Recently, I have been researching a new blockchain called VeChain, which I believe will solve many common issues that surround supply chain management. VeChain is the first blockchain that has embraced a practical solution for keeping a secured ledger for things like parts in cars, the shipment of fruits and quite possibly the ledger for trade and balance on a world platform. VeChain creates a stronger trust system for shipping, receiving, and warehousing. If you are into commerce and data, then you need to understand VeChain as there is no doubt this blockchain technology is going to play a pivotal role in commerce in the very near future.
So what is VeChain?
VeChain is an up-and-coming blockchain that currently exists as an ERC20 smart contract on Ethereum. VeChain plans to be a partially centralized blockchain that uses a “proof-of-authority” system whereby the VeChain Foundation gets to choose who the blockchain’s block producers – all 101 of them – will be. Smart contracts will be supported via the Ethereum Virtual Machine (EVM). VeChain will also have a unique dual asset economic system with VET and Thor Power. On a high level, VET is used to generate Thor Power, and Thor Power acts as a stable coin that pays for blockchain operations.
VeChain is a leading enterprise-focused dApp/ICO platform for products, services, and data. It aims to connect blockchain technology to real use cases by providing a robust infrastructure for data management and IoT solutions, removing issues with counterfeiting, data fraud, data manipulation, assurance practices, and business barriers such as financial services and 3rd party trust. VeChain is designed from the ground up to secure data entry methods and remove the borders between businesses, financial services, and data security.
VeChain currently operates out of seven offices located in Shanghai, Singapore, Paris, Luxembourg, Palo Alto, Tokyo, and Hong Kong, with an international team of over 100 staff members including over 50 professional blockchain application developers. Please visit www.vechain.org for more information.
In the next few months, I will be posting more articles about VeChain technology and the opportunities that exist for creating a blockchain startup company.