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VeChain Explained: The Future of Blockchain Technology

Blockchain

With over 20,000 individual cryptocurrencies vying for their space in the blockchain sphere, it’s difficult to delve through all the noise and find a project that is truly innovative and committed to its vision. Many coins are just out there to make a quick buck, but then there are truly useful projects such as VeChain. Here’s what it’s all about.

What Is VeChain?

Founded in 2015, VeChain is an enterprise-focused blockchain project built to facilitate supply chain management, transaction traceability, and other business processes in a single ecosystem. The core aim of VeChain is to assist businesses in conducting their processes in an efficient environment that facilitates the free flow of information from different sources using its L1 smart contract platform. Effective collaboration and high-speed value transfers allow all types of data to be transferred securely without the high cost and risk involved with traditional information systems.

VeChain’s blockchain is built on a Proof-of-Authority consensus algorithm and powered by two tokens: VeChainThor (VET) and VeChainThor Energy (VTHO). VET is the token used to transfer value across its blockchain, while VTHO is the “gas” used for transaction fees and other actions on the blockchain.

The VeChain Foundation also founded VeBetterDAO, a decentralized application platform built to connect millions of new users, both individual and enterprise, with functional Web3 applications. Through its Blockchain Biosphere for Sustainability, VeChain recognizes that the transition to Web3 will improve everyone’s lives, allowing sustainability to flourish as those suffering from society’s greatest threats are empowered.

An example use case of VeChain is to track a product from its inception to the customer. The product is monitored from the manufacturing facility using sensors and tags (such as RFID chips) and then information is updated as it travels along the supply chain to the customer. This allows the business to receive invaluable data about the product and the processes involved with it (such as lead times, carbon emissions information, food temperature, and more), as well as providing the customer with peace of mind that their product is authentic. This use case is in fact already functional, with one example being VeChain’s anti-counterfeiting partnership with Louis Vuitton.

Why VeChain Is the Future of Blockchain Technology

Without integrating into the real world, blockchain technology only serves a limited purpose. That’s why VeChain has partnered with many high-profile clients including Louis Vuitton, BMW, Renault, PwC, Bayer, H&M, and Walmart, with many more enterprises trusting in VeChain’s offering. Governmental partners include the Chinese government and the Republic of Cyprus.

VeChain’s cutting-edge blockchain is built from the ground-breaking Ethereum codebase and modified to improve transparency, security, and efficiency for business use cases. Its blockchain enables the easy sharing of information at a moment’s notice and facilitates integration from many different sources, providing businesses with a single place to access all the information they need.

Considering VeChain’s strategic partnerships with established corporations, a strong history of delivering on its promises, and an innovative blockchain with impressive real-world use, VeChain is undoubtedly the future of blockchain technology.

Is VeChain a Good Investment?

VeChain offers an excellent investment proposition since it is already a functional blockchain serving enterprise clients. With stable backing from some of the biggest businesses and governments in the world, the price of VET is unlikely to fluctuate much but instead steadily trend upward as the platform grows.

Such excellent fundamentals mean that VeChain likely has a bright future ahead of it and represents an excellent fundamental analysis investment.

However, it’s up to each investor to decide whether they want to jump in or not. It’s recommended that each investor first performs their own fundamental and technical analysis to ensure they are making the right decision. 

Conclusion

Whether crypto enthusiasts are interested in investing in a project for the long term or just looking at trading, VeChain offers an attractive proposition with a solid vision and team. Looking at the VeChain price prediction is a great place to start and see where a good entry point would be, but those who seek to hodl cannot go wrong with such a business-focused blockchain that is already delivering on its promises to revolutionize the supply chain management and business process solutions industry.

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Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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