When we talk about blockchain and its usages, the first things come to our mind are cryptocurrencies, but the truth is that there are numerous use cases for blockchain technology and it is not limited to just finance. One of the most important one is supply chain in manufacturing process and VeChain came to solve the issues in that field.
VeChain is a platform with the major focus on supply chain management, smart contracts and financial services. Its token called VEN is running on Ethereum blockchain and it cannot be mined. In fact, the aim of the VeChain is to enhance transparency for customers and businesses. It enables authorized stakeholders to access all the data and information regarding a product.
What Is VeChain?
VeChain is a blockchain platform established in 2015 for business processes, like supply chain and product lifecycle management. It uses Distributed Ledger Technology (DLT) to enhance the management of the process of supply chains. In fact, this Singaporean-based smart contract platform offers a decentralized platform, which makes businesses be able to interact and transact with each other without any third parties needing to be involved.
The platform claims to provide a 360-degree view, it means it will provide the necessary information and business processes such as storage, transportation and supply. For instance, by using this technology the stakeholders would be able to track products information and its process such as quality, authenticity, storage condition, transportation and etc. of a drink bottle from the first stages of manufacturing to the end of the line which is delivering to customers.
The stakeholders can have access to these data and constantly monitor the process in real-time by the favor of smart chips or Radio Frequency Identification (RFID) tags and sensors, which broadcast all the parameters related to the product on to the blockchain network. In other words, by using a combination of blockchain technology and smart chips like RFIDs and sensors, VeChain enables manufacturers to track products with unique characteristics during the course of their lifecycle.
The VeChain has two tokens: Vechain Token (VET) and VeChain Thor Energy (VTHO). The VET uses to transfer value across the network and the VTHO uses as Gas to power transactions. VeChain Thor’s core team includes CEO Sunny Lu, CFO Jay Zhang, COO Kevin Feng, and CTO Jianliang Gu. Later on, The company announced an update in the second quarter of 2018 and rebranded its name to VeChain Thor. This rebranding took the company from being a supply chain management project to be a full-fledged enterprise dApps and ICO solutions as well as conduct transactions between Internet of Things (IOT) devices.
let’s take a look at its Features:
- VeChain has a top-notch blockchain team and was one of the earliest blockchain technology companies.
- It could prove the implementation of blockchain in industries such as luxury goods, agriculture and etc.
- Could be able to deliver its technology globally. It has branches in France, Singapore and Hong Kong.
- It reduces the trust issue between two parties by offering transparent and symmetrical information.