KardiaChain’s SEA Project Highlight #4: Introducing VeChain

DISCLAIMER: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT A RECOMMENDATION TO PURCHASE ANY ASSETS. ANY PURCHASES MADE IN THE PROJECT MENTIONED ABOVE ARE DONE SO AT YOUR OWN RISK. THIS IS NOT FINANCIAL ADVICE.

Overview: VeChain

• VeChain is an enterprise-focused blockchain. Started in 2015, it is one of the major supply chain-focused blockchain projects.
• VeChain, built on the top of a public blockchain VechainThor. Compared to other smart contract-capable blockchains, VeChainThor is more efficient and consumes less energy using its master node-based consensus.
• Even though VeChain reduces energy costs and simultaneously boosts the efficiency of blockchain-powered solutions, VeChain never compromises security and offers a risk-free network to everyone.

Project Team

• Sunny Lu is the CEO of VeChain and one of the founding members of VeChain. Before founding VeChain, he was CIO at Louis Vuitton China
• Jay (Jie) Zhang was the CFO at VeChain and is also a co-founder of the project. Before working at VeChain, he was employed at Deloitte.
• Kevin Feng is a partner at VeChain and acts as the COO of the project. He came to VeChain with over 12 years of experience working at PwC.

VeChain UseCases

Food safety:

• Blockchain-based solutions can result in a more transparent food economy worldwide.
• Internet of Things (IoT) devices with VeChain support can be deployed across the supply chain – products, vehicles, etc.
• Then, the environment and location data from these devices are downloaded, verified, and stored in a decentralized manner on the VeChainThor blockchain.

Fight against counterfeit products:

• Counterfeits are a major problem in the luxury goods market.
• Owners can be assured of the authenticity of items due to using the encrypted chip along with the chip to register and track logistics, warehousing, maintenance, and resale.

Health records:

• Existing health records systems are outdated.
• Instead of using inefficient and insecure systems for recording lab results, this data can be stored on the blockchain, and only patients and authorized individuals can access it. 

Tracking carbon emissions:

• This solution allows customers to participate in reducing carbon emissions into the atmosphere.
• This solution allows customers to participate in reducing carbon emissions into the atmosphere.
• BYD is a Chinese electric vehicle brand that is already using this Vechain solution.

VeChain Features

VeChain provides holistic solutions to enterprises looking to improve their business operations and develop innovative supply chain management methods.

Dual-token Economy:

• VeChain ecosystem adopts a dual-token economy consisting of VeChain Token (VET) and VeChainThor energy (VTHO). Both these tokens together empower the economic infrastructure of VeChain.
• The network uses VET as a medium of exchange, just like other blockchains use their native currency.
• it uses VTHO as fuel to facilitate the transaction or pay for the transactions.

Fee Delegation protocol:

• VeChain uses smart contracts and users’ gas accounts to manage the gas usage required to handle the network.
• It means a company can utilize the services and tools available on the VeChain platform and can pay for the data they use.
• his feature unlocks the benefits of public blockchain for users even though they no longer need to manage their expenses themselves.

TurnKey Software:

• VeChain offers a complete suite of turnkey software and hardware solutions to help enterprises launch their project at a minimal cost.
• With a team of professional blockchain developers, security specialists and smart contract developers, they can develop and deploy blockchain solutions and launch their projects at a minimal cost.

How does VeChain work?

• VeChain employs the PoA (proof of authority) consensus model to enable high-speed and secure transactions. The platform leverages a network of 101 authority Masternode operators.
• Masternodes operators are required to verify their identity by qualifying KYC steps. They are accountable for executing smart contract operations, validating the data, and maintaining the governance policy of VeChain.
• Authority master node operators abide by the unique governance policy of the VeChain ecosystem and seek ways to grow the ecosystem. With PoA, the platform already resolves blockchain issues such as inefficient upgrades and energy wastage.
• The VeChain ecosystem requires low computation power to achieve consensus integrity and network security.
• Activities on the network are controlled via built-in smart contracts. Hard forks should be avoided if the authority master node fails to upgrade.

VeChain Partnerships

• VeChain recognizes the importance of having an established business and client base, and with that in mind, has been very active in creating partnerships
• Blockchain and crypto are used by over 40 companies across 12+ industries apart from supply chain and logistics.
• The companies include Walmart China, FoodGates, Bayer China, Shanghai Gas, BMW, H&M Group, PICC, and LVMH.
• One of its first projects was to implement blockchain technology in China’s public sector for the government of China.

Summary

VeChain is a project that provides blockchain solutions to various companies. It allows companies to develop and run decentralized applications to ensure the quality and authenticity of their products.

Therefore, VeChain‘s goal is to ensure better electronic consensus involving enterprises by providing them with new tools for efficient data transfer and supply chain management.

DISCLAIMER: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT A RECOMMENDATION TO PURCHASE ANY ASSETS. ANY PURCHASES MADE IN THE PROJECT MENTIONED ABOVE ARE DONE SO AT YOUR OWN RISK. THIS IS NOT FINANCIAL ADVICE.

Researched by: Abhinav | KardiaChain