How VeChain Works & The Value For Supply Chain

Cryptocurrency world has seen a drastic growth over the past few years since the introduction of Bitcoin. More and more investors try to develop the next big thing after bitcoin. That was how VeChain was born. VeChain is a blockchain company that has the sole purpose of providing complete transparency (as opposed to most cryptocurrencies), high speed transfers and effective collaboration.

In this article therefore, we are going to discuss the beginning of VeChain, its founders and a simple understanding of the network with the aim of giving you a better illustration of the ins and out of this cryptocurrency. In addition, I will discuss any relevant information concerning the VeChain crypto coin. Sit back and let’s take a journey through ingenuity.

History of VeChain Cryptocurrency

The journey to this cryptocurrency success has been a long one. It was first launched as an application of Facebook in 2007. Some say that at its beginning, VEN (VeChain) was pegged to the US dollars and others claim to have used it to buy goods and services.

In 2014, Ven became the first cryptocurrency to be traded in the LMAX exchange. In the next year, the crypto was recognized as a Chinese based cryptocurrency. The tech team behind this cryptocurrency created Ven visualizing a world where everything is tagged to a digital state and can be inter connected on an open, distribution chain that has a virtual network. In this case, the virtual network will be VeChain. Moreover, the transfers are meant to be friction-less. Well, you are probably wondering if the brains behind this crypto still exist in the realm as the rest of the world with this kind of thinking.

This kind of idea will only be possible if all users are incentivized equally to make this a reality. This was going to be an uphill task so the developers opted to making short term goals come true. The company currently has a global reach since it has a couple of office all over the world. In addition to that, the company has a hundred and eleven nodes spread across five different countries. This makes their decentralized goal easy to achieve and more effective compared to other competitors.

The VeChain Foundation

The cryptocurrency obviously required some backing from a set of well trained individuals. Thus the VeChain foundation was established in Singapore in the year 2017. This foundation is the sponsor of the Ven with dedicated stuffs equipped to showing their commitment to governance, development, promotion, transparency, construction and advocacy.

What does the VeChain provide to industries and the Local users?

Security and safety of goods and services is always a vital information especially with the increasing numbers of counterfeit products. With that in mind, the VeChain company provides unlimited authentication of goods right from their production, processing and any other necessary process to give you a well detailed information about their trustworthy. Any user can access the information through the platform.

Let’s say you wanted a legit detail of coffee that you are planning to buy from Mexico which you will have to import. The platform will give you the information up to its transportation and where it is located currently so you are sure of the safety of your goods. This can apply to any good or services which is basically the vision of digitizing every item.

Understanding VeChain

The company began as a normal supply chain but with recent technological development, the platform is planning to announce a DApp platform for the users. Features of this company include;

Trust in the Supply Chain

In addition to its normal blockchain tech, the company also uses an inbuilt smart chip which provides tracking for items from the moment of production to the systems of the VeChain and eventually to the consumer. The chip can be impended in different ways through the Internet of Thing for example QR codes, RFID and NFC trackers.
This tech is not so impressive to most people but its serves to secure the movement of goods plus authenticity of each commodity.

Supply Logistics

In addition to the authenticity of products, the VeChain also provides improvements on the logistics systems by easy product tracking. Logistics is quite an uphill task especially if the commodity passes through different companies. More to that, tracking of such commodities through a supply chain can be more troublesome. With the smart chip provided by the VeChain systems, you can easily scan the chip which is always updated hence this problem is easily solved.

In addition, the merge of the VeChain to the Internet of Things will also help in controlling the quality of commodities. This might be an upgrade especially in sectors such as the agricultural sector where a simple environmental factor can change the value of a given commodity for example temperature.

VeChain Token System

With the increase in competition, the technical team behind this platform are upgrading the platform to VeChain Thor from VeChain. The Thor upgrade into the system is going to move the system from its basic supply chain to the DApp platform which is similar to the one in Ethereum. The new upgrade is going to have two different tokens which include:

Thor Power – short form VET will be used by different companies as a means of smart currency to proceed with activities within the blockchain. The owners of this tokens will be given a kind of VIP treatment since they will be prioritized in the new upgrade Thor.

VeChain Tokens short form is Thor. The VET holders will receive Thor that they can use to conduct transactions through the smart contracts.

In conclusion, Ven is among the best established blockchain companies because they have a functional product which they can sell. More to that, Ven also has a well equipped team that is dedicated to making this cryptocurrency rise to the top. The smart team has been able to create productive partnerships with big companies such as The Chinese government. This will speed up their rise faster than most people expect. We expect nothing but greatness from this crypto coin.

Collins Valentin

Collins is a blockchain enthusiast, who spends his time between documenting the blockchain revolution in Africa, and writing the latest on the cryptocurrency space. Email: editor.news@blockpublisher.com

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