VeChain

What is VeChain?

VeChain is a blockchain platform that seeks to enhance the management of supply chains and business procedures. By leveraging distributed ledger technology (DLT), VeChain provides retailers and consumers with the ability to determine the authenticity and quality of goods bought. From product source materials to servicing history, and spare part replacements, every single piece of information about the supply chain movement of a good can be recorded and verified to bring about a supply chain management system that is secure for all participants.

How Does VeChain Work?

VeChain uses a model which combines blockchain technology with real-world applications. The platform has 'VeChain Identity' technology applied to each product on the VeChain platform to ensure all products can be tracked. The tags and sensors are used to track entire lifecycles of products, storing all information on the blockchain. The information can then be accessed in real-time by scanning the relative product's code.

The VeChain Token

The native currency of the VeChain network is the VeChain token (VET). There's also a secondary token, VeChain Thor Energy (VTHO), awarded to VET holders. VTHO is used as "gas" or energy to power transactions, but unlike the Ethereum network model, the cost of using the network does not increase with activity. By owning and staking VET, users produce VTHO and stabilize transaction costs.

VeChain Partnerships

Over the years, VeChain has managed to bag numerous high-profile partnerships which further validate its use case. For instance, VeChain is working with global assurance service provider DNV GL and the Chinese government, among others. In addition, VeChain has also partnered with BMW and Renault, and has even established an agricultural partnership with the government of Cyprus.

Conclusion: VeChain In The Cryptocurrency and Blockchain Scene

By improving supply chain management, VeChain creates a transparent and secure product lifecycle, enhancing consumer trust. With its innovative use of blockchain technology, VeChain stands out in the worlds of cryptocurrency and blockchain projects. As a cryptocurrency, VeChain offers a unique investment opportunity driven by business partnerships and real-world use cases.