Over the last few years, Crypto investment has become quite popular, but at first sight, many people take cryptocurrency to be equivalent to gambling. But it is their wrong thought, which you can understand if you study and research about blockchain technology. And I am sure that the study over blockchain technology will give a different viewpoint over the technology that what change this is bringing.
As the space is still living in its earliest stage, it has several problems to come across and some notable issues are high volatility, some tokens being highly speculative in nature, availability of many other crypto tokens besides Bitcoin and Ethereum. It is yet uncertain whether all these crypto tokens will last in late future. But to date, we think VeChain to be the most solid project in the crypto space among many others.
In brief, VeChain is a blockchain platform which is designed to enhance supply chain management and business processes. It has been developed for quality assurance and supply chain traceability.
Consumers want food traceability and food safety assurance, but there is no way to know that without Vechain. The new VeChainThor blockchain uses a Proof of Authority algorithm to transfer and confirm information within the network.
Blockchain Technology as a service (BAAS)
VeChain has taken itself to such a perch with a unique idea that it is different than many other crypto projects in the space. Vechain uses blockchain technology as a service (BAAS) through their VeChain ToolChain platform. The way of Vechain’s real-life problems solving method is completely unique and yet there is no competitor of this project.
Vechain has five areas to apply its blockchain technology and these areas include product lifecycle management, supply chain process control, data deposit, data certification, and process certification. The blockchain records all the data from the raw supplier to the end consumer, which makes sure the safety of a product. To accomplish the job successfully, VeChain integrates blockchain technology and IoT.
Vechain maintains a tech-savvy team which is very essential for any project. The CEO of Vechain, Sunny Lu, is a crypto passionate person and has the intention to solve the existing problem of rampant commercialization of fake products in China. Sunny Lu with vast experience knows well how to deal with challenges and complexities. He picked up Vechain’s team members from both the tech sector and the business sector because these appointees pose many years of previous experience in giant companies.
Many well-reputed and giant U.S. billionaire capitalists are placing their money into Vechain, which strongly refers Vechain to be a valuable space to invest. Jim Breyer, Founder and C.E.O. of Breyer Capital, who make investment in giant companies is one of the Vechain’s investor. Another investor is Tim Draper, who is the second billionaire venture capitalist and Founder of VC Draper Fisher Jurvetson. There are many others investors including PWC, and DNV.GL.
Partnerships, Connections & international operations
Among Vechain’s excellent strategic partnerships PwC, which is a multinational professional service network, and DNV GL, an international accredited register and classification society, are notable. Vechain has been at the first line of implementing blockchain technology solutions in the supply chain of some reputed companies. Vechain is applying this real-life utilization of the technology within reputed Fortune 500 companies. The Chinese government approved VET to be one of their crypto companies, although headquartered in Singapore. Vechain became able to obtain this approval as it had made some business partnerships across that country.
Vechain is growing slowly enmeshing strong partnerships with uniqueness in the idea. The way the company is sowing seed in the crypto space, it may be easily thought that Vechain will see a massive success within a few years down the road.