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- 1 VeChain, the energy-efficient blockchain platform, empowers better supply chain management with a distributed ledger technology (DlT).
- 2 Features including controllable transaction cycle, transaction dependency, multi-party payment, and multi-task transaction, make the platform unique.
From handwritten letters to video calls and live streaming, technology advancement has dramatically increased the demands for accessibility of goods and services. A well-oiled supply chain plays a crucial role in a functioning society and in maintaining economic stability. As an upgrade in supply chain management, the introduction of the VeChain network emerged as a powerpack for businesses to enhance both the supply chain and business processes.
Let’s discover the features and upgrades brought by the VeChain blockchain platform.
VeChain Network Overview
With the mission to intensify supply chain management and business processes, the VeChain blockchain platform was co-founded by Sunny Lu and Jay Zhang in 2015. The enterprise blockchain network aims to offer a full business by disintermediating facts from data silos and it emerged as a leading platform for initial coin offerings (ICOs).
VeChain started as a subsidiary of Bitwise, China’s largest blockchain firm, and it is considered to be among the few blockchain platforms that already have a substantial consumer base among existing firms. In 2018, VeChain rebranded itself and came up with its blockchain. Subsequently, VeChain (VEN), a value layer blockchain, transformed into the VeChainThor (VET), a smart contract layer blockchain.
Advancing the supply chain industry and becoming a leader in ICOs and dApps was the initial goal of the blockchain, and it inked strategic partnerships with several organizations to attain this goal.
VeChain (VET) and VeChain Thor Energy (VTHO) are the two main tokens offered by the blockchain. VET token carries out value or smart money from smart contracts whereas VTHO token is used for powering the transactions.
Focusing on uniqueness, the meta-transaction feature makes VET Blockchain superior to all other networks including Ethereum. Multi-party payment, multi-task transaction, controllable transaction lifecycle, and transaction dependency are some features that have made the platform user-friendly. In addition, tracking an enormous amount of data associated with authenticity, quality, transportation status, and storage temperature also advanced the value of the VeChain Network.
How Does VeChain Work?
After exploring the VeChain in-depth, you are all set to explore the workings of the VET blockchain.
To secure transactions, the blockchain network uses a Proof-of-Authority (PoA) consensus algorithm embedded with 101 Authority Masternode Operators.
These operators are mainly accountable for executing the smart contract operations following the governance rules and require a KYC check. In addition, the unique two-token system ensures the protection of the organizations from market speculation and volatility.
VeChain ToolChain is the major product offered by the VET blockchain allowing businesses of all sizes to create new products and services collectively. Major services offered by VeChain ToolChain are Blockchain-as-a-service (Baas), Platform-as-a-service (PaaS), and Software-as-a-service (Saas).
Using Baas, the VET blockchain offers a restful API to advance smart contract services, making information exchange safer over the internet.
Conclusion
VeChain, the energy-efficient blockchain platform, empowered the supply chain management and business processes in a cost-efficient manner. The dual token system and meta-transaction feature add superiority to the blockchain, making it unique and more advanced than the existing platforms. Baas’s service advanced the functioning of smart contracts, making the information exchange safer over the internet.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
