VeChain is a platform for the transformation of global information, based on the blockchain technology. It digitalizes products or real events using intelligent contracts focus on real industrial activities.
Simply putted : VeChain is a blockchain solution, it gives companies a way to track their products in the supply chain. From manufacturer to distributor.
Every product has a certain process. What Vechain is doing is follow that process and collect data from every step being made. This is also know as internet of things (IoT) technology. This data they store on the blockchain which makes that the data is tamper-proof.
Let’s say you want to buy a product which has a expiration date, like food. You actually never can know what happened with a specific product in the supply chain. Temperatures could be very high during transport.
Vechain wants to create a solution for this. the product has a QR-code, RFID or NFC tag you would be able to scan to track the whole history of the product from manufacturer to the stores and if in this process something might have happened which could correspondent with the food safety standards the app will show you exactly what happened.
Sensors on the product will pick up temperature variations and collect data of it’s environment. That data will be attached to Vechain decentralized blockchain. This makes it tamper-proof.
If you follow products from the manufacturer till the shop you also can be sure of it’s originality. That means that the buyer always can know if your product is real or if it could be a fake one. Even when the product already has passed several owners.
The pro’s of this technology
- Optimize the supply chains, when something goes wrong you directly know what and where went wrong.
- It solves the counterfeiting problem, it is not possible to create fake products with real licenses.
- Costumers will getting more trust in certain products and processed
Currently Vechain is in a re-branding phase and will re-name itself as “VeChain Thor”.
VeChain introduces with its new blockchain a way to fund the project and power the blockchain.
The VeChain ecosystem is based on two cryptocurrencies that help to keep the system decentralized.
The two currencies are :
- VET : VET is used for store of value and can be used to make payments.
When VET is in a dedicated wallet, it will automatically gain interest in the form of the second coin known as Thor Power Tokens.
- Thor power tokens is the fuel that keeps the system running. You could compare it with GAS to Ether. Every time somebody wants to add information to the blockchain Thor power is spend.
70% of that Thor power is taken out of circulation and 30% will be awarded back to people holding VET in their wallet. also called Authority master nodes.
As one of the initial blockchain technology corporations discovered in the world, VeChain has had more experience than other companies to perfect its technology and deliver products that users truly want.
Its time in the industry also indicates the majority of the VeChain team has years of experience. VeChain has a strong team; they are around 150 workers.
The Ceo Sunny Lu possesses a large experience with TI and, Information security in luxury retail brands.
Over the years, VeChain has shown itself with prosperous blockchain implementation in multiple industries such as agriculture, luxury goods, and liquor. Additionally, VeChain is spread throughout the world with offices in Hong Kong, Singapore, and France, allowing for global implementation of projects.
VeChain has changed the way how users can search, buy and receive their products.
It allows the customer to have a more detail information about what they are getting, selling or interacting. Users may retain products until they are convinced of the quality and authentication of the products, guaranteeing that what they are looking at is what they are going to have.
All this process before the definitive transaction it’s made by a blockchain-enabled enterprise that allows manufacturers to provide each product with a unique identity.
This unique ID which is saved in the blockchain and It’s created by the use of VeChain Identity (VID) technology, to mark and track a product.
VIDs are created using a SHA256 hash function, which creates a random hash value that matches to a VID. That VID can then be written into an (NFC) tag, (QR) code, or (RFID) tag, to be used for each product.
VeChain supports the authorization of digital ownership management; this indicates that the ownership of products can be represented digitally on the platform.
Products have a smart chip which you can check and a stable ledger collecting all the information; there’s no chance that the genuine merchandise gets missed around in the supply chain or at the end the user receives a false product.
VeChain has two different tokens called VET and THOR.
VET is the token which users have to pay using the platform for their particular apps, while THOR is the unit they have to pay to run smart contracts and their applications.
Some business that works in relation with VeChain for the safety of their products and transactions are:
- Baby ghost
- China Unicorn
- Directed Imported Goods
- DNV GL
- Healthcare Co Ltd
- Jiangsu Printed Electronics Co Ltd
- Kuehne & Nagel
- Xiamen Innov Information Technology Co Ltd
VeChain is already a successful and well-done blockchain where it only can go better every day as we can see through the year of work of this platform, each pre-verification makes you feel safe to buy or sell, providing benefits for a range of industries, like making tracing more effective.