All about VeChain in One Shot (with audio)

In our series to understand the most common cryptocurrencies, we have already discussed Shiba, BTT, Dent, Holo, Wink, Siacoin, IOST, XVG, DGB and DOCK. In this article, we are going to understand VeChain.

Introduction

VeChain (VET) is a supply chain platform driven by blockchain.

• VeChain intends to leverage distributed governance and Internet of Things (IoT) technologies to build an ecosystem that addresses some of the key issues associated with supply chain management.
• The goal is to improve the efficiency, traceability, and transparency of supply chains while lowering costs and giving individual users greater control.
• VeChain has already proved its solution in action, and its platform is used by firms such as BMW, Walmart China, and many more.

Timeline

2015

• Its development began in 2015.

2016

• It was launched in June 2016.

Supply

Types of Tokens

• Types: VeChain has two internal tokens; VeChain (VET) and VeThor (VET) (VTHO).
• Advantage: The dual-token method, described as a one-of-a-kind solution for such a platform, is intended to eliminate charge variations and network congestion.
• Use of VET: It is used for transactions and other related activities.
• Use of VTHO: It offers fee payments and works as a gas token similar to how gas acts for Ethereum transactions.
• Passive Income: VET holders generate a tiny amount of passive income in VTHO automatically.
• 70% of the VTHO utilized in VET payments is destroyed.
• Creation of VTHO: VTHO is created from VET holdings

Upper Limit

• VET has a maximum fixed supply of 86,712,634,466 tokens.

Use Cases

In early 2016, VeChain began commercial engagement for blockchain use cases and built the first blockchain solution for anti-counterfeiting and traceability for products.

There are already hundreds of live enterprise apps operating on the VeChainThor blockchain, which is utilized by established businesses in a variety of sectors all around the world.

VeChain ToolChain™:

• It is a one-stop data BaaS (“Blockchain-as-a-Service”) platform based on the VeChainThor blockchain, can assist enterprises in seamlessly integrating their business and data with blockchain.
• ToolChain is a complete blockchain platform that provides a wide range of services, such as product lifecycle management, supply chain process control, data deposit, data certification, and process certification.
• With ToolChain, any size business, large or small, can use blockchain technology to improve brand awareness and value while also expanding into new business models leveraging immutable data.
• With the VeChainThor public blockchain, IoT, industry expertise from ecosystem business partners, and possibly AI, a comprehensive solution is provided to significantly lower the barrier for enterprises to adopt blockchain technology and focus on exploring new business models.

Food Sector

• Problems :

1. This industry is hampered by supply chain inefficiencies, scams, and scandals.
2. The majority of the challenges affecting the food sector arise from the supply chain’s inherent lack of trust and transparency.
3. Today’s food system falls short of the transparency and assurance that many customers want.

• Solution :

1. VeChain’s food and beverage provenance solution enable supply chain parties to interact on a transparent and trustworthy data platform.
2. Consumers can obtain detailed information secured by the blockchain by scanning the QR code on desired products, including the source and ingredients of the products, geographic location, logistics information, inspection report, and even temperature data, and the data is time-stamped and cryptographically signed by the party who produces the data.

Production Sector

• Problems :

1. The development of luxury resale has heightened concerns about the authenticity of pre-owned products.
2. The luxury resale sector is now mostly unregulated, with no meaningful restrictions in place.
3. This is especially true in the peer-to-peer secondary luxury market, where customers buy directly from internet dealers.

• Solution :

1. VeChain’s technology enables businesses to digitize items on the blockchain by connecting the actual object to a unique blockchain identity via smart NFC tags.
2. The system enables traceability through the life-cycle of products from manufacture through logistics and supply chain, retail and wholesale, after service, and even customer involvement on the blockchain, thanks to the unique digital identity.

Case Study

Walmart China

• Walmart China, in collaboration with VeChain and PwC, released the Walmart China Blockchain Traceability Platform on the VeChain ToolChainTM platform in June 2019.
• The VeChain ToolChain™ was used to test and implement the initial batch of 23 product lines.
• Customers may obtain detailed product information by scanning a QR Code.
• By leveraging the decentralized and tamper-proof blockchain technology, participants in the supply chain will also contribute their piece of data, promoting the visibility and management efficiency of the entire chain.

Reebonz

• Reebonz is a renowned online luxury marketplace and platform in Southeast Asia and the Asia Pacific area, integrated VeChain ToolChain™ APIs and developed an application to establish the provenance and digital ownership of the items available on its site.
• Each product is given a unique ID and a digital certificate on the VeChainThor blockchain.
• This digital certificate will include a QR Code including information such as product data, transaction data and history, and ownership provenance.

BMW Group

• VerifyCar is a digital car passport solution created by BMW Group and VeChain with the goal of combating odometer fraud in the secondary market.
• Each vehicle is registered and issued a unique VeChain ID. Using VeChain ToolChainTM and current IoT infrastructure built in the car, the automobile cleverly measures and records mileage on a per-trip basis.
• This allows owners to demonstrate that they did not modify data with third parties.
• This use case may be expanded to track the overall health of individual vehicles by integrating manufacturers, authorized repair shops, insurance organizations, and financial institutions in the upload, sharing, and verification of data.

Applications

Explore applications and information built on the VeChainThor blockchain by clicking on this link=> Apps and Dapps

Example: VeVote

• It is an online voting solution powered by VeChainThor Blockchain and designed to ensure anonymity, accuracy and make manipulation impossible.

Where to Buy

In India; VET can be purchased through the WazirX , BuyUCoin and BitBnS. It has also been listed on exchanges such as Binance and Huobi Global.

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