The underlying concept of Vechain is to improve the supply chain of businesses by leveraging on the innovations that blockchain technology offers. Its purpose is quite different compared to other cryptos out there because it is meant to improve the business activities like supply chain processes of both online and brick-and-mortar firms.
This ecosystem wants to revolutionize the way businesses access information by offering them top-notch data concerning their products and activities. Vechain preaches about transparency in business activities.
The Tokens
In the Vechain ecosystem, two tokens reign supreme, which is VTHO and VET. Vechain is unlike other blockchain-based platforms that have only one utility token that makes the protocol function. Both tokens have different purposes within Vechain. For the VET- Vechain Token, its underlying purpose is to be the currency for transactions and market speculation on VeChain. As for its counterpart, VTHO- VeThor Token, it is the energy token that ensures that transactions and smart contracts run smoothly in the VeChain blockchain. Holders of VET can exchange their VET for VTHO on the chain.
Vechain’s Origin Story
Vechain was created in China by BitSE in 2015 to solve the issues noticed in big businesses and startups. It leverages the features in blockchain technology to execute its incredible use cases while being built on the VeChainThor blockchain. The team behind this innovation is the Vechain Foundation, which operates from Singapore, and is in charge of ensuring that the ecosystem blossoms.
Both the platform and its founders are respected greatly by businesses globally and have received awards.
Why is Vechain Special?
Every business including big and small ones can benefit from the innovative ecosystem that Vechain offers. As a BaaS (Blockchain-as-a-Service) platform, the platform allows developers to create innovative products for brands using the tools that Vechain offers like the ToolChain.
The importance of smart contracts can’t be ignored because it is changing the way businesses carry out their activities. Businesses can incorporate smart contract transactions in their business activities with the ToolChain that Vechain offers.
The use cases of Vechain are astronomical because they can be used in any business setting. With the innovations in this blockchain ecosystem, car owners can gather their data, own them, then use them to negotiate better terms with others like Insurance companies and other parties.
Quality can be injected into a business through Vechain through the use of sensors and RFID, while the data gathered are sent to the immutable blockchain. Anyone can confirm the data stored on the blockchain to verify a claim. Any brand that has been fighting piracy can benefit from this. Vechain, the use cases seem to be increasing daily.
