What is Vechain? Blockchain for Enterprise

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What is Vechain? VeChain (or VechainThor) is a next generation smart contract blockchain platform focused on enterprise adoption, IoT and mass adoption via Toolchain. Vechain supports the creation of smart-contracts – self executing contacts that have a guaranteed outcome without third party trust. This allows for the creation of decentralized applications (“Dapps”) that can solve enterprise problems such as:

  • Anti-counterfeit for Luxury Brands – through the use of smartchips, Vechain tracks each individual item and prevents duplication
  • Cold-chain Logistics – ensure that food doesn’t spoil during transportaion and storage by using smart IoT (internet of things) sensors that automatically report crucial information to the blockchain
  • Automobile – keep a tamper proof record of vehicle data including repair history, insurance, registration and driver habits
  • Carbon Credits – Quantitatively track contributions of a particular company to reducing carbon emissions 

Using blockchain technology, VeChain makes it simple and secure for product manufacturers to collect, manage and share important product data with vendors and consumers throughout the lifecycle of a product.

Key Features of Vechain

Dual Currency Platform: VechainThor platform has two currencies VET and VeThor Token (VTHO).

  • VechainThor (VET) serve as a reserve for economic staking and value transfer on platform. VET can be “staked” in various economic nodes and generate VTHO which powers transactions on the network.
  • VeThor Token (VTHO) is the “gas” required to perform transactions and interact with smart contracts. Each time a transaction is made, VTHO is consumed and destroyed.
  • Proof of Authority: The heart of Vechain is 101 Authority nodes that process transactions and govern the network via a voting mechanism. Authority nodes are owned by large enterprises and trusted individuals to ensure decentralized trust.
  • In-house IOT and supply chain management technology – Proven blockchain implementation experiences in industries such as luxury goods, liquor, and agriculture

VeChain Ecosystem

To achieve its ambitious vision, VeChain has developed a powerful blockchain-enabled enterprise software platform. The VeChain platform enables manufacturers to assign products with unique identities, which then allow manufacturers, supply chain partners, and even consumers to interact with the product through the platform. It uses blockchain technology to ensure the security of the data collected, allocating private keys to all participants within the supply chain.

A product on the VeChain platform is assigned a unique ID, which is stored simultaneously in the blockchain, and placed on the product with an NFC chip, RFID tag or QR code. At any point during the product’s life, the chip, tag or code can be interacted with, whether it’s a distribution or retail partner ascertaining batch membership, or a consumer learning more about a product’s provenance. The company envisages a broad range of applications, including brand protection, anti-counterfeit, and food safety.

Using and Storing Vechain

Vechain Wallet Setup and Guide

History of Vechain

Established two years ago in Singapore, VeChain’s vision is to create greater market transparency and provide consumers with access to more detailed information about the products they buy, sell and interact with. By having a full 360-degree view of the supply chain, with all components securely recorded and stored in a tamper-proof distributed ledger, retailers and manufacturers can be certain of the quality and authenticity of their products, guaranteeing consumers that what they are buying is really what they think it is.

Key VeChain Partnerships

DNVGL

DNVGL was founded in 1864 and has 300 offices worldwide. They provide quality assurance services to companies in the maritime, oil and gas, and power and renewables industries.

DNVGL issues Management System Certificates at the end of their inspection and certification process. This evidences that the company’s processes and products meet international standards.

At VeChain Summit 2019, DNVGL announced it has completely migrated its private blockchain to VeChain’s public blockchain. The initial benefit was to avoid falsified certifications. DNVGL’s rationale for migrating to the VeChainThor blockchain was to give to each customer a digital identity. As a result, each customer can access and interact with the DNVGL ecosystem.

The Company has also acquired a minority stake in VeChain.

BMW

BMW was founded in 1916 and is one of the world’s largest producer of motor vehicles. BMW’S vehicles are marketed under their own BMW brand, Mini, and Rolls-Royce.

In March 2018, BMW confirmed it VeChain is participating in BMW’s Startup Garage Programme. This meant that BMW has already committed to becoming VeChain’s customer whilst VeChain’s product is being prepared for the market.

Tweet from BMW USA confirming its partnership with VeChain

At this years VeChain Summit, it was confirmed that VeChain and BMW will jointly develop a Dapp called VerifyCar for BMW cars. VerifyCar will record vehicle information onto the VeChainThor blockchain. Examples of such information include a vehicle’s mileage, insurance and service records.

Cihan Albay, Leader at IT Tech Office Singapore, BMW Group gives a presentation on VerifyCar

PriceWaterHouseCoopers (PwC)

PwC is known as part of the “Big Four” auditors. They are a network of firms in over 150 countries and provide services to 420 of the Fortune 500 companies.

PwC has 3 major service lines:

  • Assurance- providing financial audits;
  • Advisory on actuarial and insurance management solutions and human resource services; and
  • Tax planning and consultancy services.

VeChain has partnered with PwC since May 2017 and the exact nature of their partnership is still unknown.

However at the VeChain Summit, Founder Sunny Lu stated that in 2 months, PwC will be announcing a massive product built on the VeChainThor blockchain with a globally known company.

For a complete list of VeChain’s partnerships and details, check out VeChain Insider’s summary here.

Click here to learn about other announcements at the VeChain Summit.

Resources:

Website https://www.vechain.com/#/

Development Plan https://cdn.vechain.com/vechain_ico_ideas_of_development_en.pdf

Telegram https://t.me/vechain_official_english

Vechain Mainnet Launch Guide http://www.asiacryptotoday.com/vechain-mainnet-launch/

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