Ethereum & Vechain showcase how blockchain technology

• Ethereum and VeChain are two important blockchain technologies making waves in the supply chain ecosystem.
• Greek researchers specifically highlighted how Ethereum can help local olive farmers.

Discussions about the importance of blockchain technology are gaining momentum, and two of the most versatile Layer-1 protocols, Ethereum (ETH) and VeChain are gaining speed in related conversations globally.

According to a research paper published by the Multidisciplinary Digital Publishing Institute (MDPI), Greek researchers led by Evripidis K. Kechagias, the ways in which Ethereum can be used to promote traceability in the food supply chain ecosystem were highlighted.

According to the researchers, there are a number of complicated processes involved in the supply chain ecosystem that are often overwhelming and cause delays. One of the major challenges is the issue of traceability, which can cause many regulatory problems for manufacturers and distributors.

While the issue of traceability is an age-old question, blockchain technology appears to be a viable solution that can change things around. The research paper thus presents a framework showing how Greek olive producers can use the Ethereum protocol to optimize their current approach to traceability in their supply chain practices.

“The article also presents a methodological framework, which can help anyone aiming to implement an Ethereum decentralized application and demonstrates the practical use of the developed application by a Greek table olive producer. The application significantly improved the producer’s product traceability by providing a secure, transparent and efficient solution for tracking and tracing the products in the supply chain,” reads an excerpt from the newspaper’s summary.

Ethereum is considered one of the most robust smart contract protocols and arguably the largest in terms of Total Value Locked (TVL) which is now pegged at $27.9 billion according to data from DeFiLlama. With its growing relevance, Ethereum is now considered a flexible adaptation by the Greek researcher for their traceability in supply chain innovation.

The VeChain review

While the role of Ethereum as the largest smart contract protocol in the crypto ecosystem is recognized, the role of other Layer-1 protocols such as VeChain in important technological innovations cannot be pushed aside.

Acknowledging VeChain’s role in the supply chain, the Greek researchers also mentioned VeChain regarding its use by the China Animal Health and Food Safety Alliance (CAFA). The research team highlighted the role of VeChain to “enhance food safety and quality control while providing transparent information to consumers by providing a food traceability certification system for CAFA members, enabling them to track the entire life cycle of food products, from production to distribution and sale.”

Since its inception, VeChain has played a very crucial role in innovations best suited for enterprise adoption. Built as a highly scalable, fast and flexible protocol, VeChain has joined the fight against climate change and sustainability managementa role that has earned it great recognition even among its crypto peers.

In all, it has been proven that blockchain protocols can help rebrand the multi-billion dollar supply chain industry.

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