VeChain is a blockchain platform created to improve business operations and supply chain management. Use distributed ledger technology to streamline these processes and the flow of information for complex procurement networks.
It was started in 2015 as a chain of private consortia, partnering with a variety of companies to study blockchain applications. With the ERC-20 VIN token, VeChain would begin its shift to a public blockchain in 2017 and launch its own under the VET ticker in 2018.
What are the Vechain use cases?
VeChain aims to trick a computer network into managing a platform that allows companies to create and use decentralized applications. It provides companies with new tools for efficient data transfer and supply chain management, facilitating better digital collaboration between them.
VeChain Use Cases
- VeChain is a brand new idea that adds value to business operations and can be used in supply chain and traceability domains. VeChain technology offers a wide range of applications in a variety of industries, but has a very obvious and perceptible advantage in supply chains for commercial enterprises.
- VeChain Identity Technology, which uses QR codes and RFID chips to scan and identify things on the blockchain, allows different organizations along the supply chain, from manufacturers and distributors to shippers and retailers, to follow products through each step in real time.
What makes VeChain different from others?
- Vechain, which is most recognized for its work in the supply chain; but hasn’t seen much innovation It has already achieved great success working with prestigious clients and government organizations to provide a decentralized level of trust for multiparty ecosystems.
- Better protection, effectiveness and ease of tracking for all types of data are made possible by the use of a visible infrastructure without individual weaknesses or controls. Peer-to-peer automation via smart contracts also helps save on expenses. The digitization of trust and collaboration it offers is beneficial for many different industries, including carbon, supply chain, global logistics, incentive-based ecosystems, automotive passports, and more.
Who are VeChain’s competitors?
VeChain’s competitors based on its use cases, differences, and also blockchain reliability and blockchain ease of use. Some of VeChain’s main competitors are:
- Ethereum
- Hyperledger
- BlockCypher
- Blockstream
