VeChain news states it makes businesses more efficient. The blockchain platform is designed to streamline supply chains. The platform is made up of two tokens: VET and VTHO. One can run Initial coin offerings (ICOs) and Internet of Things (IoT) devices on the blockchain.
Distributed Business Ecosystem
According to the official whitepaper, VeChain is designed “to build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.” This autonomy speeds up business processes and information flow, says VeChain news.
In addition, this creates increased market transparency. The goal is to disrupt the industry and make the process transparent and accountable. It comes down to supply chain authenticity and quality control.
Furthermore, VeChain news reports the distributed ledger technology (DLT) can track the entire chain of custody of any supply chain. This can help prove that olive oil that’s sold as Italian is what it says it is by tracking the oil from the olive growing to the olive pressing to the bottling, shipping, and delivery.
Chain of Custody
VeChain news promises that the pure Italian extra virgin olive oil you buy from Italy will not be adulterated or replaced by counterfeit or blended oil. The same with products like wines and pharmaceuticals.
The VeChain Blockchain Ledger Technology is optimized to prevent any fraudulent shenanigans. For example, the platform can even check to make sure that the oil is kept within certain temperature parameters to ensure that quality is maintained.
VeChain does this by using Radio Frequency Identification (RFID) smart chips. This process is a Blockchain-as-a-Service (“BaaS”) decentralized application (DApp) product called ToolChain. A DApp runs on a distributed ledger as smart contracts.
Also in VeChain news, “VeChain has been further engaged in the fight against COVID-19 by developing a blockchain-enabled medical data management platform named The E-NewHealthLife and a blockchain-enabled archival solution for COVID-19 RT-PCR and antibodies tests records named C-HCert.”
While the plan for VeChain began in June 2015, version 1.0 launched January 2016, and the Vechain Foundation was founded in 2017 as a non-profit organization. The founder of VeChain, Sunny Lu, was previously the CIO of Louis Vuitton China. Originally running on the Ethereum blockchain, it transitioned to its own blockchain in 2018.
VeChain news reports that PricewaterhouseCoopers (PwC), Jiangsu Electronics, Renault, BMW Group, Travalaand, and Gui’an are strategic partners. The VeChainThor Blockchain is designed for mass adoption and uses VET tokens for transactions and VeChainThor Energy (VTHO) to power transactions. The two-token system was devised for effective governance because VTHO is less volatile than the VET asset coin.
The blockchain uses Proof of Authority (PoA) to distribute votes proportionally according to the types and number of VeChain assets held. Masternodes run the VeChain blockchain and is designed to balance centralization and decentralization. VeChain news reports it to promote greater “transparency, openness, and fairness.”
Back in 2008, Satoshi Nakamoto wrote a white paper in which he envisioned a future where transactions and business would be autonomous, decentralized, transparent, and accountable to anonymous stakeholders and Bitcoin (BTC) was born. Now, VeChain is in the news as a globally-accepted platform for doing just that.