VeChain is a blockchain platform that focuses on enhancing supply chain management and business processes. It aims to create a transparent and trustless ecosystem by leveraging distributed ledger technology. Originally founded in 2015, VeChain has evolved into a robust blockchain platform that integrates various technologies, including the Internet of Things (IoT) and cryptographic techniques.
The platform allows businesses to track the authenticity, quality, and status of products throughout the supply chain. By using unique identifiers like RFID tags and QR codes, VeChain enables real-time monitoring of goods from production to distribution. This not only helps in preventing counterfeit products but also improves efficiency, reduces costs, and enhances overall transparency.
VeChain has its native cryptocurrency called VET (VeChain Token), which is used to facilitate transactions and interactions on the platform. Additionally, VeChain Thor (VTHO) is another token associated with the network, serving as the energy or gas required to execute transactions and run applications.
The VeChain Foundation, a non-profit organization, oversees the development and promotion of the VeChainThor blockchain. Over time, VeChain has established partnerships with various companies across different industries, including logistics, healthcare, and luxury goods, further expanding its reach and potential applications.
