VeChain is a blockchain platform that focuses on improving supply chain management and business processes. Its goal is to use distributed ledger technology to simplify these operations and information flow for complex supply chains (DLT).
The VeChain Token (VET) and VeChainThor Energy (VCE) are two separate tokens on the Vechain network (VTHO). The former is used to send currency over the VeChain network, while the latter is used as energy, or “gas,” to fuel smart contract transactions.
According to VeChain, their objective is to “create a trust-free and distributed business ecosystem platform to allow transparent information flow, efficient teamwork, and high-speed value transfers.”
Currently, supply chain data for business operations is compartmentalised in silos among many stakeholders. This has an impact on information flow, which is once again fragmented among stakeholders.
Blockchain technology, according to VeChain’s white paper, can solve “this asymmetric information problem and enable ownership of data to return to and empower its owner.” The VeChain platform promises to provide authorised stakeholders with a 360-degree view of critical information related to a product and its business activities (such as storage, transit, and supply) and to increase market transparency.
