Introduction to VeChain — Revolutionizing the supply chain ecosystem with modern blockchain
One of the biggest real-world application of blockchain technology is
‘money’, which we have already seen with leading open and public blockchain platforms like Bitcoin and Ethereum. The question is, what is the second biggest application of blockchain technology beyond the world of just ‘money’? Well, different platforms are answering this question in a different manner.
What is VeChain (VET)?
VeChain is one of the leading blockchain platforms coming straight from China. VeChain believes that the second biggest application of blockchain technology is ‘Supply Chain Management’, due to the properties like privacy, immutability and decentralisation. VeChain has built a customizable platform for enterprises operating in the supply chain industry. Blockchain provides many different benefits to the existing supply chain systems which include:
- Transparency — Ability to analyze all the supply chain touchpoints across different vendors.
- Traceability — Ability to trace any product in the blockchain back to its origin.
- Authentication — Ability to authenticate the product and curb counterfeit goods (which is a huge problem in the luxury goods industry).
With VeChain platform, enterprises can make their internal supply chains more efficient and transparent. Since its inception, VeChain has partnered up with leading companies which include OBOR China Project, BMW, Walmart and luxury conglomerate LVMH. Many of these enterprise partnerships clearly show that VeChain is in it for the long term, with perfect solution for the enterprises across the world.
VeChain Thor — The next generation enterprise blockchain platform
VeChain didn’t stop on just supply chain. It has also built a generic public blockchain platform for enterprises called ‘VeChain Thor’, which would help all kinds of enterprises to build applications on top of VeChain Thor, catering a variety of different needs other than supply chain.
For its Thor platform, VeChain has also partnered up with some of the biggest enterprises to ensure credulity and faster adoption. VeChain Thor has four core features which include:
- Controllable Transaction Lifecycle
- Multi-party Payment (MPP)
- Multi-task Transaction (MTT)
- Transaction Dependency
VeChain has a very string focus on the enterprises unlike other public and customizable blockchain platforms like Ethereum, which is more focused towards the consumer market. With very active partnerships with the biggest enterprises and some notable national level projects, VeChain has proved its credibility and is now holding a position of 34th largest cryptocurrency in the world.
As of August 2019, VeChain is traded for $0.004870 and has a circulating supply of over 55 Billion VET tokens. It has also surpassed the total market cap of $270 Million USD with an average daily trading volume of just over $29 Million USD. With a much lower price, higher market cap and trading volume, we believe that VET coin can be a great addition to an investor’s existing portfolio.