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Welcome to our Crypto Crash Video!
VeChain is a project that provides blockchain solutions to various companies. It allows companies to develop and run decentralized applications to ensure the quality and authenticity of their products. Therefore, VeChain‘s goal is to ensure better electronic consensus involving enterprises by providing them with new tools for efficient data transfer and supply chain management. This fact helps eliminate fakes and counterfeit products. Let’s take a closer look at what VeChain is and how it works.
What is VeChain?
VeChain is a blockchain-based governance platform. It digitizes real people, products, or events by linking the API to the application layer of the system, connecting the blockchain with real information. The project focuses on supply chain management and combating the counterfeiting of luxury goods by recording components in a tamper-proof distributed ledger.
The second co-founder of VeChain is Jay Zhang. He leads the global corporate structure, management, and finance of the project. Zhang previously worked for companies such as Deloitte and PriceWaterhouseCoopers in finance and risk management.
VeChain was originally aimed at the development of the logistics supply chain, but over time it has evolved into a full-fledged platform for dApps (decentralized applications). Nowadays, VeChain is one of the oldest blockchain platforms providing logistics services.
How does VeChain (VET) work?
VeChain runs on its own public blockchain that is called VeChainThor.
The VeChainThor blockchain operates like other blockchain platforms that focus on business. Companies use VeChain‘s full-featured Blockchain-as-a-Service (BaaS) product referred to as ToolChain to build their blockchain solutions. VeChainThor also supports smart contracts.
The VeChainThor blockchain utilizes Proof of Authority (PoA) consensus which transfers the power to certain nodes on the blockchain to validate transactions.
How to store VeChain (VET)?
You can store VET and VTHO, as well as several other crypto assets, in the official VeChainThor wallet on iOS or Android.
In addition, VET and VTHO can be stored in the following wallets: Trust Wallet, Ellipal, Atomic Wallet, MySafeWallet, Cobo Wallet, Arkane Wallet, Guarda Wallet, and Exodus.
Blockchain-based solutions can result in a more transparent food economy worldwide.
Internet of Things (IoT) devices with VeChain support can be deployed across the supply chain – products, vehicles, etc.
Fight against counterfeit products
Counterfeits are a major problem in the luxury goods market.
Existing health records systems are outdated. Instead of using inefficient and insecure systems for recording lab results, this data can be stored on the blockchain and only patients and authorized individuals can access it.
Tracking carbon emissions
This solution allows customers to participate in reducing carbon emissions into the atmosphere.
If smart devices such as cars or appliances detect that the owner emits less carbon, they can be rewarded for use in energy services. BYD, a Chinese electric vehicle brand, is already using this Vechain solution.
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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00:00 Vechain Project introduction
00:23 Vechain Project
04:30 Vechain Project Summary
04:41 Vechain Project Outro