Overview of Vechain Thor
Wesley Weber who was one of the world’s most famous counterfeiters (forging millions of bank notes) is arguably the first image that comes to mind when counterfeiting is being discussed. However, no matter the product existing in the marketplace, there is every chance that a fraudster is working hard to release a cloned version.
Fake goods and the global economy
By 2020, counterfeit goods might cost the global economy about half a trillion dollars. Global counterfeiting is on the rise in every industry; from the fashion industry to the retail sector, food industry, and virtually any sector you can think of. It may surprise you to know that counterfeit items cost the fashion industry a whooping sum of £5 billion in annual revenue.
Effects of counterfeit goods on the economy
The FBI stated in a report that about 7-8% of the world’s trade every year is in forged products. Counterfeit goods have been a nuisance for Alibaba, Taobao, and many top brands. Alibaba said in a statement, “We have continued to ban sellers and take down suspicious listings on our site every day.”
Nike also faces a similar problem. According to a report by soapboxie.com, “Nike shoes are worth $5 to $200 on the counterfeit market”. Nike is one of the most valuable sports brands in the world that generates over $2.7 billion in revenue per month.
The blockchain solution
Vechain proposes a solution to tackle ever-increasing fake products in the marketplace. Vechain aims to develop a decentralized business network that facilitates the flow of information privately and securely.
In plain English, Vechain intends to use the power of the blockchain technology to solve the problem of product traceability across various industries. In its current form, Vechain allows manufacturing companies like Nike for example, to collect and manage data for their shoes and share this with their vendors and customers. By doing so, the professional athlete’s patronizing Nike won’t be scammed into buying a fake pair of shoes.
The team believes that Vechain has significant applications in the retail, fashion, and logistics industry. The team also thinks that Vechain can be used to keep track of all the products in the above sectors. Vechain’s vision of a phrase is “harmony in governance.”
Vechain has taken a further step to implement the ‘Cryptocurrency Disaster Recovery plan (CDRP).’ CDPR is the first of its Kind in the world.
Vechain will be launching their platform on the Ethereum blockchain with substantial modifications. This new blockchain will allow the platform users to run DAPP’s similar to Ethereum.
The platform launches with two tokens: The VET token and the Thor Power. The VET token will be the main token used for transferring value between two accounts.
Vechain has many partners in China. One of them is PwC (The world’s best auditing company in the world). Lastly, the Vechain project has a strong team of blockchain professionals.