VeChain Foundation, the nonprofit entity behind VeChain want to take blockchain technology to the next level. While previously being built on top of Ethereum, VeChain is repositioning the company to a standalone platform called the VeChain Thor Blockchain.
They are calling this the ultimate, next generation of blockchain technology. The VeChain Thor blockchain will be able to handle up to 10,000 transactions per second and be capable of serving large enterprise and government entities, many of which, VeChain has already partnered.
The idea is that, by using blockchain technology, the authenticity of goods that are purchased can be verified. It’s a system that aims to ensure product quality, but in a decentralized, global network that cuts across industries. Using smart chips, products are tracked throughout their lifecycles. Via ethereumworldnews.com
How VeChain is helping businesses with counterfeiting
As of now, VeChain blockchain technology is being utilized around the world to solve a variety of problems. Makers of wine and other luxury goods are working with VeChain to combat counterfeiting by using their VeChain Identity Technology to mark and track products. The product’s digital identity is stored on the blockchain and each step of its production cycle, from the point of manufacture, all the way to the end consumer is logged.
Although this may not seem like the most interesting technology, it serves an important role in ensuring product quality across industries. Let’s look at the luxury goods sector as just one example. Via coincentral.com
Any attempts to defraud the consumer can be detected because the authenticity of the product can be determined at each stage of the supply chain process. With the increased adoption of the VeChain’s blockchain, enterprises will be able to operate decentralized applications, store data, and execute smart contracts on a scale never seen before.
What is VeChain’s digital currency?
VET – the digital currency of VeChain is the investment vehicle and heart of VeChain’s technology. Holders of VET can secure voting power in the system and gain authority which plays a crucial role in the Proof of Authority system of their blockchain. Holding VET tokens will generate Thor power which represents the underlying cost of using the VeChain blockchain. Individuals and enterprises transacting on the network will pay for their usage with Thor power.
With a growing list of business partnerships and technological developments, VeChain is positioning itself to be a pioneering force in the enterprise blockchain industry. For more information about VeChain’s blockchain technology and its uses visit VeChain.com.
What do you? Do you think VeChain can solve all these problems with it’s Thor blockchain initiative? Comment below, and let’s start a discussion on this interesting enterprise. Also, please consider liking, sharing, and following us. 🙂