VeChain – Cryptocurrency Project

I’ve been actively involved in CryptoCurrency since the Summer of 2017 – I’ve not published any new content on my blog for some time, I figure cryptocurrency is the direction this blog is headed!

Today, I want to write a little about one of the most promising cryptocurrency projects I’ve come across – VeChain.

VeChain is a blockchain project focusing on authenticity and traceability of various types of products throughout their lifecycle, from production, supply chain to end user. The literal translation of their Chinese name to English is ‘Only Chain’ – and that’s quite apt because the platform can be used to solve a lot of real-world problems, for a number of different verticals.

Formed in 2015 in Singapore, VeChain aim to create greater transparency and trust through all parts of their interaction, and streamline information flows across various participants in the supply chain.

They are already an accomplished blockchain business, with successful projects and proof-of-concepts delivered to a number of global brands, including car manufacturer Renault, fashion brand BabyGhost, Direct Imported Goods (DIG), the largest importer of fine wines in China, and global shipping and logistics company Keuhne+Nagel – they are supported by one of the world’s leading accountancy firms, PriceWaterhouseCoopers (PwC) through becoming part of their incubation programme in 2017 and aim to expand their deployment across South East Asia.

The VEN token sits in a fundamental position to the success of the platform, it is required to interact with the blockchain, adding, updating and removing products, their movements, history and even environmental data throughout the chain. VEN tokens are only available on Cryptocurrency exchanges, and all partners will be required to purchase tokens for their use through these channels.

Current projects being worked on for VeChain include providing a means of proving authenticity of high-end goods for a Luxury French Fashion Brand, and further to the successful proof-of-concept with Renault and Viseo, discussions are under way with a currently unnamed German car manufacturer with respect to a potential partnership.

This may be the first article about VeChain, but I doubt very much it will be the last!

No Comments

Post a reply

Copyright © James Coleman-Powell, 2016