Review on VeChain by Gabriel Medina
Digital solutions platform
VeChain, this project currently has a bullish technical profile in combination with a solid fundamental background. It focuses on supply chain management and provides solutions for transparent information flow and high-speed value transfers. This makes it a very effective alternative for implementation in real life applications, which has given it very relevant associations.
It is a world leading cryptocurrency and blockchain platform for products and information, the entire team strives daily to build a distributed and decentralized business ecosystem based on blockchain technology that is self-managing to expand.
It works as a very complete ecosystem that offers different approaches for various situations. Yes, blockchain technology is your backbone and the ideal way to store data related to your various applications. It offers a layered structure that surrounds its core blockchain. It organizes a implements a 4-layer structure: Internet of Things layer, VeChainThor blockchain, infrastructure layer, and application and services layer. For business environments, VeChain offers a blockchain-as-a-service (BaaS) platform called ToolChain. Different services are offered here such as the management of the life cycle of a product, control of processes in the supply chain, data and process certification, etc.
VeChain's VET cryptocurrency is the currency used to power the network. The VeChain network is made up of "nodes", each of the components that make up the decentralized VeChain network.
Pros
- Transparent and symmetric information.
- Reduction of mistrust between the parties.
- Each user and company can find their own place. Based on their contribution and value, they can get a fair reward.
- The value is in a cycle that continues to expand accompanied by the development of commercial activities with high speed transmission.
Cons
- The evolution has not been as fast as expected in terms of the implementation of the platform's functionalities.
- Competition environment that makes it lose relevance.
