Factors such as temperature, location, and shipment movements are broadcast across the Vechain blockchain. This means that shipments of supplies are less likely to go missing.
Another advantage that helps Vechain make a sizeable impact on the supply chain industry is its use of the Internet of Things (IoT) and DLT technologies. The first to adopt both technologies, Vechain uses IoT to comprise all of the smart device networks used globally. IoT, as well as DLT, also allows for the movement of a large chunk of data from one user to another.
Vechain also uses the dual token strategy. While not an advantage as such, this strategy works by turning tokens into digital cash when Vechain is purchased. This cash can then be spent on the Vechain platform itself or for paying for network services. However, it is essential for users to have a number or the Vechain token to fully be able to track their supply chain operations successfully.
New speakers announced for Procurement & Supply Chain Live
Two leading executives in supply chain transformation have been confirmed for this year's Procurement & Supply Chain Live event.
Procurement & Supply Chain Live is the perfect opportunity to hear from prominent executives at the world’s leading procurement and supply chain businesses. The event will be streamed live from Tobacco Dock, London via the leading networking platform Brella.
The three-day show, running 28-30 September 2021, is an essential deep dive into the industry, with influential speakers sharing insights and strategies from their organisations, group roundtable discussions, and fireside chats.
We take a look at the latest additions to the already amazing lineup of speakers announced so far, and what they will bring to the flagship event.
VP Global Supply Chain at Macmillan Education Ltd
Shaun Plunkett has over 30 years of supply chain leadership experience in FMCG, entertainment and media sectors, supporting multi-billion euro businesses including Universal Music, EMI, Sony Music, Harper Collins and Associated British Foods. He has a track record of successfully delivering transformational change coupled with award winning operating models and developing and coaching global teams. Plunkett says that challenging the status quo is at the heart of what drives him on a daily basis - and encouraging others to continuously push the boundaries.
Read more about Plunkett’s involvement in Macmillan Education’s supply chain transformation HERE
Digital Transformation Lead, Oracle UK and Board Member, CILT at Macmillan Education Ltd
Vikram Singla is digital transformation director at Oracle, UK. He helps supply chain and finance business leaders leverage technology to deliver meaningful business outcomes for their organisations. He also serves on the board if CILT (Chartered Institute of Logistics and Transport) – UK and is an Honorary Visiting Fellow at Anglian Ruskin University. Singla has more than 25 years’ experience in the technology sector, and in global supply chain transformation, including deploying business transformation programmes for Fortune 500 firms. In his spare time, Singla is a passionate brand ambassador for Cancer Research.
Plunkett and Singla join a growing line-up of speakers, including: Sheri R. Hinish, IBM; Robert Copeland, G4S; Daniel Weise, BCG; Mark Bromley, Mastercard; David Loseby, Rolls Royce; and Ninian Wilson, Vodafone Procurement Company.