What: VeChain (VET) is a blockchain platform designed for supply chain management. Thanks to blockchain technology, data such as product origin, production stages, and shipping information can be tracked safely and transparently.
Why: In traditional supply chains, tracking products can be difficult and time-consuming. Fraud, errors and delays are common problems. VeChain aims to eliminate these problems with blockchain technology.
Where: VET tokens can be purchased through cryptocurrency exchanges.
Who: VeChain was founded by Sunny Lu in 2016. Lu has previously worked for companies with experience in supply chain management, such as DNV GL.
How: The VeChain platform uses two different tokens: VET and VTHO. VET tokens can be used for investment purposes, while VTHO tokens are required for transactions on the platform. Smart contracts added to the platform are used to track the products. These smart contracts securely store data such as product origin, production stages, and shipping information.
When: VeChain (VET) was launched in 2016.
Benefits: Some benefits of using VeChain include:
Increased transparency: Tracking of products becomes easier and more reliable.
Reduced costs: The time and cost required for data verification and tracking are reduced.
Preventing counterfeiting: Detecting counterfeit products becomes easier.
More efficient supply chain management: Movements of products can be tracked more effectively.
