The Vechain Blockchain: An Introduction

October 28, 2022
Knowledge Center » Blog » The Vechain Blockchain: An Introduction

Perhaps you've heard of Bitcoin, Ethereum, or even Solana. But what about Vechain? Vechain is a blockchain platform with a focus on supply chain management. In other words, it's designed to help businesses keep track of their products and ensure that they are being manufactured and distributed in an efficient and transparent manner.

Vechain was founded in 2015, and its native token is VET (formerly known as VEN). VET is used to power the Vechain blockchain and can be used by businesses to pay for goods and services on the platform. In 2018, Vechain rebranded itself and changed its name from VeChain Thor to simply VeChain.

How Does Vechain Work?

At its core, the Vechain blockchain is a distributed ledger that can be used to track the provenance of items. Whenever an item changes hands, a new entry is added to the ledger. This makes it easy to trace the journey of an item from manufacture to sale, which is extremely valuable for businesses that need to ensure the quality and authenticity of their products.

In order for an item to be added to the ledger, it must first be registered on the platform using RFID tags or QR codes. These tags or codes are attached to the item and contain information about its provenance. Once an item has been registered, its movements can be tracked in real-time using the Vechain app.

The platform also includes a tool called ToolChain that helps businesses automate their supply chain processes. With ToolChain, companies can track inventory levels, monitor compliance with regulations, and more. One of the most popular features of ToolChain is its ability to track carbon emissions, which is valuable for companies that are looking to reduce their environmental impact.

The Vechain blockchain is a powerful tool for the supply chain management. Its ability to track items in real-time makes it valuable for businesses that need to ensure the quality and authenticity of their products. The platform's toolchain feature also helps businesses automate their supply chain processes and track carbon emissions. If you're looking for a blockchain platform that can help you streamline your supply chain management, then Vechain is definitely worth considering.

About Jacques Potts

Jacques Potts is Sr. Marketing Manager at Ledgible and an experienced financial author, marketer, and crypto expert. His work has been featured on The Street, Project Serum, FirstTrade, and Invstr.

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