Vechain COO: ‘COVID-19 outbreak has raised public awareness on product authentication’

As the world economy is slowly climbing out of the Covid-19 crash, many blockchain platforms are finding a new economy in front of them, with different needs and wants. Some of these are well positioned already to face this new reality which has desires in terms of health, economic benefit and product authenticity.

Whereas some crypto companies with poor financial situations were eliminated because of the Covid-19 crash of mid march, those that are operating with a forward looking economic plan seem ready to operate in this changed economic landscape. In other industries around the world, the situation will be similar.

VeChain, which was in the news in the past few weeks as The Street’s crypto of the week, mainly because of it’s cooperation with San Francisco startup Real Items (for the delivery of KN95 masks) showed how product identification was becoming increasingly important, claims it is now developing further software to help clients verify insight into a product’s data, manufacturing and supply chain processes.

Their chief operating officer, Kevin Feng, explained in an interview with Cointelegraph that: “The COVID-19 outbreak has raised public awareness on product authentication and transparency of the supply chain management especially on those products that are related to consumer daily life. We have observed a significant shift in consumer behavior, and people now have a greater appetite for buying products online and mobile applications.”

Furthermore, Mr Feng stated that the positive outcome of the pandemic will be that industries will poor money into new technologies like the one his company proposes.

“Under the unprecedented demand for cloud-based services and IT services, the blockchain technology that serves as the underlying infrastructure powering digital transition has emerged as an advanced option for enterprise decision-makers.”

Disclaimer: I do not own any VeChain


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