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CRYPTO REVIEW

Vechain

February 1, 2018 | 

REVIEW - VECHAIN

What is Vechain?

VeChain is a cryptocurrency project that started in 2015, but was officially launched in July 2017.

Initially VeChain explained his goal.

It is a world where everyone, objects, people, businesses or others, would be marked, digitized and interconnected on a virtual network. Which network is a blockchain network, open source, distributed and transparent.

This project, in its definition, seems quite utopian.

However, the VeChain team explains that this project will be realized when all these actors decide to make it a reality.

That is why, in the meantime, VeChain focuses on very real use cases:

She is responsible for managing supply chains, with a particular focus on counterfeit luxury goods. Problem, which according to studies, represents a shortfall for businesses, about 461 billion dollars a year.

How does VeChain work?

First of all, you should know that VeChain is based on the Blockchain Ethereum.

The project proposed by VeChain involves the integration of encrypted chips, Internet of Things (IoT), in the products of companies.

Thus, each brand product can be tracked from its creation to inventory and storage. Then each product will be activated on the Blockchain, which will ...