VeChain is a blockchain-based platform established in 2015 that works to enhance and secure the supply chain management system. By distributed ledger technology, VeChain provides manufacturer (retailer) and consumers (customer) with the ability to determine the quality and authenticity of products. It also maintains the quality control of goods.

Vechain is Singapore-based decentralized smart contract platform.

That's what Vechain blockchain technology is briefed at the Vechain official website

By leveraging on blockchain technology, VeChain strives to build a trust-free and distributed business ecosystem, which is self-circulating and scalable.

Vechain real-world use cases

• Liquor sales
• Retail
• Agricultural uses
• Logistics
• Autos
• Luxury Goods

How Vechain blockchain works

Vechain blockchain technology ensures that every single piece of information about the movement of a product in the supply chain is recorded and authenticated.

It aims to build a supply chain management ecosystem which is secure for manufacturers to consumers. Information ranges from the product source materials to the product spare parts and after-sales servicing etc.

Vechain uses an in-house built smart chip i.e. VeChain Identity (VID) technology to track the product throughout the supply chain.

VID (Vechain Identity technology) can be written into NFC (Near Field Communication) tag, QR (Quick Response) code, and RFID (Radio Frequency Identification) tag to be used for each product.

Hence every single piece of information about the movement of the product is accessible to every member in the supply chain i.e. from manufacturer to consumer.

Watch the VeChain blockchain ecosystem Introductory Video - credited to VeChain Foundation

Updation of Ve chain to Vechain Thor

Last year Vechain announced an update to its project known as “VeChain Apotheosis Part II: THOR Power Forged.” It takes place at the end of June 2018 and rebranded Vechain blockchain to VeChain Thor.

Ve chain ticker symbol also changed from VEN to VET.

This update from VeChain to VeChain Thor has made the company from being a supply chain management project to being a full-fledged enterprise DApp solutions.

The network uses two native tokens for its internal operations:

1. VeChain Token (VET) (formerly known as VEN)- Company native token which is used as payment in the Vechain blockchain system. Companies with more VET has been given higher priority and more rights on the new VeChain Thor blockchain.
2. Thor Power (THOR) – a token which is currently used as the fuel to execute smart contracts and run apps on the THOR blockchain.

The base generation rate of THOR for VET holders is:

0.00042 THOR per VET per day

VeChain is currently in partnerships with some of the Chinese or Southeast Asian companies like Babyghost, China Unicorn, Directed Imported Goods, Healthcare Co Ltd, Jiangsu Printed Electronics Co Ltd, PricewaterhouseCoopers (PwC), Liaoning Academy of Agricultural Sciences (LAAS) & more.

It has a circulating supply of 72,511,146,418 VET coins and a max. supply of 86,712,634,466 VET coins.

If you would like to know where to buy VeChain at the current rate, the top cryptocurrency exchanges for trading in VeChain stock are currently Binance, Bybit, Huobi, Coinbase, and Changelly. 

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