When talking about blockchain technology most people talk about cryptocurrencies, in decentralized bonds and in a revolution of the financial sector in general, although they are not wrong, they are leaving aside other fields with a lot of potential.
Among them we have the logistics and the international agreement, according to the world tradeorganization, in 2019 alone, goods totaling 19 billion dollars were traded.
This is a gigantic global market that largely continues to use traditional technologies and still has a lotoffriction, anyone working in import and export companies will know that this is the case.
Some blockchain projects have been given the task of transforming that industry and one of the most successful networks so far is VeChain.
In the same way that there are companies that offer software as services or platforms as services there are also companies specialized in offering blockchain as a service and VeChain is one of them.
What VeChain offers
VeChain offers management and logistics solutions, IOT infrastructure and blockchain technology for enterprise customers, its goal is to improve the processes of the entire supply chain, we are talking about food, clothing, vehicles and even medicines and vaccines.
The idea is to allow an automation of many processes, integrating technologies of the internet of things, but in addition VeChain seeks to integrate information into the products itself through electronic labels, such as Qi codes, to allow a detailed, real-time monitoring of the entire process of the supply chain.
The difference between other systems however is that all that information would be stored on a blockchain, to ensure total transparency and ensure that the data is immutable and that no one can alter or falsify it.
History of VeChain
VeChain was founded by e-engineer Sunny Lu, who worked as a chief technology officer in China and also has 20 years of experience working with supply chain infrastructure technologies.
In 2015 Lu decided to found VeChain and in 2017 would take place the initial coin offering of the company, which is nothing more than the launch of its token, to collect financing, thanks to the launch of VET the VeChain token, they managed to raise about 20 million dollars.
VeChain is a dual ecosystem and has 2 VET and VTHO tokens, both of which fulfill different functions.
- VET: acts as a bearer of value and is used to perform transfer within the platform, in addition to being necessary to do staking.
- VTHO: on the other hand, it is a functional token that is used to pay transactions and execute smart contracts, if you want to transfer information or execute contracts on the VeChain blockchain, you have to pay with VTHO.
Some of the way to get VTHO is to do VET staking as a reward, it would be like a kind of interest to secure the network.
As mentioned, the specialty of VeChain is supply chain management and to achieve this VeChain combines blockchain technology, with other types of technologies used in logistics and distribution.