VeChain (VET) Overview
VeChain (VET) is a blockchain platform designed to improve supply chain management and business processes. It provides transparency, efficiency, and security by tracking products from production to delivery using blockchain technology.
Key Features of VeChain (VET):
Dual-Token System:
VET: The main token, used for transactions and governance.
VTHO: Used to pay for transaction fees on the VeChain network.
Enterprise Adoption: VeChain partners with major companies like Walmart, BMW, and Deloitte for supply chain tracking.
Proof of Authority (PoA) Consensus: A more energy-efficient alternative to Proof of Work (PoW).
Smart Contracts: Enables automation of business processes.
Internet of Things (IoT) Integration: Connects with real-world sensors and RFID technology for product tracking.
VeChain Use Cases:
Supply Chain Management: Ensures product authenticity in industries like luxury goods, pharmaceuticals, and food safety.
Sustainability Tracking: Helps companies prove carbon footprint reduction and ethical sourcing.
Healthcare: Verifies medical records and vaccines on the blockchain.
NFTs & DApps: Supports decentralized applications and digital collectibles.
