What is VeChain?
It’s a supply chain management platform. It has plans to become the platform for initial coin offerings (ICOs) and Internet of Things (IoT) devices. Its goal is to build a distributed and trust-free platform. VeChain enables transparent information flow, efficient collaboration, and high-speed value transfers.
VeChain Allows Chain-of-Custody
The quality control of easy-to-fake products like wine hasn’t been very good. Imposters abound. With the use of distributed ledger technology (DLT) and two tokens, VeChain Token (VET) and VeChainThor Energy (VTHO), it allows the management of supply chains with more accountability than ever before.
VeChain uses radio-frequency identification (RFID) physical tags to track precious cargo like rare Italian balsamic vinegar from Modena. RFID uses electromagnetic fields to track objects. It was easy to introduce imposters, fakes, blends, and adulterated products into the supply chain before blockchain.
It’s the overseeing body of the VeChainThor protocol and VeChain token (VET) blockchain. The transactions that make up each supply chain management application use VET and it the general public can invest.
Blockchain-as-a-Service
While we all know what a SaaS is, a software as a service, now there’s blockchain-as-a-service (BaaS). A BaaS is a cloud-based solution for blockchain apps and smart contracts developed by a vendor. This makes it easier to implement VeChain’s supply chain management platform into your company’s process. ToolChain is a comprehensive suite of services including product lifecycle management, supply chain process control, data deposit, data certification, and process certification.
The amount needed depends on the data size you want to send, from thirty up to a thousand VTHO (though reading from the blockchain is free). For VeChain to run, it takes both VET and VTHO tokens. Walmart, BMW, LVMH, Renault, PwC, and over 250 more successfully adopted VeChain.
Lowering the Barrier to Entry
Lowering the barrier to entry into the blockchain-for-business and blockchain-for-enterprise market is its number-one goal. Getting established businesses on board is the primary goal of the VeChain Foundation. The Foundation’s job is to maintain the codebase and the blockchain. VeChain, DNV GL, and PwC China run the steering committee.
Unlike Bitcoin and Ethereum, VeChain strikes the balance between centralization and decentralization. This allows the fluid movement from centralization during development to decentralization as the product matures. Any deployment of a VeChain supply chain requires a community of stakeholders with voting authority and roles. These roles and buy-ins are all part of the VeChainThor Proof of Authority (PoA).
In Summary
The founders and developers of VeChain have developed a supply chain solution that solves the chain-of-custody and authenticity problems associated with markets and trades utilizing traditional accountability measures. There is a crisis in the international luxury trade. Fakes in the marketplace hurt brands and customers alike. Imposters are harder to identify with the advancement of technology. Making sure that supply chains are free of contamination is the only way to guarantee buyers, sellers, and investors that they deserve their trust. VeChain is a powerful accountability tool that can ensure authenticity through a verifiable chain of custody.