VeChain has been gaining a lot of popularity the recent time due to its real-world use case and increase in value. Still, I don´t think the majority of people realize how good VeChain actually is. I happen to work for one of the biggest companies in the logistics industry, so I might have some views and insights that would interest VeChain fans.

What is VeChain?

VeChain is a blockchain-enabled platform that is designed to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought. From product source materials to servicing history, and spare part replacements, every single piece of information about the supply chain movement of a product can be recorded and verified to bring about a supply chain management ecosystem that is secure for all participants.

How does VeChain (VET) work?

The VeChainThor blockchain works similarly to other business-use blockchain platforms. Businesses use VeChain's fully functional Blockchain-as-a-Service (BaaS) product called ToolChain to build their blockchain-based solutions. VeChainThor also supports smart contracts.

Single transactions on the VeChainThor blockchain can carry out multiple tasks. In addition, VeChain app users don’t need to hold any crypto to perform transactions. This can be done instead by the app owners, which can make the user experience more convenient for the average user.

The VeChainThor blockchain uses Proof of Authority (PoA) consensus, which delegates power to certain nodes in the VeChainThor blockchain for confirming transactions. This means that it only passes transactional blocks through Authority Masternodes that need to hold at least 25,000,000 VET.

Vet and VTHO

There are two separate VeChain tokens, VET and VTHO. VET (VeChain token) is used for financial transactions on the VeChainThor blockchain, and the VTHO (VeThor Token) is the "energy token" that is used to conduct transactions on VeChainThor. The cool thing is that VET owners can generate VTHO for use on the VeChainThor blockchain.

VeChain partners

Strategic partners

• DNV GL
• PriceWaterhouseCoopers
• National Research Consulting Center
• Yida China Holdings Limited
• Bit Ocean

Partnerships

• Shanghai Gas
• Walmart China
• China Unicom
• Kuehne & Nagel
• DB Schenker
• BMW Group
• LVMH
• Groupe Renault
• H&M

And over 20+ more partnerships, and still growing

Graphical representation of partnerships

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VeChain use cases

Food safety

VeChain-enabled Internet of Things (IoT) devices can be deployed across the supply chain, in products, vehicles, and warehouses. Thereafter, data from these devices will be uploaded, verified, and stored in the decentralized VeChainThor blockchain.

Anti-counterfeiting

Counterfeit goods now stand for 3,3% of world trading, this is a lot of money - around 1 trillion $ a year to be precise. This is a serious problem for the luxury goods market. By attaching an encrypted chip and then using the chip to log and trace logistics, warehousing, maintenance, and resale, owners of the luxury goods can be assured of authenticity.

Health records

Healthcare records can be stored on the blockchain, where only the patients themselves and their doctors have access. Say goodbye to clumsy healthcare records.

Tracking carbon emission

Carbon emitting activities can be tracked, and consumers generating less carbon (in their cars for example) will be able to receive credits that can be spent on energy services. BYD, a Chinese electric car brand is today using and offering this service to their customers.

My thoughts on VeChain

I´m fairly new to crypto but have been investing in stocks for a lot of years. I try to bring my investment strategy with stocks into crypto, by analyzing the underlying elements of my investment, the use case, popularity, market movement, and so on. VeChain is in my humble opinion one of, if not the most useful of all cryptos, and it has a growing support base in the crypto-community.

Working in the industry myself I really see the need for something like VeChain, it really solves real-life problems in the logistics industry.

Disclaimers

• I currently hold no VeChain, only ETH and ADA. But I will be adding a lot of VeChain going forward.
• English is the third language I learned, please don´t roast my grammar
• I will not share any information in regards to the company I work for, nor if we use VeChain.
• By no means financial advice, DYOR

Sources

https://www.oecd.org/newsroom/trade-in-fake-goods-is-now-33-of-world-trade-and-rising.htm

https://academy.binance.com/en/articles/what-is-vechain-vet

https://www.vechain.org/

VeChain Whitepaper 2.0

https://www.vechain.org/whitepaper/#header

Edit 1: Wow, thank you guys for the amazing response. I am currently looking into potential projects that may rival VeChain, or projects that solve other issues in the logistics industry. I will post my findings once I have read enough about them!