VeChain is the first Blockchain platform in the world to offer Blockchain as a corporate service. VeChain strives to build a reliable and distributed business system. Through effective collaboration, companies can enjoy the benefits of transparency and high-speed value flows.
VeChain has evolved with multiple technology duplicates and has accumulated significant industry experience in delivering applications in the real world since 2015.
A simplified explanation of what VeChain is and how it works
What is VeChain (VEN)?
VeChain is a blockchain platform designed to enhance supply chain management. (VEN) provides traders and consumers with the ability to determine the quality and originality of the products they purchase.
From product source materials, maintenance history and spare parts replacement. All information on the supply chain traffic of the product can be recorded and verified to achieve a supply chain management system that is safe for all participants.
Digitization of assets
VeChain plans to achieve this secure supply chain management system by digitizing assets. (VEN) enables producers to display products with ID cards on the platform. Allowing manufacturers, supply chain partners, and even consumers, to track the movement of products through their supply chain. (VEN) relies on VHD (VeChain Identity) technology for product labeling and tracking.
For example, the (VEN) platform and accompanying technologies can be used by a wine maker. With VID installed on a wine bottle, it allows both the wine factory and the consumer to track the movement of the wine from the manufacturing point of view, down to the final consumer. Any attempts to defraud the consumer will be detected, and wine validity can be identified at each stage of the supply chain process.
In addition to allowing asset digitization of products, (VEN) supports licensing-based digital ownership management. This means that product ownership can be represented digitally on the platform. This is done by using smart contract technology, which allows digital assets to be linked to an account that has a public key and a private key. The public key is advertised and displayed as an alias, which can be recognized and accessed by other users. The private key grants a license to the user to access the appropriate digital asset.
Security on VeChain platform is maintained by using network nodes. These network nodes can be controlled by companies and institutions that are directly involved in the (VEN) system. The network contract may provide services such as: quality check, wallet services, and may even function as a private key management service provider.
The platform will also use its own codes known as VEN symbols. These codes will be used as a “gas” needed to execute smart contracts. In addition, VENs will also be used as a catalyst, as they will be awarded to the network nodes that help facilitate the system.
(VEN) is a formal sponsor of VeChain, which is responsible for network building, research and technological development. The Foundation also plays an important role in business development. The Foundation encourages and supports partnerships with institutions that may be interested in using plucheen technology as a service. This includes payment services, private key management, smart contract development, and portfolio development.
Partnerships with VeChain are currently noted with:
- China Unicorn
- Directed Imported Goods
- DNV GL
- Healthcare Co Ltd
- Jiangsu Printed Electronics Co Ltd
- Kuehne & Nagel
- Xiamen Innov Information Technology Co Ltd
Future of VeChain
There is no doubt that Blockchain technology can be an important innovation for supply chain management. With a growing list of business partnerships and technological developments. (VEN) nominates itself to be an innovative force that reshapes the way of thinking in supply chain management. Contact VeChain