Investors are paying increasing attention to platforms that have a finished product, a specific target audience, and a clear vision of the end goal of the project. That is why many are looking for blockchain platforms that have high goals in the plan with a team that is technically capable of delivering those goals to the end.
VeChain recognized the possibilities of applying blockchain in the production chain. Research and consulting firm, Deloitte, states that "the use of blockchain in the product chain enables participants to record price, date, location, quality, certificates and other relevant information for the purpose of guaranteeing product quality."
Vechain (VET) is a blockchain platform based on the Ethereum network that specializes in monitoring and storing information about various products. Each VeChain identity is created for each product, based on which information can be accessed using tags such as QR codes, NFCs, or RFI readers. By marking a product with one of these labels, the manufacturer and consumers can follow the complete product path through the production cycle and through the delivery path. This is extremely important for products whose quality indicates their origin and age.
Ability to insert itself into the fight between counterfeit and original goods can be an important addition in many industries. VeChain allows you to trace the origin of an individual part of an entire product, such as a car or cellphone part. It should be noted that using smart contracts also allows you to monitor product ownership. This is important when it comes to used car trading, for example, allowing accurate tracking of the number of owners, mileage, service, changed parts, etc.
It's more than just a blockchain platform. VeChain is managed by a central organization, the so-called VeChain Foundation. It is a R&D center and the foundation is also responsible for developing partnerships with other companies.
VeChain intends to apply a different consensus mechanism in the network, the so called Proof of Authority, unlike most other blockchains that implement the Proof of Work or Proof of Stake system.