What is VeChain
VeChain is a blockchain platform for entrepreneurs. It allows you to improve and make more transparent the process of supplying goods from the moment of production to delivery to the final buyer. The project also helps to track the full cycle of business processes. Merchants can take advantage of the built-in feature to digitise mark numbers and make chips for each edition, as well as combine all this information in a personal vault within the blockchain network. It turns out to be a full-fledged Internet of Things (IoT) technology in action.
This platform has already been introduced into their business by companies in agriculture, the automotive industry, the production of wines and other alcohol, as well as logistics companies, the trade sector, medical and pharmaceutical companies.
Among the capabilities of the Wichain network are downloading all previous history of a product (for example, about a car), checking the authenticity of luxury goods, identifying counterfeit and dangerous products - and much more).
The ICO of VET tokens took place in 2017. The goal of the coins was to be massively introduced into the business processes of all participating companies connected to the platform. At the end of 2018, the project received a new name VeChain Thor. The updated blockchain, wallet functionality, as well as advanced technologies such as VeChain Identity made it possible to develop additional decentralised applications based on the platform.