VeChain is one of the oldest companies with the proven history in blockchain industry. It is the decentralized platform which works on smart contracts to meet the needs of different industries and focuses purely on supply chain management process.
Due to the transparent plan of action and clear aim the project has already made a reputation in blockchain industry. Since 2017 a list of big names has joined them with significant investment. They have recently rebranded its platform to VeChain Thor with some more exciting features and the new look.
Bo Shen https://twitter.com/boshen1011
Managing Partner & Founder of FENBUSHI Capital.
Daniel Kelman https://twitter.com/kelmandacom
General Counsel, Co-founder of GSR, Bitcoin.com, BitOcean Japan.
James Gong https://www.linkedin.com/in/gongjames/
CEO of ChainB.com.
Roland Sun https://www.linkedin.com/company/broad-&-bright/
Partner at Broad & Bright Law Firm.
Ning Nan https://twitter.com/nanxiaoning
CEO at BitOcean.
A leading blockchain name working since 2015 with the main focus on products and their information. VeChain is a decentralized platform that let other business owners develop their own blockchain solution that can interact easily without involving any third party. The platform is mature and stable enough to process 10,000 transactions within one second. Its robustness and efficient process speed have already put it at a significantly higher place in competitor’s list.
VeChain exhibits four key features as representative of their infrastructure:
- New Governance Model
- New Economic Model
- Regulation and Compliance capabilities
- VeChainThor Mainnet and Matching Infrastructure Services
VeChain has four layers of technology which is stacked to complete the whole transaction and data transmission in a reliable way.
- Touching Points: NFC & RFID are used to capture the digital information via sensors. They act as main body parts of VeChainThor platform.
- Connection: As the name shows this layer is used to make a connection for data stream over other sensors.
- Blockchain Core: This is the brain of the platform where all transactions are carried out and stored for smart contracts. This layer makes sure to work collaboratively with other layers to perform multiple activities.
- Applications & Services: This part of blockchain is the core of infrastructure services. Which helps to simplify the development process.
- Improve supply chain by eliminating the need of third party’s trust
- Companies have more control over their own product’s quality
- A transparent and clear process of tracking
- Big names associated with it add extra sparkle
- List of extensive IT team members
- Very precise and clear roadmap
- Decentralized platform with centralized governance channels
- The wide range of industries might result in low-quality results
- Faster growth can be a risk to deviation from the actual plan
In official papers, they have explained development plan which consists of kick off and VeChain’s vision to pursue this project in future. A section has briefly explained the whole governance structure and economical model. Being a very strong project, they have presented everything crystal clear from scratch to high-level details.
VeChain has covered a list of industries and automobile is one of them. In automobile, it has made the management more comprehensive and accessible with more control. A vehicle is assigned with a digital passport. That passport holds all the information regarding that auto including registration, insurance, repair history and other relevant information which is always in hands of the owner.
Since the start of peak time in blockchain industry; VeChain is working in different industries including agriculture, health, automotive, and goods. They have set a large number of regional branches in different countries to cover the most of possible industries over the globe. By seeing the current growth of VeChain it is expected to rank high in the coming year on market cap list.
When most of the blockchain platforms are using PoS(Proof of Stake) or PoW(Proof of Work) consensus; VeChain uses a totally different protocol PoA (Proof of Authority). According to their official website PoA consensus gives higher scalability and make it possible to process 10,000 TPS (Transactions Per Second).
- National Level support: Gui’an New Area
- PwC China & PwC Singapore portfolio company
- Kuehne & Nagel
- IoT: DNV GL
- Supply chain solution: madeforgoods
- Shanghai local government backing
- Healthcare Co. Ltd
- Hubei Sanxin Cultural Media Ltd
- Xiamen Innov Information Technology Co. LTD
- Jiangsu Printed electronics
2018.Q2: VeChainThor blockchain launch, VeChain wallet with Vethore Forge Function
2018.Q4: VeChain Crosschain, Sidechain technology
2019: VeChainThor ecosystem expansion
VeChain has already made a history of success and earned a good name in blockchain industry. Its platform is being used for different business niches and a list of brand names have already joined it. All this positivity gives vibes that it will continue its growth in the same direction. Their rebranding is expected to be a big change which will attract more industries with exciting new features.
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