VeChain (VET) is a blockchain platform and cryptocurrency designed to improve supply chain management and enhance transparency and traceability of products and information throughout the supply chain process.
VeChain (VET) was launched in 2015 and rebranded as VeChain Thor in 2018.
VeChain operates on a dual-token system. VeChain (VET) is the native cryptocurrency used for staking and value transfer. VeThor (VTHO) is the secondary token used to pay for transactions and smart contract execution on the VeChain blockchain.
VeChain key features
VeChain targets enterprise adoption and focuses on providing blockchain solutions for supply chain management, logistics, and anti-counterfeiting efforts. It has established partnerships with various companies in industries like luxury goods, food and beverages, pharmaceuticals, and automotive.
VeChain offers a comprehensive suite of tools and services called VeChain ToolChain, which allows businesses to integrate blockchain technology into their supply chain processes without extensive technical knowledge.
Proof-of-Authority Consensus
VeChain uses a Proof-of-Authority (PoA) consensus mechanism, where transaction validators are pre-approved and known entities. This mechanism is designed to ensure fast and efficient transaction processing, making it suitable for enterprise use cases.
Integration and use
VeChain’s platform is compatible with IoT devices, allowing physical products to be linked to the blockchain to verify their authenticity and track their journey throughout the supply chain.
VeChain’s focus on supply chain management and enterprise use cases has made it popular in industries that require enhanced traceability and transparency. It has gained traction with various companies seeking to leverage blockchain technology to improve their business operations and provide additional value to consumers by verifying the authenticity and origin of products.
Source: https://coinidol.com/vechain-vet/