VeChain is a blockchain-based platform that records the truth about what happens at every stage of the supply chain. So you might be wondering what does VeChain do and what is VeChain. This article will explain VeChain.
What is VeChain (VET)?
VeChain is a piece of software designed to incentivize computer networks to run a platform that allows businesses to build and run decentralized applications (dapps). VeChain is a blockchain designed to help simplify supply chain management. It was originally conceived as a way to determine if a real-life product is fake -- preventing fraud and counterfeiting. In this way, VeChain aims to enable better digital collaboration among businesses by providing businesses with new tools for efficient data transfer and supply chain management.
What does VeChain do?
The way to do this is simple: give each product a unique identity, then use sensors to track what's happening at every stage of the supply chain. This way, companies can ensure products are handled correctly and consumers can verify that their purchases are legitimate.
VeChain ToolChain products use a combination of its blockchain and smart tags to track goods, which can use Near Field Communication (NFC), Radio Frequency Identification (RFID) or QR codes. Sensors send information to the blockchain network throughout the life of the product.
VeChain uses Proof of Authority. A fixed number of known validators, called authoritative masternodes, are responsible for confirming transactions. Any party that wants to become an authoritative masternode must disclose their identity, go through know-your-customer (KYC) procedures, and complete any other minimum requirements set by the VeChain Foundation.
Now I hope you know what does VeChain do and what is VeChain. Now that VeChain is equipped with its own platform, has a proven track record of delivering on its promises, and has ideal partnerships with major corporations, the sky is the limit.
