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 allow customers to verify its authenticity.
This process could also be used by brands, following the trend of the opportunity market.
In addition to luxury brands, this technology can be applied for industries such as food, agriculture, automotive etc ….
The VeChain team
The VeChain team is composed of many members from all over the world, all professionals in the field.
Most of these 50 members have been since the creation of VeChain in 2015.
By the way, the CEO is Sunny Lu who was the co-founder of BitSE. BitSE is a Chinese software company that has also produced QTum crypto currency.
In addition, he worked for the luxury leather goods brand Louis Vuitton in China.
To which companies is the Blockchain VeChain addressed?
VeChain is already working on the third generation of smart chips of its technology.
What’s more, she has several important partnerships.
For example, with the brand BabyGhost, which is a Chinese clothing brand. VeChain even organized a parade for the brand last year, at the Shanghai Fashion Week. This was also an opportunity for the company to show the capabilities of its chips. Thus, a garment with one of their chips was scanned and we could see the models that have worn this piece in other shows.
In another example, Kuehne & Nagel, the largest freight company in the world, has signed a contract with VeChain for its asset management. It should be noted that this company represents a turnover of 21 billion dollars.
VeChain is also used by Pricewaterhousecoopers for third party services.
Another role of VeChain is distributed data storage for the Liaoning Academy of Agricultural Sciences.
In addition, the largest importer in China, DIG (Direct Imported Goods), uses VeChain to mark foreign wine bottles.
Finally, there are rumors that the Renault group should start using Blockchain VeChain to provide its customers with a digital maintenance book. This notebook will allow them to consult the complete history of a vehicle.
To conclude, it is soon a question of a consensus model of proof of authority to ensure that future developments will be consistent with the projects of the VeChain Foundation.This represents a promising turning point that should have a positive impact on the cryptocurrency .
All these projects demonstrate what VeChain is already able to do.
Where can we buy VEN?
To buy and redeem your VEN, you can go through HitBTC, Binance, Lbank, Huobi or even Gate.io.
VEN is a cryptocurrency type ERC 20 and can therefore be stored securely on an Ethereum portfolio.
VeChain aims to revolutionize the functioning of logistics chains. It specializes in the guarantee of authenticity and quality of the products.
By tackling the problem of counterfeiting, it should attract more and more businesses; Whether it’s the luxury brands, the wine sector or the food sector.
When we know that by 2020, the counterfeit market could reach 2,300 billion dollars (report of the International Chamber of Commerce), we understand the interest of VeChain.
As a result, VeChain has enormous potential that could propel it to the top 10 crypto currencies.