Vechain (VET) the Product ID Management Solution on the BlockChain

Vechain (VET) the Product ID Management Solution on the BlockChain

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Vechain is a trust-free, complete and distributed business ecosystem based on the blockchain technology.

It focuses on variety of different solutions for different markets including liquor, luxury goods, retail, agriculture and logistics. Scope wise the project is huge with plenty of different solutions incorporated.

Usage wise Vechain combines blockchain, IoT (Internet of Things) devices, unique IDs and NFCs (near field communication)

Vechain uses two token system VET and THOR POWER. The closest comparison would be NEO/GAS.

The function of the VET is to serve as the smart payment currency, to enable rapid value circulation within the ecosystem based on the VeChain Blockchain

On the other hand, the THOR Power represents the underlying cost of using the VeChain Blockchain and will be consumed (proportionally burnt) after certain blockchain operations are performed, such as transferring VET and executing smart contracts.

Vechain is famous from it’s partnerships and they have been constantly providing new significant updates. Recent partnerships: Yida Group (7th biggest real estate developer in China), 188 Business Alliance Association (small and medium sized businesses in Australia), iTaotaoke (intellectual property protection).

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