What Is VeChain

As a blockchain platform designed to boost supply chain management and business processes, VeChain’s goal is to simplify the processes and information flow for complex supply chains, using distributed ledger technology (DLT).

A bit of history and vision

As a company, VeChain was established in 2015 to proffer blockchain-based solutions for businesses by leveraging the power of its VeChainThor blockchain. The company has profound ties to the Chinese industry and government and seeks to strengthen these bonds further.

The VET token in the early stages functioned on the Ethereum blockchain. But in 2018 it transitioned to its blockchain and rebranded itself under the VeChainThor (VET) name.

What is VeChain?

VeChain is a real-world business, which is considered a mature company by some, having applications existing on the VeChainThor blockchain. As the VeChain Whitepaper 2.0 states, “these solutions are not just theoretical, they are solutions tested and discussed with over 700 enterprises and implemented for over 100+ fortune level enterprises.”

VeChain’s mission is to “enable the blockchain community, business owners, enterprises, governments, or any other individual to move their business activities to blockchain effortlessly,” with an emphasis on the fact that technical knowledge is not required.

Insofar, business processes in supply chain data are compartmentalized currently between multiple stakeholders, affecting information flow, which is again divided among stakeholders.

However, as of this writing, the market capitalization of VeChain is $2,1 billion, making it the 32nd largest cryptocurrency. VeThor has an $87 million market cap and ranks as the 284th largest digital currency.

Features of VeChain

The main features that distinguish VeChain are its use cases for tracking goods and data. Businesses that require an approved ownership chain through production, transportation, or other processes could use VeChain for the purpose.

Users can track the ownership and control of any number of products, using VeChain smart contract features. For example, an electronics manufacturer can track the process of products to distribution using VeChain. The highly regulated marijuana industry is another fair example which in providers and consumers could use VeChain to track seeds, plants, sellable products, and sales for end-to-end compliance requirements. So, if a company needs to buy or sell anything, everything can be tracked by using VeChain.

What are VET and VTHO?

The VeChainThor blockchain platform is a public blockchain aimed at “mass business adoption.”

Its two tokens are VET and VTHO, while VET is the VeChain token that is used to carry value or “smart money” from smart contracts. That is to say, transactions on decentralized applications occurring on VeChain’s blockchain will use VET.

VeChain Use Case

The platform can be used to track quality, authenticity, storage temperature, transportation medium, and last-mile delivery of productions.

Food safety

A package of medicine or a bottle of alcohol can be monitored right from the production center to the final delivery to the customer. To achieve this, VeChain uses smart chips or Radio Frequency Identification (RFID) tags and sensors that transmit key information to the blockchain that authorized stakeholders can access in real-time.

Anti-counterfeiting

The use of sensors means that all product-related parameters can be continuously monitored and, if any, problems returned to the relevant stakeholders. If the drug package is stored outside the prescribed temperature range, manufacturers and customers will be notified, which will allow for better service and quality control.

The VeChain platform can also enable car owners to access their data and use it to negotiate better terms and policies with their insurance companies.

Health records

Healthcare record systems are outdated. Providing better services could be obtained by storing lab results on the blockchain, with only patients and authorized parties having access.

Invest in VeChain

Having Vechain is simple since there are several options to exchange or store it. It is widely supported by many landmark cryptocurrencies exchange, as a top-35 cryptocurrency. Moreover, it can easily be stored in wallets like Ledger.

Final thoughts

Having an outstanding presence in the Chinese market, Vechain has proven to be ambitious.

And since large names are being deployed on the blockchain, VeChainThor has also shown that it can be helpful for businesses to count on.