You’ve probably heard of VeChain (VET), but you might not know what it is or how it can help your business. In short, VeChain is a blockchain platform designed to provide businesses with a decentralized, tamper-proof digital ledger that records all data and transactions. Vechain coin is now available to trade on many trading platforms like BitIQ.
VeChain’s primary goal is to digitize products to be tracked through the supply chain and verified at each step. The company uses RFID tags and small chips embedded in physical items like clothing or jewelry. And QR codes are printed on the product label. These allow consumers to scan their purchases with their smartphones. You can scan while purchasing at retailers such as popular online stores across China.
VeChain also provides logistics services using IoT devices such as GPS trackers and temperature sensors that monitor food shipments from field to table or farm ranch. Tyson Foods Inc has had a partnership with VeChain since 2017 to enhance quality control. This quality improves by providing an immutable record of everything from soil composition.
Defining Vechain (VET)
VeChain is a blockchain platform designed to enhance supply chain management processes. It’s aimed at users in the clothing, retail, and luxury goods industries. VeChain’s goal is to provide better transparency and accountability in these industries, which it accomplishes by providing:
A distributed ledger or database that records all transactions on the blockchain network. It includes information about who owns the asset, such as the product, when the transaction took place, and how much was paid.
An immutable record of this data cannot be changed or deleted by anyone other than those who have permission from its owner. This ensures complete transparency as other parties can easily verify whether they’re getting what they paid for or not without having to trust each other.
The Basic Functions of the Vechain (VET) Platform
The VeChain platform is a blockchain platform that allows for the creation of decentralized applications (DApps). The VeChain ecosystem has three main components: Smart Contracts, DApps, and a Decentralized Supply Chain. These are all powered by the VEN token. VEN was first issued as an Ethereum-based ERC20 token in 2017. It later switched to its proprietary blockchain network in 2019 as part of its rebranding from VeChain to VeChain Thor (VET).
The Blockchain System Behind VeChain (VET)
The VeChain blockchain is a modified version of the Ethereum Virtual Machine (EVM). ETH uses the EVM and allows smart contracts to be executed on its blockchain. But the VeChain blockchain uses the Proof of Authority (PoA) consensus algorithm instead. PoA is a more centralized approach to consensus than PoW or PoS, making it easier to control. Moreover, it can’t be manipulated as easily by parties with malicious intent.
VeChain also uses private blockchains, meaning they’re not open source like many other cryptocurrencies are. This feature makes it easier for companies using VeChain technology to keep their data secure on their servers. It does not store publicly on the internet in an insecure way.
Additionally, most other blockchains are based on the original Bitcoin protocol, like Litecoin. They built the VeChain from scratch using Ethereum’s modified version of this codebase, the EVM.
VeChain (VET) Partnerships
VeChain has a large number of partnerships, some of which are listed below:
VeChain will be working with BMW to enhance the security and trustworthiness of their cars through blockchain technology. They intend to track mileage and engine performance data using VeChain Thor’s blockchain.
VeChain is one of the few partners for the PricewaterhouseCoopers Blockchain for Auditing program. The first-of-its-kind initiative designed to test blockchain technology in the auditing field. Only three other companies have been selected for this program Accenture, Ernst & Young (EY), and KPMG.
VeChain has a real-world use case, and it has an opportunity to grow in 2019. The company is working towards building a successful platform that businesses can adopt. The company also makes the supply chain more efficient. In addition, they are also working on making their blockchain more secure through hardware solutions like Safe Haven’s cold storage wallets. It will be interesting to see how VeCore fares against competitors like Waltonchain (WTC) or Nxt Group (NXT).