What is VeChain? 

VeChain is a dual blockchain system that comprises of both the VeChain Token and Thor Power Token, the company’s primary focus is to revolutionise both the logistic & supply chain industries. 

VeChain was created in 2015, then later in 2017 VeChain raised $20,000,000 during the ICO frenzy at the time in order to fund the mainnet launch of the VeThor mainnet. This resulted in VeChain moving from the Ethereum network (ERC-20), to the VeThor mainnet in 2018. 

Both the VeChain Token & Thor Power Tokens run alongside each other and help to keep the system decentralised. VeChain Token can be used to make smart payments, when users stake this token they generate interest in the form of Thor Power Tokens. Thor Power Tokens are used to power the VeChain platform. 

VeChain are not stopping there however, in the future they will expand in to other technologies including decentralised apps (Dapps). Much like cryptocurrencies like Nano and Litecoin, VeChain are also moving to make their network much faster and will be able to support 10,00 transactions per second. 

What is VeChain Used For? 

Vechain’s primary goal is to help companies track their products in the supply chain and also keeping medical records. 

Supply Chain 

Vechain is useful for traditional companies looking to improve their supply chain management in a number of ways. Firstly VeChain allows customers of these companies to verify the particular products origin, by scanning a VeChain designed QR code on the product. This also allows the customer to check if the product is genuine or counterfeit. Finally, this means that the end consumer will have increased trust in both the product and the company producing it. 

Automotive 

VeChain now has what it calls digital vehicle solutions, this stores vehicle’s critical data on the blockchain. This will be used by both customers and dealerships to see a vehicle’s manufacturing details, service, insurance and finance agreement details. As these are stored on a blockchain, they cannot be tampered with. 

There are a number of rumours that major car manufacturers are already in discussion with VeChain in order to implement their technology. 

VeChain Partnerships 

VeChain already has a huge number of partnerships and the list continues to grow, here we will select the most important partnerships. 

PwC (Price Waterhouse Coopers) are one of the so called big 4 accountancy/auditing practices with annual revenues of over $37 billion. They will offer VeChain to their existing client base so that they can better verify and trace their products. 

Kuenne & Nagel is one of the world’s largest logistics & freight forwarding companies. They currently have revenues of over $22 billion and employee over 75,000 people worldwide. Kuehne & Nagel will use VeChain’s technology to track high value parcels with a VeChain chip that is logged on the blockchain. 

BMW is a world-renowned, high-end German car and motorcycle manufacturer. BMW will use VeChain’s technology as mentioned above in order to store its vehicles data on the blockchain. 

Renault is a French car manufacturer that has annual revenues of $67 billion and employs over 127,000 people. They are working with VeChain to offer their customers tamper proof details about their vehicles, such as the mileage and service history. 

H&M is a large fashion retailer with over 5,000 stores worldwide. They will use VeChain technology to share details of their luxury clothing lines with their customers. 

VeChain is an impressive cryptocurrency project with a huge amount of future potential, as it has been around much longer than most cryptocurrencies it is also available on multiple exchanges. Visit our Best Crypto Exchanges page to sign up today.