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Vechain is a blockchain platform that fills the gap as a facilitator of a supply chain for business transactions. Its main strength is its level of transparency as a business ecosystem platform; it can be used by data owners to see a complete overview of their information as it passes through authorized stakeholders across the market. VeChain gives participants a complete picture of what happens to their product as it makes its way through each blockchain transition.
According to VeChain’s whitepaper, their mission is to make the transition to the blockchain as simple and efficient as possible. Its overarching goal is to make supply chain management much more accessible for businesses, preventing fraud and loss of product.
In terms of age, VeChain is a relatively young enterprise founded in 2015 by Sunny Lu, the former CIO of Loius Vuitton; combining his knowledge of blockchain technology with his experience in supply chain management, he developed VeChain and remains its CEO to this day.
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What is VeChain (VET)?
If you’re generally familiar with the logistics of cryptocurrency, you may have heard about blockchain. Blockchain is one of the main reasons a cryptocurrency platform remains secure. A blockchain is a series of deidentified records managed by a series of computers that are not privately owned; each computer hosts a “block” of data that is bound to another using cryptography as a “chain.”
Many variations of the original Bitcoin blockchain protocol have been used since cryptocurrency exploded in the past decade. This is where VeChain comes in.
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About VeChain (VET)
VeChain differs from other applications of blockchain technology because it focuses on supply chain and product tracking rather than encryption of transitions as its primary function. It gives physical products unique identifiers like RFID, QR or NFC, and uses it to record information at each stage of the supply chain. The beauty is how, because it is a blockchain, the information recorded cannot be tampered with.
With cryptocurrency and internet transactions on the rise, VeChain fills a gap in the market by focusing on the product first.
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