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I have posted this before, I know I know! I see VeChain mentioned in the daily a lot and since I posted this the first time, we gained over 1 million subs to r/CryptoCurrency. People asked info on VeChain, so here is my post again with some updates to it!
(Long but informative read)
What is VeChain (VET)?
VeChain is a blockchain built to help make supply chain management simpler. It was originally conceived as a way to determine if a real-life product is fake or not - preventing frauds and knock-offs. Since then its been used by major corporations to help track everything from wine production to car manufacturing.
The way it does that is simple: give each product a unique identity, then use sensors to track what happens at each stage of the supply chain. That way, companies can be sure products are handled correctly, and consumers can verify their purchases are legitimate.
Who invented VeChain?
VeChain was founded in 2015 by Sunny Lu, the former CIO of Louis Vuitton China. He combined his expertise in luxury goods with blockchain technology to create an IoT (Internet of Things) application for supply chain management. He remains the CEO of VeChain through a non-profit called the VeChain Foundation.
How does VeChain work?
You can look at VeChain in three parts. The real-world tech, the cryptocurrency, and the platform.
What can you do with VeChain?
VeChain has developed sensor chips for physical products that are uniquely linked to its blockchain platform. The system is exclusively geared for mass enterprise adoption. Its real-world tech has been in use since 2015, when it developed NFC tracking chips to be placed inside handbags for a French luxury brand.
Then in 2016, VeChain applied this tech for the Renault car company to track vehicle history. It keeps track of maintenance, mileage, and anything else that has happened to the car from the time it first hits the road. This unchangeable record can be accessed by used car buyers to give them a complete account of the vehicle - a huge boost to tackle issues like odometer fraud. VeChain has also announced partnerships with BMW and other car companies in Europe and Asia. This technology has applicability in several other industries, and VeChain has hinted at other major collaborations in the works.
Proof of Authority
As u/Dwaas_Bjaas comented on my first post: ''The blockchain of VeChain is Proof of Authority. Proof of Authority is a modified form of Proof of Stake (PoS) where instead of stake with the monetary value, a validator’s identity performs the role of stake. In this context, identity means the correspondence between a validator’s personal identification on the platform with officially issued documentation for the same person, i.e. certainty that a validator is exactly who that person represents to be.''
List of VeChain Partnerships
VeChain has partnered with Walmart China in order to create the Walmart China Blockchain Traceability Platform that is built on top of the VeChainThor Blockchain. The announcement regarding this platform and collaboration between Walmart China and VeChain was made on June 25.
I hope that I didn`t mis anything, but if I did let me know!
Cheers
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