VeChain is a blockchain platform that aims to improve supply chain and corporate operations. Its purpose is to leverage distributed ledger technology to simplify these operations and information flow for complicated supply chains (DLT).
VeChain Token (VET) and VeChainThor Energy (VET) are two different tokens on the Vechain network (VTHO). The former is used to transport currency over the VeChain network, while the latter is used to fuel smart contract transactions as energy or "gas."
VeChain is an enterprise blockchain platform that promises to disintermediate information from data silos in order to deliver a complete picture of a business.
VeChain also wants to be a prominent platform for initial coin offerings (ICOs) and transactions between IoT-connected devices.
"Building a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient cooperation, and high-speed value transfers," VeChain says.
Multiple stakeholders are currently compartmentalizing supply chain data for business operations in silos. This has an impact on the flow of information, which is again fragmented among stakeholders.
Blockchain technology, according to VeChain's white paper, can solve "this asymmetric information problem by allowing data ownership to return to and empower its owner." The VeChain platform promises to give authorized parties with a 360-degree view of critical information related to a product and its business processes—such as storage, transit, and supply—and to increase market transparency.
The platform may, for example, be used to track the quality, authenticity, storage temperature, transit medium, and last-mile delivery of a medication pack or an alcohol bottle from the manufacturing site to the end client. VeChain achieves this purpose by employing smart chips, RFID tags, and sensors that broadcast important information onto the blockchain network, which can be viewed in real-time by authorized stakeholders.
Sensors allow all product parameters to be continuously monitored and any problems to be conveyed to the appropriate stakeholders. If a medication package is stored outside of a defined temperature range, manufacturers and customers are notified, allowing for better service and quality control.
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