VeChain
Candlefocus EditorFounded in 2015, VeChain enables suppliers, manufacturers, and distributors to track products from the production process to the point of sale and beyond, providing customers with full traceability of the product’s journey. This allows for transparency and trust to be instilled through the whole process. It also prevents counterfeit goods from entering the market, as well as provides real-time access to data.
The use of blockchain technology also ensures that all transactions are secure, as each VeChain transaction is recorded on its blockchain. This also allows for traceability of every operation, allowing businesses to quickly identify the source of any issue. Furthermore, VeChain enables organisations to quickly access up-to-date information regarding their products.
In addition to this, VeChain also strives to become a leading platform for Initial Coin Offerings (ICOs) and the IoT (Internet of Things). Each ICO project will have its own blockchain built on the VeChain platform, allowing users to easily and quickly participate in the investment opportunities. This will also provide developers with the tools to create real world applications that are based on blockchain-based defences.
VeChain also uses two tokens – VET (VeChain Token) and VTHO (VeChain Thor Energy) – for its users to make the use of their platform. VET is used as a value layer and is used to facilitate payments and transfers in the VeChain ecosystem. Secondly, VTHO, is a smart contract layer which enables users to power up their smart contracts.
To conclude, VeChain is a blockchain enterprise platform that offers a plethora of benefits to businesses and organisations. The use of blockchain technology not only increases transparency and efficiency in the whole production process, but also allows for traceability and secure transactions. Furthermore, VeChain’s ambition to become a leading platform for ICOs and IoT connected devices will provide a whole new way of conducting transactions.