VeChain (VET) is a layer-1 smart contract platform that aims to enhance supply chain management and business processes through the use of distributed ledger technology (DLT) and Internet of Things (IoT) devices. Originating as a private consortium chain in 2015, VeChain transitioned to a public blockchain in 2017, and seeks to revolutionize traditional supply chain systems by providing transparency, traceability, and authenticity throughout the entire lifecycle of products and goods.
VeChain focuses on real-world use cases and enterprise adoption, offering a suite of blockchain-based solutions tailored for various industries, including retail, logistics, agriculture, and luxury goods. By leveraging IoT devices such as RFID tags, sensors, and smart contracts, VeChain enables businesses to track and verify the authenticity of products, monitor supply chain processes in real-time, and reduce counterfeiting and fraud.
VeChain is also actively collaborating with industry partners and governmental agencies to promote blockchain adoption and drive innovation in various sectors. The platform’s strategic focus on supply chain management has garnered partnerships with industry giants like BMW, PwC, and H&M. By seamlessly integrating blockchain, IoT, and decentralized apps, VeChain paves the way for real-time, trustless data sharing.
VeChain employs a unique dual-token system consisting of VeChain Token (VET) and VeThor Token (VTHO). VET serves as the native utility token of the VeChain platform and is used for value transfer, staking, and participating in governance decisions. VTHO is a utility token generated by holding VET tokens and is used to pay for transaction fees and smart contract execution on the VeChain blockchain, ensuring stable network costs.
