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There is no doubt that blockchain technology can be an important innovation to supply chain management. This includes payment services, private key management, smart contract development, and wallet development.
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The Foundation encourages and supports partnerships with enterprises that may be interested in utilizing blockchain technology as a service. The Foundation also plays an important role in business development. The Vechain Foundation is a non - profit entity established in Singapore in July 2017 and is responsible for the construction of the network, and technological research and development. This will allow manufacturers, supply chain partners, and even consumers, to track the movement of products through their supply chain.There is also the VeChain Foundation. VeChain enables manufactures to assign products with unique identities to the platform. VeChain plans to achieve this secure supply chain management ecosystem via the method of asset digitization. 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.
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By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought. VeChain is a blockchain-enabled platform that is designed to enhance supply chain management processes.