VeChain is a global blockchain-based information transformation platform, launched in 2015 in Singapore. It digitizes real people, products or events, associating the API with the application layer of the system, connecting the blockchain with real information.
Uses Smart Contracts focused on real industrial operations. Wichain provides collaboration and value transfer between different use cases. Therefore, it maps the actions of the real world to a lock.
VeChain is creating a completely new business model that provides “trusted services” to all parties to joint activities on all platforms, enterprises, industries and consumers.
A product on the VeChain platform is assigned a unique identifier that is stored simultaneously in the block chain and is placed on the product with an NFC chip, RFID tag or QR code. At any point in the life of a product, you can interact with a chip, tag or code, whether it is a distributor or a retail partner determining membership in a party, or a consumer learning more about the origin of a product. The company provides a wide range of applications, including brand protection, counterfeit protection and food safety.
VeChain strives to focus primarily on supply chain management. He turned his attention to the problem of counterfeit luxury goods. According to CNN, this problem costs about $ 461 billion a year.
Services offered by VeChain
- API Gateway Service
These are AWS services that allow developers to create, publish, track, maintain and protect APIs at any scale. An API gateway is generally considered a backplane when it comes to connecting AWS and other private and public websites.
- Third Party Services
The company has supplied specific systems and structures that enable them to offer third-party services. Therefore, if you are looking for a reliable company to process the financial transactions of your company, Vechain will offer quality services at a very reasonable price.
- Distributed data warehouse
Wehein offers a distributed data warehouse where they store information in several nodes.
Why choose Vechain
- One of the earliest blockchain manufacturing companies in the world, a first-class team.
- Proven experience in introducing block chains in industries such as luxury goods, liquor and agriculture.
- Branches created all over the world, such as France, Singapore and Hong Kong, are able to ensure the implementation of projects to introduce a block chain on a global scale.
- Luxury goods
In collaboration with one of the most prestigious luxury brands in Europe, VeChain integrated NFC into products specifically designed for anti-corrosion chips and implemented anti-counterfeiting, product tracking and life cycle management using blockchain technology. Consumers can learn a unique “story” behind a product by simply scanning the integrated chip using a mobile application
VeChain provides a blocking-enabled cloud service solution in conjunction with IoT technology specifically designed for the green organic agricultural industry. It aims to provide accurate data to increase the quantity and quality of crops, thus minimizing the negative impact on the environment and significantly increasing the value of checking the quality of crops.
Wehain uses blockchain technology to make the exchange of information more convenient and secure among various parties in the supply chain, such as retailers, distributors, transport companies and storage companies. This increases the efficiency of the logistics process and makes innovative business models possible.
Municipal government agencies unite the blockchain network as nodes. Blockchain features such as decentralization, immutability, and encryption will ensure transparent information exchange and collaboration, which can significantly improve the quality and efficiency of public services on the Internet.
- Food / Drugs
Wichane digitizes records of the origin of the food / medicine from its origin and about every step that follows it until it reaches the consumer. This allows you to track food / medicine throughout the life cycle and improves control over it, which in turn increases consumer confidence in the safety of food and medicine.
VeChain’s solution will first allow manufacturers to integrate encrypted Internet of Things (IOT) chips into every branded product they make. This will primarily help track inventory during warehousing and logistics. The brand will later add and activate each item in the blockchain. This will allow potential customers to verify the authenticity of the items that they want to purchase, and track them until the very beginning of the production process. It also allows brands to track trends in the aftermarket.
This newly created digital bridge of ownership between brands and consumers will undoubtedly create great value for brands, manufacturers and consumers. A similar process can also be used for various other industries, such as food safety, automotive, agriculture, and various other supply chain based industries.
Other VeChain Principles
VeChain has deployed 111 nodes in 5 countries around the world.
VeChain is currently developing version 3 of its blockchain, and they are ready to integrate the 3rd generation of their smart chip technology.
VEN, the VeChain token is of great utility, as it will ultimately be a unit of value transferred between participants in the VeChain ecosystem. And in order to transfer value and fulfill smart contracts on the blockchain, participants will need to purchase VEN.
There are several important partnerships within the project. Witchain did a fashion show with Babyghost’s Chinese clothing line last year at Shanghai Fashion Week. There they demonstrated the ability to scan a piece of clothing that has a VeChain chip embedded in it and see the history of other models who wore this exact figure in previous shows.
As of last May, VeChain became a portfolio company of PwC (world income 35.9 B FY 2016).
As PwC Singapore Executive Chairman Yeoh Oon Jin said, announcing the incubation investment of PwC:
We strongly believe that this is due to devastating changes that allow innovation to flourish. This is an exciting milestone for us, and we are confident that together with Wichain we will add great value to the market through joint innovation.
According to a Kuehne & Nagel power of attorney (revenue of 21 billion), the world’s largest freight company recently signed a service contract to use VeChain for asset management.
In general, we really like the direction of VeChain and the team behind the wheel. We also believe that this currency is greatly undervalued. If we compare Wichain with our younger brother Walton (WTC), offering a similar IOT / Blockchain concept, we see Wichain trading at about one third of Walton’s market capitalization.
If you are looking for a reputable blockchain-based product and information company, Vechain might be a good choice. The company enjoys a good reputation among its customers because of its consistency in providing quality services.