My Story (VeChain) is an effective solution to the $50 billion counterfeit luxury goods industry problem. Through My Story, consumers are empowered to verify the authenticity of their purchases by using an NFC-equipped smartphone on an RFID tag or scanning a QR code on a hang tag.
This step takes them to an information page that presents the product's journey from production to sales.
How Does My Story (VeChain) Work?
Brands that choose My Story (VeChain) register product facts that are verified and stored on the VeChain blockchain. Consumers can easily confirm this information by scanning a QR code. Registered product data includes quality, origin, authenticity, animal & worker welfare, and environmental footprint.
DNV GL ensures data auditing before it is added to the immutable blockchain. My Story allows brands to share behind-the-scenes stories as a form of transparency with customers. Each physical item is assigned a unique identification, and related information is stored transparently on the VeChainThor blockchain.
Benefits of My Story (VeChain) for Brands
My Story provides brands with an enhanced customer relationship management platform. Customer purchasing data, such as items purchased and frequency of purchase, can help brands understand consumer behavior and craft more targeted marketing campaigns.
VeChain is a blockchain-based supply chain management platform that aims to eliminate trust issues in industrial supply chains. By leveraging blockchain technology, VeChain tracks a product's journey from production to consumer, preventing counterfeit products from entering the supply chain.
My Story (VeChain) not only fights counterfeit luxury goods but also opens the door to transparency in the industry. The concept of verifying product authenticity through blockchain provides added confidence to consumers and empowers brands to build strong relationships with customers.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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