VeChain (VEN / VET), with its new name VeChainThor, is a "blockchain as a service" organization that aims to build a distributed business ecosystem. This ecosystem aims at completely transparent flow of information, efficient cooperation and high speed transfer of value ...
The project is about two years old and has customers already using its working products. VeChain's technology is used in many industries such as luxury goods, agriculture, logistics, food and medicine.
VeChain can do many things. Using its technologies, you can track products through a supply chain, ensure product authenticity, determine their quality, and be sure of the quality of food products.
VeChain was originally founded as a supply chain company but has announced plans to launch a DApp platform soon.
The VeChain platform uses a combination of blockchain technology and their own produced chip for product tracking. This smart chip can be applied to IOT items such as NFC Chips, RFID readers or QR codes. Although it may not seem like a very interesting technology, VeChain does a very important service to ensure the product quality of the industries. Let's take a look at the luxury product sector as an example ...
The luxury product sector is covered with counterfeit products worth more than 450 billion dollars. For example, a Louis Vuitton brand bag changes hands many times in product manufacturing and distribution, and you, as the buyer, feel the need to make sure you buy the main product. And like other blockchain companies, the need for trust is removed. At all stages of the process, you can scan the smart chip to the product you want to be sure of. The blockchain, on the other hand, keeps your record in an unchangeable ledger, so you can trust the product you bought.
VeChain Thor is taking the enterprise beyond the supply chain to DApp initiatives just like Ethereum. This new platform will use two different tokens;
VeChain Tokens (VET)
Thor Power (THOR) VET will be used as a smart payment currency used by companies and businesses to manage their business activities on the blockchain. Companies with VETs will have higher priority and more rights on the VeChainThor blockchain.