In the next instalment of this series we will have a look at the VeChain development. With VeChain it is important to understand that VeChain is not a coin but a Token. What is the difference well the easiest way to understand this is that a Coin has its own blockchain whereas a token runs on another blockchain. Vechain use to run on the Ethereum blockchain. Vechain has however undergone a massive rebrand and is now Vechain Thor. With Vechain Thor, Vechain has launched their own blockchain with two coins, Vechain Tokens and Thor Power.
Vechain is defined as a platform on the blockchain for products and information, that aims to create a scalable and self-sustaining trust free business environment. Vechain Thor is aiming to become a platform that will allow development of DAPPS to support enterprise needs in unique ways.
Vechain digitizes physical products. Vechain currently uses RFID, QR codes or NFC tags to identify physical products by giving a Unique product ID to collect information about products to help companies manage their stock. Alternatively, customers can ensure that they are getting exactly what they are paying for with the help of Vechain technology.
Examples of use cases include providing customers with the knowledge that the Louis Vuitton item they are buying, is indeed Louis Vuitton, therefore fighting counterfeiting. The supply chain process is also vastly improved as products can be tracked through each stage of production/manufacturing and delivery to ensure high quality, ex. tracking food temperatures to ensure it doesn’t go bad.
How does Vechain achieve this by using the unique tags depending on the product nature. Each participant during the product lifecycle has a private key to add information/details about the product to the blockchain as the product progresses through its lifecycle. Vechain also implements smart sensors to ensure that information as mentioned in the example above cannot be fabricated.
Vechain already has a pretty impressive list of partners and these are very good indicators in my opinion. These partnerships include:
- National Level Partnership in China (Official Blockchain partner in Gui’an).
- PriceWaterHouseCoopers.
- DNV GL (Cold chain Logistics).
- BMW
Another concept to understand is Thor power which is generated daily and is used to pay for DAPPs and Smart contracts on the Vechain Thor blockchain. Although new Thor is produced every day 70% of the Thor used in a transaction is destroyed after the transaction to ensure that the value of the coins do not decrease over time.
Vechain Thor is a very impressive development for me not just with valid use cases but with technologies that are already being implemented in the Luxury Goods, Liquor, Automotive, Logistics, Retail, Agriculture, Food and Drug industries. Vechain Thor is a development that is very interesting to me personally and something I will follow closely as the platforms enterprise applications seem extremely promising.
This is however only my opinion! What do you think about Vechain Thor? Did I understand anything incorrectly? What other projects are you excited about? What development should I write about next?
Thank You and Until next time…
Sources:
https://www.youtube.com/channel/UC9TH8kVY62aXG1oN0rSeOng
https://www.vechain.com/#/
https://www.youtube.com/channel/UCxODjeUwZHk3p-7TU-IsDOA
https://ethereumworldnews.com/vechain-recommended-choice-step-rockets/
http://www.cryptovibes.com/knowledge/modern-extraordinary-vechain/
https://hackernoon.com/china-on-the-blockchain-how-the-vechain-thor-blockchain-is-set-to-revolutionize-governance-2c640b7c512c