What Is My Story (VeChain)?
My Story is a cost-effective solution to combat the $50 billion counterfeit luxury goods industry.
My Story empowers consumers to ascertain the authenticity of their purchases by tapping NFC-enabled smartphones on an RFID tag or scanning a QR code on a hang tag.
This will take them to a landing page that contains all information about the item, including its journey from production to the point of sale.
Enhancing Transparency and Trust
Brands opting for My Story register verifiable facts about products stored on the VeChain blockchain.
Customers can confirm these facts simply by scanning the QR code.
The registered product data includes quality, origin, authenticity, animal & worker welfare, and environmental footprint.
DNV GL audits the data before adding it to the immutable blockchain.
With the help of My Story, brands can present their behind-the-scenes actions as a story to share with customers.
VeChain’s My Story Blockchain Solution
My Story provides brands with a unique identifier for each physical item.
Product information, such as photos, manufacturing date, and original retail store, is linked to each identifier and stored immutable and transparently on the VeChainThor Blockchain.
My Story also provides brands with an enhanced customer relationship management platform through which they can learn more about their customers’ purchasing habits, such as items purchased and purchase frequency.
Brands can use this data to gather valuable insight into consumer behavior and tailor marketing campaigns based on individual preferences.
Enhancing Trust in Supply Chains
VeChain is a blockchain-based supply chain management platform aiming to eradicate trust issues that often arise in industrial supply chains.
The platform utilizes blockchain technology to track and manage products throughout their lifecycle.
It acts as a digital ledger that tracks the stages through which a product moves, from production to its final destination.
Access to the information is restricted to authorized users with the correct tools.
VeChain aims to prevent counterfeit products from entering the supply chain and enable traceability back to the original factories.
Transforming Business Practices
Using blockchain technology brings transparency and eliminates human error in business practices.
Recording and accessing the information on the platform, it reduces costs associated with lost sales and wasted food, improving efficiency in stores when handling recalls and introducing new products.