VeChain is a public Blockchain platform that focuses on supply chain management and smart contracts. ts native token VET is ranked 19th and priced at $0.01242 at the time of writing according to CoinMarketCap.
Praised in 2018, as VeChain did not show negative returns in the first three months of 2018. Instead, it had gained almost 28%. Leading news outlet CNBC’s highlighted it as the only survivor of 2018’s crypto slaughter.
What’s unique about VeChain?
Its main factor lies in tracking luxury goods to confirm that they’re not counterfeit. The counterfeit market is a vast black market which buyers are not able to distinguish between original products anymore.
Its marketing team is paving the way forward with its relationships that include BMW, Michigan State University, PwC Asia and even NRCC is known for consulting is working together on China’s tobacco industry.
With cryptocurrency’s competing hard to stay on top of the game it is essential to keep the technological along with marketing efforts at a 100% level. VeChain’s team managed to do just that.
VeChain TOR Wallet
VeChain has ensured its TOR Wallet is up to date along with the token swap. Unlike Tron and EOS, which started on Ethereum’s platform and proceeded to constantly attack it after leaving, VeChain has instead chosen to honour Ethereum’s foundation.
It has kept the address similar to Ethereum which begins with ‘0x…’, a HEX string which VeChain finds clean and efficient. 0x is easy to understand for developers as it’s a standard generated from a secured cryptographic algorithm.
As they say ‘Don’t fix what’s broken’ and that’s precisely what VeChain did.
Plans of the VeChain Tor Wallet will be available on mobile as the team believes mass adoption of VET means it needs to gain entry into the smartphone revolution. Also included is a VeChain HardWare Wallet which will be able to be integrated into the VeChain Tor Mobile Wallet.
The VeVID will ensure that repeated KYC information does not need to be added by easy access to your verified identity information on the Blockchain.
VEN – VET Swap
Late June, VeChain (VEN) mainnet token swap to VeChain Thor (VET) was announced. Binance, for example, completed the VEN Mainnet swap to VET on the promised ratio of 1 VEN = 100 VET. There was also a 100 million VTHO airdrop to celebrate the launch of the VET mainnet, which was split between all users holding at least 1 VET.
VeChain to help Peoples Insurance Company of China (PICC) in Blockchain Advancements
The insurance industry is facing a hard time with ensuring that the insurance processes do not take into account inaccurate information. However with the population size, and information it is difficult to correct the manual insurance system which is both fraudulent and time-consuming. It even leads to a bad experience leading to a loss of customers.
VeChain hopes to revolutionise PICC’s insurance process making it more digital which will result in reduced turnaround time, less fraud and an improved experience. VeChain will use smart contracts to help bring an instant compensation.
VeChain’s public blockchain which is VeChainThor provides the necessary tools, securities and governance to control assets with gratifying collaborations.
PICC will gain the help of DNV GL in providing a digital trust platform with the help of VeChain with a more productive data management system that is efficient in data processing. DNV GL is a quality assurance and risk management company helping customers in the maritime, oil and gas, power and renewable industry in over 100 countries.
VeChain’s public blockchain technology helps to integrate into real-world applications such as PICC’s insurance mechanism making it more competitive and efficient.
Chinese Car Brand BYD Tackles Carbon Emission Imbalance with VeChain
BYD is known for its plug-in electric car, and so for helping its eco-friendly methods, it has tied up with VeChain to use Blockchain based Proof of Concept for tackling carbon issues. It utilises the automobile management solution from VeChain. Meaning that the data for millions of vehicles are stored on a blockchain. As vehicle operators drive they are given carbon credits, which is recorded on the VeChain Thor Blockchain. With a public blockchain platform, the information is trustworthy and useful.
With BYD being the world’s largest manufacturer of electric vehicles and batteries it is also the leader in electric buses. The initiative with VeChain will help in an overall benefit to each other and the pollution levels in the world.
What to Look Forward To
A meetup of VeChain (VET) Foundation was held in Paris on the 21st of September which outlined their future products and services.
Sync– Documentation and Developing Tool for Developers
VeChain (VET) Portal– Standardized Infrastructural and Enterprise Solution. A blockchain solution for businesses and individuals to create a simple supply chain by clicking on a portal.
They had also highlighted Various Strategic Partnerships being negotiated for real-world solutions.