How VeChain Works
When talking about blockchain technology, most people talk about cryptocurrencies, decentralized bonds and a revolution in the financial area in general, although they are not wrong, they are leaving out other fields with great potential, How VeChain Works.
Among them we have the logistics and the international agreement, according to the world trade organization, only in 2019 goods were traded for an all out of 19 trillion dollars.
This is a gigantic worldwide market that largely still uses traditional technologies and still has a lot of friction, anyone who works in import and export companies will know this to be the case.
Some blockchain projects have taken on the task of transforming that industry and one of the most successful networks so far is VeChain.
In the same way that feed companies that offer programming as a service or platforms as a service also feed companies that specialize in offering blockchain as a service and VeChain is one of them.
What VeChain offers
VeChain technology, in addition to offering an improvement in the management of administrative processes to order and make more efficient the work of managing supply chains such as food, transportation of raw materials and medicines, also offers a BlockChain infrastructure for people with a business requirement or management.
The thought is to enable automation of many processes, integrating web of things technologies, but VeChain also seeks to integrate information on the products themselves through electronic tags, such as Qi codes, to allow detailed and genuine time tracking of the supply chain process.
thanks to its incredible differences with respect to other systems, such as securing in a blockchain warehouse and thus securing all the information in such a way that it cannot be changed or modified, avoiding counterfeiting.
History of VeChain
VeChain was founded by electronics engineer Sunny Lu, who worked as chief technology officer in China and also has 20 years of experience working with supply chain infrastructure technologies.
In 2015 Lu decided to found VeChain and in 2017 the company’s initial coin offering would take place, which is nothing more than the launch of their token, to raise funding, thanks to the launch of VET the VeChain token, they managed to raise about $20 million.
VeChain is a double ecosystem and has 2 tokens VET and VTHO, both serve different functions.
- VET: acts as a boldness carrier and is used to make transfers within the platform, as well as being necessary for marking.
- VTHO: It is important to mention that this is a token that works as a trading currency to carry out smart contracts and if you want to transfer information and make transactions and it should be noted that in its block system you must make payments through VTHO.
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Some of the ways to get VTHO is by doing VET marking as a reward, it would be as a kind of interest to secure the network. As mentioned, VeChain’s specialty is supply chain management and to achieve this VeChain combines blockchain technology, with other kinds of technologies used in logistics and distribution.