A public blockchain called VeChainThor is intended for widespread use of blockchain technology by companies of all sizes. It is meant to act as the building block for a resilient and expandable enterprise blockchain ecosystem.
Platforms for the blockchain that concentrate on use cases include traceability, anti-counterfeiting, food safety, managing intellectual property, managing the life cycle of a product, and managing all types of data provenance.
Based on the VeChainThor public blockchain, the platform manages and creates wealth using two currencies, VET and VTHO.
What will VeChain be used for?
1. Food Safety Solutions
By scanning the QR code on the product, consumers can obtain real information stored on the blockchain platform, including Origin and ingredients, geographical location, logistics information, inspection reports, and even temperature control data, these data are generated by data provided by the party, with a time stamp and cryptographic signature.
2. Anti-counterfeiting and digital solutions for high-value products
VeChain allows brands to endow products with unique blockchain numbers through smart encrypted NFC chip identity, and digitize products on the chain.
3. Automotive Digital Ledger Solution
The key data of the whole life cycle of the car is safely stored on the VeChainThor blockchain. After the authorization of the car owner, the data exchange and sharing can be realized between the car manufacturer, repair shop, insurance company, technicians, and even the bank. Maintain car digital ledger information.
4. Third-party digital certification solutions
DNV GL, VeChain’s strategic partner and third-party authoritative certification body, is implementing a global digital transformation strategy. Developed a digital authentication solution My Story™ through VeChain blockchain technology, building a bridge of trust between brands and consumers.
VeChain(VET) – Current Coin Price
At the time of writing, the current VeChain(VET coin) price is $0.025 per coin. The 24-hour trading volume for the coin is $94,025,478.
What Coins are Like VeChain(VET)?
Some coins that are similar to VeChain(VET) are Bitcoin (BTC), Ethereum (ETH), and MX Token (MX). All of these coins are decentralized and have their unique features and benefits.
How will vechain’s (vet) value increase in April and May?
We have already seen VeChain’s (VET) value increase with the usage of Vechain’s blockchain in April and May. This means high adoption of the blockchain by businesses is tied with increased blockchain usage, which directly correlates with the value of the VeChain token.
How does vechain work?
VeChain tracks enormous amounts of data from different fields to streamline the business. They collect data such as temperature, humidity, and acceleration by the use of IoT sensors. Anyone can scan a product’s QR code and get the desired product’s details from manufacturing to packaging, by using their platform.
Is vechain (vet) a good investment?
VeChain (VET) is a good investment because of its ascending trajectory in a market that has remained volatile, which, in turn, hinges on the coin’s solid partnerships and its prominence of the coin in the value chain. How Does Vechain Make Money? VeChain holders can stake or HODL their VET to earn some passive cash.
- It is a good platform to do work.