VeChain is an extremely interesting blockchain project that has been recommended everywhere. What exactly is Vechain? How does it work and why is it so interesting? We will explain everything about Vechain.
What is VECHAIN (VEN/VET)
Vechain is a platform that is designed to enhance supply chain management processes. VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought. The most important factor is confirming the authenticity of (mainly) luxurious products and also giving all kinds of background information about the product. This is done with the aid of the Vechain Smart Chip, a kind of NFC chip in the product you buy. Think for example of fake Ray-Ban sunglasses, it is often very difficult to see if this is a real or a counterfeit if you are not an expert.
Example of usage:
With VeChain you could scan the glasses and immediately see if they really come from Ray-Ban or not. Furthermore, you could the check the builder, the material, the origin of those materials or the age of the product.
Fake products, one of the biggest problems currently when it comes to luxury products. If VeChain actually succeeds in ensuring that a consumer can see whether a product is authentic or not, then this is a very interesting project. VeChain has already entered into various partnerships with luxury brands and the CEO of VeChain, Sunny Lu, is the former CIO of Louis Vuitton in China.
Confirming the authenticity of products is not the only thing. For example, VeChain can also give products an ID. For example, a car can be identified on the basis of this ID, this digital profile then contains all the data about the car. From when it was last tinkled to how many kilometers it has driven already. This information can then be passed on to authorities such as insurance in a simple way.
Working product example:
VeChain already has a working product at the moment, as can be seen in this video by Price Waterhouse Coopers.
Vechain currently has solutions for the following markets:
-Cold chain logistics
Rebranding to Vechain Thor
VeChain will soon change the name into Vechain Thor. This will happen at a special rebranding event in Singapore on February 26, 2018. The name change should actually be completed in mid-January, but this has been delayed. You can read the full official announcement here.
List of Vechain partners (thanks to /u/enozym111)
- National Level support: Gui’an New Area (Unique economic development zone, National level partnership)
- Strategic Professional Services Partnership: PwC China & PwC Singapore portfolio company
- “Incubation programme will help VeChain to accelerate their development, by providing the company with access to the Hong Kong and South East Asia markets and strategic advice leveraging on PwC extensive global network”
- “PwC as a worldwide network of over 223,000 professionals including specialists and technology providers for various industries. Professionals from our network of firms in 157 countries are committed to working closely with clients to address challenges and needs in every aspect.”
- Global transport & logistics: Kuehne & Nagel– leading global freight forwarder, accounting for nearly 15% of the world’s air and sea freight business by revenue ($20 billion revenue company)
- Conglomerate/Cold chain logistics/IoT: DNV GL($3 billion revenue company)
- Six business divisions: Maritime, Oil & Gas, Energy, Business Assurance, Software, Healthcare, Maritime Academy
- DNV GL is the world’s largest classification society, represents a global market share of 21%
- Largest technical consultancy and supervisory to the global renewable energy and oil & gas industry – 65% of the world’s offshore pipelines are designed and installed to DNV GL’s technical standards
- Supply chain solution: madeforgoods– Tracking solution for consumer-centric International Packaged Goods companies
- Imported goods industry: Direct Imported Goods– distribution centre for imported goods with Shanghai local government backing
- Healthcare industry: Healthcare Co. Ltd
- Publication industry: Hubei Sanxin Cultural Media Ltd
- Fashion industry: Babyghost
- Luxury/Perfume industry: Givenchy
- Automobile industry: Renaultvia work with Microsoft and VISEO
- ATM solution/Adoption: BitOcean– fully licensed by the Japan’s Financial Services Authority, BitOcean is committing to buy and sell VET with their physical ATMs using Japanese Yen and growing VeChain alongside BitOcean’s global expansion
- Technology partner/RFID solutions: Xiamen Innov Information Technology Co. LTD
- Technology partner/NFC/RFID solutions: Jiangsu Printed electronics– Who are they?
Why Vechain is going to be massive
Vechain is offering companies the solution they have been looking for, for ages. Imagine huge brands like Givenchy, Louis vuitton and Gucci not having to worry about counterfeit products anymore because each and every product can be checked with Vechain to see if it is authentic or not. This is a huge game changer for the luxury brands industry.
One of the strongest teams in crypto
Looking at Vechains team we can easily say they are in the top 3 of best teams in crypto. Their CIO has led a company that has dealt with the exact problems that Vechain is addressing. Vechain has secured some of the strongest business relationships and deals in this crypto space. They have delivered every step of the way thus far.
Vechain compared to other dApp platforms
Looking at NEO’s marketcap Vechain would be $20
Looking at ADA’s marketcap Vechain would be $95
For a long shot price target we could take Ethereums marketcap which would bring Vechain at $350
Looking at the facts mentioned above we can conclude that Vechain has a huge potential to make it amongst the big boys in the crypto space.