VeChain is a company of Chinese origin created in 2015, decentralized and based on blockchain technology, which strives to build a distributed and free of trust business ecosystem, which is self-circulating and scalable, in which both sellers and buyers can check the origin and quality of the goods they sell or acquire respectively.
In order to achieve their business ecosystem, a series of intelligent chips have been created that allow the tracking of products and consumers can verify the authenticity of them and track their entire logistics process, simply by scanning a QR code or an NFC chip.
When products have a smart chip that can be traced and an immutable accounting book that stores all the information, there is no way for the authentic product to be lost somewhere in the supply chain and the end user gets a fake product. It also allows quality control, since it allows operators to control the product. For example, many food products break down with slight changes in temperature. Remotely controlling them provides buyers and sellers with better management of their merchandise.
Its operation can be described as follows; First of all, all the data is registered in a digital track similar to the Bitcoin ledger. Each item or service receives an ID (a digital identity visible to all and connected to the actual transaction) that is stored through an NFC chip (“near field communication”, a data exchange technology based on RFID) or through of the QR code (“quick response code”).
The main cryptocurrency of the network is Vechain (VET) and it operates as the backbone of the system, it serves as an exchange of value between companies and consumers, since each transaction depends on it, they are also used as a reward to the nodes and can be used to Acquire products within the platform itself, recently the platform developed a new token called Thor Power (THOR) and is the unit that they have to pay to execute smart contracts and their applications.
Far from being a cryptocurrency of the bunch, the project itself is very interesting for its innovative technology to track products, and as for its partners, have been selected intelligently, since it has sought to partner with companies that can attract other future investors, among the most outstanding are Price Waterhouse Coopers, one of the world’s largest consultants.
Due to the great technology and equipment behind it, working on creating a network highly adapted to the business ecosystem and the large number of companies interested in applying solutions using the chain of Vechain blocks is also a great point in favor for this platform has a future.
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