About VeChain

Technological advancement has brought in their radical fold changes, especially in terms of blockchain solutions. The exceptional VeChain trading platform now bids the cumbersome processes that made the organizational growth tardy. This unique blockchain-based company is instrumental in transforming functions of an organization more resourceful and procedures more well-defined. Let us glance at the current details of VeChain and understand the VeChain price prediction for the future.

Vechain Overview

Cryptocurrency VeChain
Ticker Symbol VET
Price $0.03317
Price Change 24h +7.76%
Price Change 7d -4.51%
Market cap $2,023,900,859
Circulating Supply 64,315,576,989 VET
Trading Volume $133,152,335
All time high $133,152,335
All time low $0.001678
Vechain ROI +109.37%

VeChain: Behind-the-Screen Saga

The brains behind this blockchain-based solution, Sunny Lu, made his dream come true in 2015, a goal that was to make the supply chain and product management lifecycle impeccable. Sunny Lu carried his vast experience in the field with his stint at Louis Vuitton China before this venture. For the foundation, VeChain boasts of being the complete solution catered to supply chain enhancement requirements. The credit for bringing radical changes in the product lifecycle through an efficient managing system goes to VeChain.

While seeds of VeChain’s origin can be traced back to Ethereum code, today, the fundamental attributes of VeChain are primarily put to use in payment networking, voting, smart contracts, and much more. Thanks to innovative solutions from VeChain, developers can today provide features geared directly to business clientele. VeChain record and verify every information about the supply chain movement which further ensure security.

Mission VeChain

To understand VeChain Foundation, one needs to question the origin. The primary purpose behind creating this kind of blockchain company was to address the problems being encountered by the logistics sector, especially in terms of scattered and lopsided data. While the industry combats massive data traffic daily, unfortunately, a system to make this data communicable and well-streamlined was the core issue that remained unaddressed. Severe compartmentalization leaves the entire supply chain management in the maximum number of cases to rely on centralized data sources. Ultimately this resulted in a data transmission that was less authentic and hazier.

VeChain: Rendering Multi-Dimensional Transformation

The identities via digital mode created on VeChain token called VET are responsible for bringing greater accountability in the complete supply chain management. The basic concept of the VeChain or VET development solution is to enhance supply chain management and product lifecycle management. This objective is accomplished through the use of distributed ledger technology (DLT) of VeChain.

VeChain has enabled NFC and RFID Radio Frequency Identification chips driven surveillance. Simultaneously, the VeChain Blockchain platform has also allowed the use of QR codes in supply management. The tags and sensors are a crucial part of VeChain functionality. Through this, VeChain can track and supervise important data in supply-based logistics. This information is relayed live through this blockchain platform.

This approach helps the business analysts in flawless and rapid data management based on an authentic verification system. This strategy is of paramount importance, especially for large complex supply chains. As a company, VeChain helps enterprises keep constant vigil and business updated based on concurrent developments. VeChain has facilitated a less cumbersome and more effective proof-of-authority consensus through Know Your customer-verified nodes enabled by the VET Foundation. Undoubtedly thanks are due to VeChain constituted gigantic networks.

The two blockchain network tokens, VET and VeChain Thor serving supply chain solutions, are renowned for creating a digital wave in the cryptocurrency market. VET coin is the prime currency medium that has found its implementation in payments and voting. At the same time, VeThor Tokens (VTHO) is a token provided to VET coin owners to run smart contracts on the VeChain Thor blockchain.

VeChain provides businesses the ability to track an enormous amount of data. These indicators can include items such as quality, authenticity, storage temperature, and transportation status. Impressively, the VeChain platform provides all of these features via a trust-free and distributed business ecosystem. In this way, the VeChain platform reduces overhead and improves accountability.

A pivotal success factor in the entire gamut of VeChain is a formula based on “DeFi-CeFi Nuptial.” VeChain platform focuses its whole series of solutions based on a combination-method benefiting through Decentralized Finance (DeFi) and Centralized Finance (CeFi). It acknowledges the advantages of both platforms and hence brings in unique and eclectic assimilation emerging from these solutions. This integration provides purely based answers based on the transparent and authentic exchange of information, effective collaboration, and high-speed value transfers.

The VeChain platform can identify the assets’ ownership since the asset’s beginning; it first appeared quickly. Hence the use of VeChain reduces the occurrence of misselling of high-value intellectual & investment properties, fraud, theft, and many more substantially.

Many ask if VeChain cryptocurrency is just another market wave of a cryptocurrency project or has a stable future. The answer to that is self-evident. Of Course, VeChain VET has a bright future ahead regardless of what current pandemic-driven sentiments indicate. This view gets affirmed mainly in the background of the tremendous renowned strategic partnerships VeChain platform has signed up, which provides a strong foundation for its stability and growth.

VeChain Strategic Partnerships

VeChain involvement among companies is not limited to logistics but happens to be a diverse gamut of industry mix for signing partnerships. VeChain has been proactive in signing up strategic alliances and sealing crucial deals with companies of repute.

Some of the companies with whom VeChain has struck partnerships are listed hereunder:-

  • DNV GL into audit and certification services for vessels and offshore structures signed up with VeChain in January 2018 for a digital assurance solution for the food and beverage industry and audits and data collection.
  • PriceWaterhouseCoopers (PwC), a significant auditing and consulting firm, has signed up with VeChain since May 2017 to provide its clients improved product verification and traceability.
  • Kuehne & Nagel, a renowned name in Transport and Logistics, has been a doting partner with VeChain since September 2016 for blockchain technology to smartify parcels and assets. Especially luxury goods, by furnishing them with a chip containing a private key that reflects ownership information on the blockchain.
  • BMW Group has partnered with VeChain for implementation and POC on blockchain storage to store vehicle data and secure, controlled provision to third parties. Groupe Renault, a French MNC automobile manufacturer, has tied up with VeChain since July 2017 for its data privacy and protection tools.
  • BIOS Middle East, a leading UAE Cloud Service Provider, has tied up with VeChain for a partnership since December 2018 for encryption.
  • Haier, a leading Consumer home appliance from China, has partnered with VeChain since April 2019 to use blockchain and IoT technology.
  • Shanghai Gas, into energy segment tied up with VeChain since March 2020 for Tracking delivery information and LNG quality on the VeChainThor blockchain. The solution significantly eliminates information barriers in the supply chain, contributes to a transparent product process, and provides a reliable LNG risk management database.
  • PlatformXChain, a Singapore-based company into toy manufacturing setup, relies on VeChain to list their collectibles since April 2020.
  • H&M, A Luxury Fashion Brand, the second-largest clothing retailer with over 5000 stores worldwide, relies on VeChain for collecting supply chain data from its product lines since April 2020.
  • Sarah Regensburger, a Fashion Designer from the UK for her renowned fashion label since April 2020, using VeChain to ensure traceability in handmade production, allowing customers to recognize the master behind the brand.

DB Schenker, Walmart China, Bayer China, LMV, and NTT are some of the many companies wherein VeChain has struck partnerships for its enterprise blockchain data solutions.