A Brief Note on Vechain
Vechain is a leading blockchain platform offering Blockchain-as-a-Service to enterprises for products and information By leveraging on blockchain technology. This allows enterprises to enjoy the benefits of transparency and high-speed flows of value, without having to deal with the technical management of a blockchain platform. The Vechain team and Vechain blockchain platform has been in operation for more than 2 years. VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model as well as advanced IoT integration, and pioneers in real world applications.
The Vision of the Company
To build a trust free and distributed business ecosystem by enabling the flow of information and values at high speeds through collaboration with Enterprises.
About Vechain Foundation
The foundation is a non-profit entity in Singapore in July 2017. This Foundation acts as Vechain’s sponsor entity. It is fully dedicated to the companies development, construction and governance with ensuring proper transparency, advocating the safety and development of open source committees.
Great Solutions provided by Vechain
Vechain created a tracking and authentication platform for wine bottles. Before the bottles reach the destination, it allows Logistic providers and distributor to store relevant data. Consumers can scan a QR code or NFC chip, providing them authentic and valuable information of the entire timeline starting from the source, storage, logistics processes at the fingertips.
Although that industry is in the multi-trillion USD market the collaboration between companies still remains traditional. Vechain creates a digital profile for each car manufactured with a unique ID. All the activities, maintenance or repair turn on the car is updated onto a digital logbook. This is performed throughout the life cycle of the car. Any user of the car can easily check into the digital log book to read about it previous repair or maintenance. This will also be helpful for insurance companies ensuring the data is immutable and authentic.
It is a most important industry of any country as its aftermath is observed directly on the health of the country people. The amount of fertilizers and pesticides used on vegetables and fruits plays a vital part in its edibility. Vechain provides the solution of blockchain enabled cloud services for the certification of environmentally friendly and organic Agricultural Products. All the relevant data necessary for the growth of plants is uploaded to the cloud for real-time monitoring like climate, soil conditions, etc. which is encrypted and immutable. Way to have proper authorization and private keys for the access by relevant parties. This sort of Data Collection can improve the quantity and quality of the crops. Above all, it can be used to minimize the negative impact of fertilizers and pesticides on the environment.
Vechain, in the same manner, has been expanding to Insurance, Luxury goods, Retail, Cold chain Logistics, and Logistics.
Signing Partnerships when Others in the CryptoMarket are slumping
The bubble that the Cryptocurrency Market witnessed a burst beginning from the Mid-2017, dragging it further through YTD 2018. Recently in September, the Company announced partnerships with BYD and PICC, which are two of the biggest Chinese Companies in their sectors. This may help Vechain to enter into various Sectors to help with blockchain based Logistics.
Below are a few glimpses of Vechain’s Recent Valuable Partnerships:
Partnering with BYD
BYD is a high tech company devoted to technological innovations for a better life. Over 23 years, BYD has set up over 30 industrial parks across six continents with a significant role in industries related to electronics, automobiles, new energy, and rail transit. BYD is listed on the Hong Kong and Shenzhen stock exchanges. It is a Chinese Car manufacturer company and the biggest vehicle battery factory builder company. It is focusing into electronic vehicle segment. The Government of China has put forward support for the company to develop electric vehicles. This partnership of BYD with Vechain is a government-backed program to track electric vehicle use and provide rewards for carbon karma. Perhaps this could lead to Vechain eventually become a publicly traded blockchain technology stock?
Partnering with PICC
The week after this partnership announcement with BYD, Vechain declared another partnership with people’s insurance company of China (PICC). PICC is one of the largest insurers and holders of more than 120 billion dollars in assets. This partnership of PICC with Vechain is aimed to transform the insurance agency with the help of blockchain technology applications. It believes in keeping immutable records, faster data transfer and many more with the help of Vechain.
Partnering with DNV GL
During the very start of the Year before Signing the above two partnerships, Vechain and DNV GL agreed on a partnership to use blockchain to improve the transparency of product and supplier information with an aim to increase the efficiency of a supply chain. DNV GL is a global provider of Assurance services. It is one of the world’s leading certification bodies which assists companies in a range of industries to improve their business performance. DNV GL believes that the customers can verify that the product they are considering purchasing is safe and genuine like they can look for the entire timeline of the product from the manufacturer to the shop, like tracking wine back to the grape.
The partners’ list of Vechain thus includes not only the above 3 but also others like the Chinese government itself, Renault, Givenchy, Kuehne & Nagel International AG, Liaoning Academy of Agricultural Sciences(LAAS) and many more.
VET, Thor, and Vechain
VET is used by companies as a smart payment currency to run their businesses on the Vechain blockchain platform. The businesses who have more VET will have more priority. For a particular number of VET, Vechain rewards the business with a THOR.
For the partnership companies to perform their more than thousand transactions daily over Vechain blockchain platform, they may need a lot of Thors daily. The Vechain team has set up a 21 Thor minimum for any transaction as of now.