VeChain (VET) uses the application of the internet of things (IoT) and blockchain technology to resolve industrial real-world problems it use case have been applied in various industrial sectors in health care it has been used to track fake drugs record information, used in food and beverage industries to solve major data processing problem it has improved transparency among users and have boost scalability in the use of industrial database processing it's a pioneering blockchain that uses proof of authority consensus to validate users transaction its aim to provide a getaway for industries to access blockchain real-life application for a sustainable, data sharing.
Here I will highlight some practical applications of VeChain used to boost our automobile industry to improve data share using blockchain.
VeChain unique digital ID Passport
A unique feature of blockchain technology is providing security protecting users' privacy and keeping anonymity of users with blockchain every user can be assigned a unique ID (private keys) which will be stored on a decentralized ledger that will be tamper-proof, the fact remains information on the blockchain network are immutable and protected using cryptographic keys each user with his assign private key are responsible for their information.
Vechain leveraged this unique application and applied it to our daily real-life use, a vehicle is assigned to a unique digital ID Passport stored on the blockchain network this ID contains all vital information about a vehicle such as its entire lifecycle, maintenance, driver behavior, and transfer of ownership and other necessary information about the vehicle with such assigned feature a vehicle user need not worry about information bridge and security theft about his vehicle. With VeChain Passport vehicle information is protected and can be accessed easily when required.
Accessing quality of auto parts
Another real-life application of blockchain leveraged by Vechain is traceability and identification of genuine auto parts collection.
By using the authentic data stored on the blockchain, the brand can assess the quality and authenticity of auto parts.
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This feature can only be applied to vehicles assigned a digital ID or Passport here brand (manufacturer) of a particular vehicle can easily harness blockchain use to identify fake spare parts of a vehicle and track replacement of spare parts using (IoT) and improve social engagement using feedback from car owners.
Sharing vehicle information
Information stored on the blockchain can only be authorized by the owner of a vehicle where a user can choose to share information with other third parties for easy access to data of a vehicle lifecycle can be shared this will be used to determine a vehicle market value based on the usability of such vehicle improve insurance policy to set suitable insurance rate on a vehicle, financial companies can as well set up a reasonable loan policy base on past track information accessed from such vehicle lifecycle.
Conclusion
Blockchain application is not limited to only financial applications have spread across different sectors with its real-life use in the automotive industry we can say there is more room for blockchain to find use in different institutions.
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