- PwC incorporates VeChain’s blockchain usability to to enhance supply chain management processes
- It utilizes tamper-proof and distributed ledger technology to enhance the transparency of the supply chain process
- Various services provided by the platform such as quality inspection as well as product tracking can enhance the efficiency of operations in auditing firms such as Pwc
This week, PricewaterhouseCoopers (PwC), an auditing firm released a report showing the integration of Vechain semantics with their systems to promote transparency in the supply chain industry.
The report, ‘Re-inventing Internal Controls in the Digital Age’ points out that VeChain addresses risks around product verifiability and integrity, country or origin and transaction lifecycles. The platform integrates distributed ledger technology with tamper-proof systems enabling clients and consumers to accurately determine the quality and authenticity of the products they buy.
Information concerning product source materials, spare part replacements, servicing history, as well as other information relating to supply chain movement of a product, can be recorded on the platform and later verified to bring about a transparent and trustable supply chain management ecosystem that suits every user.
How VeChain works
VeChain functions by giving physical products a unique identity, usually through RFID (radio frequency identification), QR Codes, or NFC (near-field communication). These sensors record vital information regarding the product’s identity at every stage of the supply chain. The receiver in the supply chain process can verify the authenticity of the goods received.
The project consists of token known as VET which is used to run the platform. VeChain Thor (VET) is the payment used on the platform and can be used to generate a second type of token, known as VeThor or Thor Power (VTHO) that is used to access the supply chain technology. In essence, a company that wants to use VeChain’s tracking for its supply chain has VTHO for their products to be listed on the platform known as main-net.
Transparency in Supply Chain Management
- Asset Digitization- VeChain enables manufacturers to assign products with unique identities on the platform. The unique identities allow manufacturers, supply chain partners, and even consumers track the movement of products through their supply chain. The VeChain Identity (VID) technology produced using a SHA256 hash function is used to mark and track a product while in the supply chain process
- Nodes & Tokens-They functions to enhance security on the platform. Network nodes provide vital services including quality inspection, wallet services as well as other services that can be used by auditing firms such as PwC
Vechain perfect for auditing firms
VeChain does not only improve transparency in the ever-growing supply chain industry but also cut cost and enhances efficiency in supply chain management. The services offered by VeChain notably quality inspection and product tracking are vital for auditing firms such as PwC which has already partnered with VeChain. With a growing list of business partnerships and technological developments, VeChain is positioning itself to be a force that will promote transparency in the supply chain sector that has been traditionally associated with fraud and corruption.