CNBC just put the spotlight on VeChain on the latest episode of Advancements With Ted Danson.
The show features new trends in technology. The latest segment features COO Kevin Fang of VeChain, a public blockchain platform that utilizes smart contracts, and highlights the benefits of blockchain technology in supply chain logistics and beyond.
The segment aims to explain the basics of blockchain, how it facilitates trust between parties and how the technology can be used in business transactions to transfer value and confirm data. It introduces Bitcoin, the first public blockchain, to a wide audience, and explains how VeChain is using blockchain with IoT tech and artificial intelligence to digitize and track the life cycle of a product.
This allows anyone in the world to authenticate a product and to know where and how the product was created. The platform can reduce counterfeiting and product tampering by maintaining the integrity and quality of a brand.
The segment also highlights VeChain’s new partnership with BYD, the world’s largest electric vehicle manufacturer. Based in Shenzhen, China, BYD manufactures hybrid, combustible and electric cars, logistics vehicles, taxis, coaches, sanitation trucks, off-road vehicles and heavy equipment.
The two companies plan to utilize the VeChainThor blockchain to create a carbon trading system that analyzes the amount of harmful emissions vehicles send into the atmosphere and reward operators that pollute the least.